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Posted by Tango
on June 13, 2019, 7:11 am
Both markets opened with buying and both drifted lower for the remainder of the morning. Markets are quiet everywhere, except for crude, but today is option expiration in KC in the middle of a roll. Activity is mostly confined to spread trading as spreads are 75% of the volume. Outright trading is difficult as action remains sporadic and unpredictable. Depth of market is unremarkable except for forward bids at lower prices. Short covering continues by funds, likely, accompanied by long liquidation.
Currencies are mixed rendering an unchanged DX. EM markets are also mixed with the Yuan lower. USDMXN is 19.1541 -0.0119 (-0.0621%), USDCOP is unchanged at 3,265.6299 and USDBRL closed at 3.8669 and is valued at 3.8551 on the CME.
Bond futures are slightly higher as are metals. Copper is lower and contrary to a higher equities market. Crude is sharply higher. Grains are higher. Softs are unchanged except for cocoa which is lower.
Sep chart. NU is -2.45