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Posted by Tango
on February 26, 2020, 7:13 am
The opening was a 2c dip from 108.00 as overnight bids were apparently hit by a market sell order of around 500 lots. Prices recovered to mid range but have remained tight and quiet. Yesterday the 105.00 general level proved to be once again a floor as commercial buying, both delta and consumer related, found the level cheap enough to fill their needs, at least for now. The selling that has taken place this week seems to be less intense than we usually see by funds as volume is diminishing and as Brazil celebrates the Carnival. The other characteristic of this market has been the eventual healthy bounce from the 105.00 level. For now the market seems steady but truly featureless. 8:00 will provide a clearer picture but volume will likely be reduced still.
The $Index is higher as key currencies are lower except for the € and Swissy. The Yuan is lower together with most of the BRIC currencies. USDMXN is 19.118 +0.038 (+0.20%), USDCOP is unchanged at 3434.50 and USDBRL on the CME shows a value of 4.4277 after closing at 4.4179.
Equities were lower and now are slightly higher. Gold is now lower as are bond futures, grains and oil. The softs are also all lower.