Even without a rate cut, but with the probability of future cuts, the $ is down against all currencies including the BRIC. USDMXN is 18.923 -0.0945 (-0.4969%), USDCOP is 3,238.00 -0.5 (-0.0154%) and USDBRL which closed at 3.8388 is showing a value of 3.8177 on the CME.
Bond futures spiked higher last night but have lost most of their gains. Gold which reached close to 1400.00 has eased but is still $35 higher. Equities are higher and oil is sharply higher. The grains and sugar are lower while cotton and cocoa are slightly higher.
Although trade and economic issues are still present, Coffee seems to have a window to move higher. Skepticism is certainly present. Curious to know what others think. Nagual, are you back? Today is a holiday in Brazil.