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Posted by Tango
on February 19, 2020, 6:45 am
Prices began at the lows at the opening and rallied. Since then the market broke 110.00 but strength was very short lived. Prices have been bouncing from near unchanged to near 110.00. Yesterday the market held early promise but weakness turned into an avalanche as longs, seemingly, liquidated. There are reports by other market observers that funds are sellers once again. It isnít very evident what the funds are doing. Selling may have been provoked by a weak Real as short covering took began right before settlement. We will need to see how 8:00 reacts. Spread trading dominated the total volume while outright trading was dominant in May. The market is on the steady side for now.
The $Index is higher as all the key currencies lower. However, the $ is lower against most of the BRIC currencies. USDMXN is 18.5889 +0.0017 (+0.01%), USDCOP is unchanged at 3401.40 and USDBRL is 4.3573 +0.0016 (+0.04%).
Bond futures are mostly higher. Equities and metals are higher. Palladium was up $260/oz this morning. Crude is higher while grains are lower. The softs are all higher and may contribute to KC strength.