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Posted by Tango
on June 5, 2019, 7:15 am
The market withstood some selling at the opening and has been quiet. It attempted to climb above to unchanged but failed. The depth of market is unremarkable. Yesterday as the market firmed the sell side became more colonized but most of the activity was as a result of new orders hitting the market on the sell side and algo type buying on the buy side. Volume was heavy with an increasing focus on spreads. Buying is likely again at 8:00 but the market seems to be making little upside progress from the current level. For now the market is holding 105.00 and too quiet to get a good sense of direction.
Major currencies are mixed but emerging market currencies are on the upside including the Yuan. USDMXN is 19.5367 -0.0231 (-0.1181%) while the USDCOP is 3290.3301 unchanged. USDBRL is 3.8551 +0.0009 (+0.02%)but the CME shows a lower value for spot. Bond futures are mixed but gold continues to climb. Equities are higher and oil is lower. Sugar is around unchanged while cotton and cocoa are higher.
The market feels soft. The roll machine has been turned on.