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Posted by Tango
on May 5, 2020, 6:54 am
The opening set the range for a part of the morning. The market then climbed higher on light volume and met resistance as it approached 108.00. Yesterday, this level was also a place where selling prevented a further rise in prices. Volume, at 23,472 lots yesterday, is simply too light to sustain a sharp move higher. The selling is not at all as intense as the buying at the 105.00 area but is sufficient to thwart strength. Delta activity, imo, limits volatility in a quiet market and expands it in a busy one.
The $Index is higher with mixed performances by key and BRIC currencies. USDMXN is 23.92 -0.14 (-0.5819%), USDCOP is 3,979.01 +2.31 (+0.06%) and USDBRL which closed at 5.5421 in spot is valued at 5.5148 -.0273 (-.49) on the CME.
Bond futures are lower but seem to be turning as equities are sharply higher. Gold is lower and crude higher. Grains are mixed. Sugar and cotton are higher while cocoa is lower.
KC just got hit but notice the light volume. Mildly steady.