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Posted by Tango
on August 30, 2019, 6:59 am
This Friday morning the market is showing a little strength but it remains quiet. Offers are increasing and outnumbering bids except for scattered bid in forward months, below current levels. We don’t know if yesterday’s weakness will be repeated. If the selling was a consorted program by funds then we will likely see it today again. If it was weekend liquidation then it may be absent today. 8:00 will tell. It is also the end of the month and traders may want to have an impressive P & L by favoring certain settlements, including in spreads.
Currencies are mixed, rendering an unchanged $ index. The Yuan is lower but the other BRIC currencies are higher. USDMXN is 20.0696 -0.0624 (-0.31%), USDCOP is 3,436.0801 +0.08 (+0.002%) and USDBRL which closed at 4.1685 is worth 4.1427 on the CME.
Gold is lower but silver continues to rise putting the gold silver ratio at 83.30 which was at 89.00 not too long ago. Bond futures are lower while equities are higher. Crude is lower and the softs are around unchanged.