The Yuan is lower today followed by the other BRIC currencies. The more major currencies are higher than the $ however. USDMXN is 19.681 +0.0063 (+0.03%), The Argentine Peso was again weak yesterday. USDCOP is unchanged at 3,455.6799 and USDBRL which closed at 4.0522 is valued unchanged at the CME.
Bond futures continue to climb higher as equities continue to slide. Gold is slightly higher and crude is lower. Sugar and cotton are also lower while cocoa is higher.
Our market continues to be under the control of Sep liquidation and the roll. On its own it continues to show some steadiness but it remains very quiet with scattered bids on the way down. 8:00 is uncertain but it will likely bring net sellers. The following is a summary of what several news agencies have been spreading. Personally I don’t agree that consumption of coffee drops during recessions but the article is out there.
“Coffee's feeling the jolt of the global market malaise. Prices were already dismal as Brazil's massive crops add to a global oversupply, pushing small Central American growers to flee the industry. An economic slowdown may make things worse. "People who used to drink one or two cups in the morning at home, and then maybe one cup outside, will probably skip the last one," said INTL FCStone's Hernando de la Roche.”
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