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Posted by Tango
on October 16, 2019, 6:50 am
There was buying at the opening but not enough to penetrate unchanged. Prices continue to be under pressure. The buy side is not densely populated but there are scattered bids at this early hour both in Dec and in forwards. Because of other business to attend of, I am not on top of the market as usual but the OI continues to increase and placing the Dec OI at 133,333 lots. Yesterday the spread activity was higher than usual, consisting of 46% in Dec, 81% in March and 73% of the total OI. Whether outright or spreads, Dec will be rolled. The COT will provide a clear picture of what is going on. The outright market has been steady but it met a great deal of resistance at the 95.00 area. The market remains confined.
The $Index has been trading on either side of unchanged with most major currencies higher. The L remains volatile with Brexit very close to being agreed upon with the Europeans, but Parliament remains a challenge. Most BRIC currencies are higher in line with the Yuan. USDMXN is 19.2568 +0.0168 (+0.09%), USDCOP is unchanged at 3450.00 and USDBRL closed at 4.1805 and is currently worth 4.1846 on the CME.
Bond futures are higher and most markets are close to unchanged this morning. Sugar and cocoa are lower however.