Morgan Stanley Coffee Report
A quiet end to the week as the market took pause ahead of the weekend following 6 days of higher high’s, and, with today’s action, an impressive 7th day of higher lows. A late push took the market through the vaunted 130.00 level once again, but fell short of yesterday’s high by .25 points. An unchanged settlement (130.05) and a lack of follow through might leave the M 130 call holders slightly uneasy, especially ahead of tonight’s COT.
With the impeachment process underway in Brazil the real declined 1% at its low (3.5219), as investors awaited the new finance ministers plans to tackle the fiscal deficit. The dollar rallied across the board following data showing the biggest jump in retail sales in a year causing traders up the ante on a swifter pace of Federal reserve policy tightening. The Robusta market held steady with yesterday’s double top of 1684, which matched the 5th of November’s high still intact as the effects of dry weather remain questionable.
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