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Posted by Tango
on October 4, 2019, 6:58 am
Both markets opened with buying and both are stuck in a narrow range, at or near unchanged. Yesterday, the buy side of the depth market was very well populated as the market hit the lows. What prompted the sharp recovery may have been a fund or large trader that took the opportunity to cover, or go long. Whatever it was, the move was dramatic and, in my view, it redefines the bullish undertones of the market, not without resistance and corrections however. This morning we again have a dense depth of market on the buy side and scattered offers on the sell side. 8:00 will be a surprise with both buyers and sellers entering the market this Friday. Spreads remain frozen with some strength in the more distal months due to forward selling.
The $Index is lower and on the soft side with currencies mixed but a higher ¥ and €. The Yuan is lower but the remaining BRICs are higher. USDMXN is 19.5612 -0.0838 (-0.4266%), USDCOP is 3,445.25 +1.25 (+0.04%) and USDBRL which closed 4.0832 is showing a value of 4.0785.
Bond futures are higher and steady while equities are lower. Gold on its own is holding unchanged. Grains and crude are lower while the softs are all higher.
Our market is steady for now but quiet.