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Colombian Peso Advances Amid Speculation Over U.S. Stimulus Plan

Sept. 7 (Bloomberg) -- Colombia’s peso rose, after four days of declines, amid speculation U.S. President Barack Obama plans to inject more than $300 billion into the world’s biggest economy next year to bolster growth.

The peso gained 0.1 percent to 1,790.59 per dollar at 2:24 p.m. New York time, from 1,791.50 yesterday.

“Markets are reacting positively to news on U.S. stimulus,” said Jose Luis Alayon, an analyst at Bogota-based brokerage Acciones y Valores SA. “The measures will likely boost liquidity in the market and so we’re seeing some appetite for risk today.”

Obama is set to lay out his plans in an address to Congress tomorrow as unemployment remains at 9.1 percent more than two years after the recession’s official end. The U.S. is Colombia’s biggest trading partner, buying about 40 percent of the South American nation’s exports.

The yield on Colombia’s 10 percent bonds due in July 2024 fell five basis points, or 0.05 percentage point, to 7.19 percent. The bond’s price rose 0.462 centavo to 123.060 centavos per peso.

To contact the reporter on this story: Andrea Jaramillo in Bogota at ajaramillo1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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