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Posted by Tango
on August 13, 2019, 9:28 am
Sep liquidation in both markets may be concealing outright activity in Dec. EFS activity is likely end user exchanging hedges for customized physical. Take the EFS off and we have an unchanged OI indicating ew vs old. Based on market behavior, the type of continuous pressure it seems, imo, that funds are selling new and commercials are buying. Today the market continues trying to satisfy the Jul21 bid but so far it has been unsuccessful. Nevertheless the market remains pressured and rallies continue to be opportunities to sell. USDBRL is 4.0034 +0.0181 (+0.45%) and USDCOP is 3,441.3999 +16.87 (+0.49%).
The Ju21 bid got hit. The market remains weak.