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| This week's auction consisted of continued balance within the near term trade cluster (92.40s-93.70s), along with an upside breakout attempt/minor range extension toward 94.70s. Longer term buyside participants continue to dominate auction, but the failure of this week's breakout suggests potential short term buyside inventory imbalance. If the buyside fails to defend this week's cluster and drive the market higher, then inventory adjustment potential exists back toward Dec distribution levels, 90s, 88.5s, 87.20s. |
Graphics
- China Exports, By Destination. (Reuters/Catherine Treventhan)
- ECB Maintains Benchmark Rate, (BOE Also). (Bloomberg)
- True Significance Of $1 Trillion Coin. (Detlev Schlichter)
- Promised Land Of Fracking. (Reason)