In Colombia, Banrep is expected to pause its hiking cycle, as the economic outlook for 2016 has deteriorated in recent weeks. OPEC's lack of agreement on a production quota is likely to keep oil prices depressed next year, which could have significant negative effects on growth in Colombia. 

Banrep is expected to weigh the risks to economic activity more heavily than price stability this time, given that it has already hiked 100bp this year.

The market is pricing close to three hikes for the next three months, and if Banrep holds, it should put further pressure on the peso.