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Posted by Tango
on November 15, 2019, 7:07 am
Both markets have the same pattern this morning as they opened slightly higher than their respective close and post close trades and continued lower. RC is holding a little better than KC with the arb at 42.90. It closed at 43.59. KC is right above the 110.00 area and holding for now. It is difficult to project another bounce of this area only because it is Friday. However, any pressure that the market is under seems to be coming from Real sympathizers. Strangely, with the weak Real yesterday, and the higher prices, forwards did not attract any selling and spreads began to show some softness. Also, 8:00 has been bringing buying. It seems that this is fund buying because it is consistent and is unswayed by the Real. But on Friday’s bets are off the table.
The ¥ is lower while other currencies are higher making the $Index unchanged to slightly lower. The Yuan and all the BRIC are higher as are talks are hopeful even if only on the surface. USDMXN is 19.2583 -0.0542 (-0.2806%), USDCOP is unchanged at 3450.50 and USDBRL closed at 4.1949 and is valued on the CME at 4.1836. Argentina is not yet opened but the Chilean Peso is higher.
Bond futures are lower and equities higher. Metals are mostly lower, as is oil. Sugar and cocoa are slightly lower while cotton is higher.
Whether the market will correct downward or it will continue its journey higher is at the balance. For today.