The open interest continues to be flat indicating old vs new. Since we suspect that funds are covering shorts then it follows that the selling is new. But likely there is a variety of activity going on. The new selling is likely option related mostly but today there is heavy selling in the far forwards causing spreads to rally there. The Sep22/Dec22 which closed at -1.50 is -1.00 last. With the weaker Real and the steady futures it is likely that this far forward selling is origin. USDBRL is 5.2121 +0.0587 (+1.14%) and USDCOP is 3,727.8899 +6.89 (+0.19%)