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Posted by Tango
on February 5, 2019, 7:05 am
Buying took place at the opening in line with a dip in the $. Until now both markets were able to hold unchanged while the $ recovered. The depth of market is thin on both sides for now and fund short covering is expected at 8:00. In the mix of both buying and selling are those that need to manage their positions for the upcoming option expiration. The major currencies are mostly lower against the $. Emerging market currencies are mixed however. USDMXN is 19.0277 -.0767, USDCOP is unchanged at 3085.60 and USDBRL is 3.6760 +.0074 (+.20%). Bond futures are lower and metals are slightly ylower. The more industrial metals are higher with equities. Oil is slightly higher as are the softs.
Our market is quiet and waiting for 8:00. 107.00 remains a level of resistance. Will the funds have the intensity to penetrate it and proceed higher? For now the market is soft.