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Posted by Tango
on February 5, 2019, 9:26 am
The increase in OI indicates new buying and new selling but March tells a different story. Although it would make sense that the strength in the spread indicates rolling by funds, market behavior suggests short covering and long liquidation but we donít know for certain. Today there is definitely support but the selling is obviously dominant. The market continues to be anticlimactic and the negative weather reports in Brazil, Colombia and Papua remain ignored. The market has just hit stops below 105.00 and the pressure has not abated. USDBRL is 3.6726 +.0040 +.12% and USDCOP is 3081.95 -3.65.