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Posted by Tango
on July 1, 2020, 6:51 am
Prices again set the morning’s range as buying was met with resting selling orders in both markets. Since the opening, the market has had both periods of steadiness and weakness, remaining quiet. It appears that short covering is the major driver on the buy side but, as anyone can see, resistance is present. Nevertheless it is an abbreviated trading week as the USA commemorates Independence Day and as cold fronts, non threatening, advance in Brazil. 8:00 should continue with the same pattern of funds buying and competitive long selling.
Currencies continue to be mixed globally making the $Index slightly higher. USDMXN is 22.9229 -0.066 (-0.2871%), USDCOP is 3,754.75 +6.43 (+0.17%) and USDBRL is 5.4578 on the CME, -.0049 from yesterday’s spot close or -.08%
Bond futures are are lower as are equities. Metals are lower and gold has traded on either side of 1800.00. Crude and grains are higher, sugar and cotton are higher while cocoa is lower.