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Posted by Tango
on August 9, 2019, 7:11 am
Selling at the opening set the morning’s 60 pip range. Since then the market has remained flat. Yesterday the market had one sharp rally in which stops were hit above 98.00 to drive the market to the day’s high of 98.90 and longs immediately pushed prices back down. Today is option expiration and the market has spent sufficient time yesterday and today below the 97.50 strike to make it difficult for the market to rally above this strike, imo. Put shorts will also need to decide what to do with their potentially long futures position. The depth of market is thin with scattered downside resting bids in the forwards. 8:00 May bring buying but, if so, will meet resistance.
The Yuan is weak this morning and with it the BRIC currencies are also weak. However the $ is also down against most major currencies except for the £. USDMXN is 19.4725 +0.0685 (+0.35%), USDCOP is 3,366.00 -0.33 (-0.0098%) and USDBRL which closed at 3.9117 is showing a spot value of 3.9404.
Bond futures are slightly higher but flat, equities are lower and metals, except copper, are higher. Crude, sugar and grains are higher while cotton and cocoa are lower.