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Posted by Tango
on August 5, 2019, 10:07 am
Friday’s activity represents liquidation in Sep both as rolling into Dec and as outright. Short covering caused the steady market and long liquidation provided resistance. Possibly shorts wanted to cover in preparation for the cold weekend which was of no consequence to coffee as it turned out. Today pressure has resumed likely from managed money. Some forward buying is present. The $ remains weak but strong against the Yuan which is well over $7.00, the Real and other EMs. The Ruble is strong against the $ possibly due to Russian central bank selling of the $. USDBRL is 3.9405 +0.0522 (+1.34%) and USDCOP is 3,457.50 +75.25 (+2.22%).