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Posted by Tango
on November 27, 2019, 7:00 am
Both markets have the same pattern this Thanksgiving eve as buying was present at the opening, then there was a sharp correction, but from the low market has been steadily climbing. Yesterday, the choppiness seems to have from several directions. There may have been dome pre holiday squaring. Volume was good and was dominated by outright trading. As the market eased, good buying took place and there was activity extending to July22 in the form of EFP, EFS and direct trading. The factors in the market, imo, are the Real and the weather, which is benefitting the southwest for now. Itís also possible that any improvement in trade relations between China and the USA in a macro standpoint impacts our market. This morning, we again see a reaction of markets as optimism has been expressed in reference to the talks. Equities are higher, gold is lower while copper is higher, and grains are higher. Cotton is a tad lower but has been on a steady path. And, of course the Yuan is higher. Itís very possible that longer term traders are looking at the macro.
The $Index is higher while major currencies are mixed. The BRIC currencies are almost all higher. USDMXN is 19.4953 -0.0199 (-0.102%), USDCOP is 3,473.00 -1 (-0.0288%) and USDBRL which closed at 4.2330 is now unchanged on the CME.