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Posted by Tango
on May 22, 2020, 6:46 am
Buying at the opening took out resting selling. Since then the market has renewed its weakness but in a tight range. In looking at the depth of the market, resting bids continue to form a pyramid especially in July. Yesterday, the dayís range narrowed to 2.55 cents yet the volume swelled to 42k+ as selling and buying increased in a concentrated area. Itís difficult to get bearish with all the good quality buying. Nevertheless the market remains under pressure on this pre holiday Friday. Any thoughts?
The • is higher but all other currencies are lower against the $. USDMXN is 22.9724 +0.108 (+0.47%), USDCOP is 3,767.30 +7.33 (+0.19%). USDBRL which had a strong day to close in spot at 5.5534 is now 5.6164 on the CME, +.0630 +1.13%.
Bond futures continue to go higher, equities are lower and metals are higher except for the more industrial. Grains and crude are lower as are all the softs.