Testing Resistance at COP2,390/US$

October 2006 | Market Strategy

Since mid-August, the Colombian peso has looked fairly uninspiring, trending sideways around COP2,400.00/US$. In recent weeks, however, the unit has gathered some momentum and, as the accompanying chart shows, has started to test 6-month resistance at COP2,390/US$. In our view, a significant breach of this key level could spell further currency gains. Colombia's central bank,

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