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We maintained the recent range bound trading pattern today, seeing a mere 11-point band for the spot March’20 contract on low volumes. The efforts of the Brazilian central bank to support the BRL proved ineffective with the USDBRL remaining around $4.26 this afternoon, though I suppose they did at least prevent it from weakening further for today. With No.11 closed tomorrow for the Thanksgiving holiday it felt as though many traders were content to remain on the side-lines and as such, we were even flatter than many recent sessions. Closing values within a couple of points of unchanged summed up the nature of the session perfectly heading into tomorrow’s market holiday.

No.11 Futures

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Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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