A few things

Crude oil Brent spread +55 ticks or so in favor of Cl. Rig count down for 5 consecutive weeks indicating a bit less supply here in US,Compared to Elsewhere. Spread at multi Week high for now.Loading of North Sea brent to be higher this week per bbg

Emerging market score card, take notice of the change on day in Currency column as dollar strong against EM but weaker vs G-7 currencies


lastly a bit of Commentary from IFR dicuusinh overnight trade

BOSTON, Aug 5 (IFR) – Another overnight session of astronomical trading volumes of well over 300% of the market trailing average volumes changing hands. Buyers were out in force after the Chinese currency broke above the 7.0 level to the dollar. The 7.0 level was thought to be a line in the sand in a tacit agreement between the US and China for China to manage its currency. The break above is seen as potentially provoking a capital flight out of China’s markets/currency that if so is expected to precipitate an ongoing global flight to quality.

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