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Posted by Tango
on December 4, 2018, 9:34 am
The OI increased again today which indicates new buying and new selling. Itís anyoneís guess who the suspects are. Based on the density of the offers that we saw and the consistency it looked like commercial but of course several sectors were involved. The buyers were likely one of the spec groups. Today we saw early but not overwhelming selling down to 116.00. The buyers on the way down also appeared to be commercial. Itís very likely that the delta positions as shown on the COT are keeping the market within a certain range until some overpowering force enter the market. For now we see an inherently weak market with sporadic interruptions. For now the market is steady and targeting a breakthrough of 108.00. USDBRL is quiet at 3.8329 -.0079 -,20% and USDCOP is 3168.82 -18.18.