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Posted by Tango
on June 9, 2020, 6:40 am
The market opened higher but was overpowered by resting offers and incoming selling. Prices continued to dwindle throughout the morning. Some support was found at 98.00 after stops were hit at 98.40. Yesterday the market remained within the immediate strikes in light volume. Although total volume was relatively high at 64,785 lots, 77% of the total was spreads and 69% of July. EFP, EFS and block trades were posted many of which were roll related. Any positive moves were thwarted and the same with sell offs. We are currently subject to July liquidation, options expiration and rolling.
Most key currencies are lower against the $ and its index is higher. BRIC currencies are all lower against the $. USDMXN is 21.831 +0.339 (+1.58%), USDCOP is 21.831 +0.339 (+1.58%) and the Real which had a strong close at 4.8227 In spot is 4.9041 on the CME, +.0814 or +1.69%.
Bond futures are sharply higher and equities are down, Gold is higher but silver and other metals are lower. Crude and grains are lower while softs are slightly lower with cocoa unchanged.