Support of the Real by the Banco Central do Brazil, which, if it had any results, they were mild and short lived.
Residual short covering from option expiration as a result of 27,899 puts exercised.
There was early strength and, for whatever reason, the market became very strong resulting in a 4.75 c range and a close near its highs. In the process, funds appeared to have reversed to become buyers. If so, they will likely be buyers at 8:00. Above 106.00, however, resistance was present as expected. After settlement, there appeared to be a burst of origin selling. It was a high volume day, mostly spreads, but outright trading extended across the board to Dec22. The March contract came in with 31,297 lots left in the OI. It should be considerably less today.
Key currencies are mixed and rendering a higher $Index. BRIC currencies are lower except for the Ruble which continues to be sensitive to crude which is higher. USDMXN is 18.5934 +0.0034 (+0.02%), USDCOP is 3,374.05 +0.05 (+0.001%) and USDBRL just opened at 4.3503 +0.0005 (+0.01%) but the CME shows a value of 4.3318.
Bond futures are higher. Equities are higher and gold is unchanged. Grains are higher. Sugar is a tad higher while cotton and cocoa are lower.
Waiting for 8:00 for guidance. Steady.
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