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Posted by Tango
on June 7, 2019, 7:05 am
The markets opened with a steady tone at unchanged and proceeded to move higher. After peaking at 103.30 a slow drift downward took place. Both RC and KC are quiet with the arb at 35.22 The depth of market shows little on either side at this level as we wait for 8:00 for likely a continuation of fund short covering. Yesterday the market moved higher as a result of such buying. For now the market remains under pressure and making new lows for the day. Friday may bring additional activity. Next Thursday will be options expiration for the July contract and of course we have the roll in progress, adding to the unpredictability.
Most major currencies are lower against the $ and are mixed with the EM with the Yuan higher. USDMXN is 19.7519 +0.0675 (+0.34%), USDCOP traded unchanged at 3288.48 and USDBRL which closed at 3.8795 is 3.8814 on the CME. Bond futures dropped overnight and metals are down as well. Equities and crude are higher. Grains and the softs are all lower.
The market has just made a new low for the morning so far. There is no change in the depth of market.