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Posted by Tango
on October 23, 2019, 7:03 am
Selling was present at the opening and eventually pushed prices to the lows. The market is now still and trying to rekindle. 8:00 may provide some help to longs depending on the motive of yesterday’s buyers. If funds are covering then we may see continued firmness. If yesterday’s buying was due to the Real strength, as a result of the passage of the pension reform bill in Brazil, then we will see what 8:00 brings. The arb continues to show a lagging RC at 43.05.
All major currencies are lower today. The Yuan is higher but other BRIC currencies are lower. USDMXN is 19.184 +0.0421 (+0.22%), USDCOP is unchanged at 3429.00 and USDBRL is unchanged on the CME at 4.0821.
Bond futures are higher while equities and crude are lower. Industrial metals are lower while gold and silver are higher. Grains sugar and cocoa are lower and cotton is higher. Prices are now softening.