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Posted by Tango
on March 27, 2020, 6:51 am
Selling at the opening hit resting bids, any strength could not be sustained, weakness, and stops were hit, driving prices to the 120.00 general area. The market has been trying to recover but weakness is present. Yesterday the buying that we saw could not satisfy the long selling surrounding the 130.00 level. Volume was relatively very light with only 18,933 lots in May. Virus liquidation is taking place, which may mean short covering as well, but the market may lose more density and liquidity going forward.
Key currencies are mixed rendering a higher $Index while the BRIC currencies are all down. USDMXN is 23.302 +0.372 (+1.62%), USDCOP is unchanged at 3979.50. USDBRL closed at 5.0089 and is worth 5.0380 on the CME.
Bond futures are higher and steady and applying pressure to equities which are lower. Gold is lower and other metals are mixed. Crude is higher and grains are mostly higher. The softs are on either side of unchanged.
8:00 has been bringing buyers but with lower prices we will have to see. Random liquidation continues, imo.