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Posted by Tango
on April 1, 2020, 6:51 am
Selling at the opening hit resting bids and continued with additional selling. Prices bounced from the lows and have remained listless. Yesterday, as the day before, the market made several attempts to remain above 120.00 but could not do so as selling outnumbered buying. The market is retrenching as volume decreases and players abstain. 8:00 has become a random event. RC arb is 64.95 and spreads there remain weak while in KC they remain steady as stocks are drawn.
The $ is higher today as the Index is right below 100.00. Other than the ¥ key currencies are lower. Most BRIC currencies are also lower. USDMXN is 24.036 +0.322 (+1.36%), USDCOP is 4,051.50 -7.5 (-0.1848%) and USDBRL which closed at 5.2046 is worth 5.2596 on the CME.
Bond futures are higher and both equities, which are sharply lower, and gold, which is higher, are reacting. Crude is higher with no appeal even at 20.00. Grains are lower and softs are all lower.