MARKET TALK: Colombia Expected To Raise Rates -JPMorgan

Colombia's central bank is expected to raise rates by 25bps to 5.25% later Friday, according to JPMorgan. "After the surprise rate increase in January, the market is also calling for a hike in today's meeting," say analysts at JPMorgan. Aside from the decision, market participants will be watching closely for what the central bank will say on FX intervention, given the bank resumed its $20 million spot dollar purchases at the start of February. "With COP hovering below 1.800 [versus the USD] and with other central banks in the region stepping up in terms of intervention, the market will scrutinize any news or comments on that measure." USD/COP currently trades at 1772.5 ahead of the decision