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Posted by Tango
on November 28, 2018, 7:01 am
The opening consisted of buying up to the current high of 114.00. The market has been quiet since. RC however has been weak with the arb registering 38.45 and the JanMar trading at -10. The depth of market shows scale selling in KC above today’s high and little buying until 112.00. The $ is now below unchanged as major currencies are mixed as are the EMs. The USDMXN is 20.4808 +.0108, the USDCOP is is 3262.90 +1.00, the Argentine Peso is again higher today and the USDBRL is 3.8620 -.0130 -.035%. Bond futures are steady, equities are higher, oil is unchanged and metals are slightly higher. Sugar and cotton are higher while cocoa is lower.
The market continues to remain ambivalent. Of course it is sensitive to the Real but any reaction by KC to the currency appears to be speculative. Any significant move either way will be tempered by those that are not concerned about the Real like delta hedgers and consumers. For now the charts remain critical. For the moment the market is attempting to remain on the steady side.