The ¥ is the only major currency in the DX basket that is higher compared to the $. BRIC currencies are all higher however and the Yuan unchanged. USDMXN is 19.1324 -0.0447 (-0.2331%), USDCOP is 3,284.00 +2.97 (+0.09%) and USDBRL which closed at 3.8881 is 3.8826 on the CME.
Bond futures are steady as the Fed plans to meet today and tomorrow. Expectations of a rate drop are high. All the metals are higher as are equities. Oil, grains and all the softs are lower however.
The market is holding at the near lows and being supported by a crowded depth of market. The impact of the roll will fade away in the next couple of days and we may just be left with a continuation of managed money buying. For now the market is on the defensive.
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