Key Facts
—The month. The peso gained 7.4% against the dollar in June, according to Bancolombia, its largest single-month rise in roughly ten years.
—The context. It was the best-performing emerging-market currency over the month, extending a rally we reported reaching a five-year high in mid-June.
—The trigger. Analysts tie the June surge to the 21 June election of President-elect Abelardo de la Espriella, read by markets as more business-friendly.
—The supports. High local interest rates, a weaker dollar, firm oil prices and strong remittances all pushed the same way.
