In looking at other markets , equities are sharply lower as is crude, grains, the BRIC currencies and softs. Metals are higher as are bond futures. The most repeated headline this morning is the coronavirus as more cases are being reported. Confirmed domestic cases are 2,744 in China. Whether the sharp overnight changes are due to the virus is uncertain. Other headlines include more allegations against Trump are emerging.
Major currencies are mostly lower. USDMXN is 18.9397 +0.1497 (+0.80%), USDCOP is unchanged at 3363.00 and USDBRL shows a spot price of 4.1837 +0.0023 (+0.06%) but the CME places a value of 4.2131, a considerable disparity.
The market is quiet and under pressure, certainly not consistent with the COT interpretation. Additional selling is expected by funds at 8:00. There are scattered bids in March and in forwards but there likely will be stops as well. Whether lower prices will attract buying is to be seen.
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