Currencies are mixed but the big ones, namely the €, £ and ¥ are all higher against the $. The Yuan is higher and the other BRIC currencies are mixed. USDMXN is 19.4621 +0.0923 (+0.48%), USDCOP closed at 3409.08 and is unquoted. USDBRL closed at 3.9646 and is worth 3.9891 according to the CME. Equities are lower, gold and silver higher, oil lower and cocoa is higher while the other softs are unchanged.
It would be interesting if yesterday’s rally was linked to world trade developments, directly or indirectly, but we could have just seen short covering after several forward bids were hit. The market will remain sporadic as the Sep OI diminishes. 8:00 brought selling yesterday. My guess is that it will bring the same today. The market is still on the defensive, imo, in spite of the immediate friendly tone. The X/Z arb is 38.09 indicating that RC is steady. Spreads were very volatile yesterday but have settled down today.
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