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Posted by Tango
on August 20, 2019, 7:28 am
Opening buying was not inspiring for further strength. The market remains pressured, tired and uninteresting. Yesterday it appeared to set the pattern for a typical week where Monday is a sale only to see weakness for the rest of the week. Outright volume was good relative to spread volume and activity extended to Dec21. Today, Dec is well populated on the buy side and there are scattered bids in the forward months, as has been the situation. Also anticipated is fund selling at 8:00.
The $ is mixed but rendering a higher DX. The Yuan has turned weak but other BRIC currencies are mixed. USDMXN is 19.8539 -0.0003 (-0.0015%), USDCOP is unchanged at 3433.38 and the USDBRL which closed at 4.0740 and is 4.0706. It seems that the Real weakens by the end of day.
Bond futures are higher and both equities and metals are around unchanged. Crude is lower, grains higher and cotton higher while sugar and cocoa are lower.
I will be away for a couple of days.