Yesterday the market was not able to maintain any strength but below 104.00 there were crowded bids lined up which provided good support and forced the market back to above 104.00. The market may stall as it approaches the 102.50 and 105.00 strikes for today as it is Feb option expiration. Spreads yesterday accounted for 65% Of the total volume of 52,977 lots. The March contract traded 25,448 lots of which only 41% were spreads.
All major currencies are higher against the $, as ar most EM markets. USDMXN is 19.0996 -.0235. USDCOP is open but doesn’t get moving until later in the morning. It is unchanged at 3135.40. USDBRL is 3.7082 -.0022 -.06%. Metals are higher, as are bond futures. Equities are slightly lower. Crude and softs are a bit higher.
Today is Friday and activity will relate to expiring options.