The Colombian peso is underperforming compared to its peers for the second consecutive session, as traders seem to be reducing bullish positions that made it the best-performing currency globally this year. Despite oil prices rising 0.7% in London, the peso fell 0.1%. However, the Colombian peso continues to lead gains among major currencies in 2023, with an appreciation of 16%. Traders are slowly beginning to believe that an easing cycle may commence within the next three months, with local inflation and activity data crucial for determining the timing of the first cut.