Scrap 304 SS Solid Idx Futures Market News and Commentary
The dollar index (DXY00) Wednesday retreated from a 2-week high and fell by -0.35%. The dollar today gave up early gains and turned lower as bond yields dipped from weaker-than-expected US economic news on Mar JOLTS job openings and the Apr ISM manufacturing index. Losses in the dollar accelerated after Fed Chair Powell said it was “unlikely” that the Fed's next policy move would be to raise interest rates.
Weekly US MBA mortgage applications fell -2.3% in the week ended April 26. The purchase mortgage sub-index fell -1.7% and the refinancing sub-index fell -3.3%. The average 30-year fixed rate mortgage rose +0.05 bp to 7.29% from 7.24% in the prior week.
The US Apr ADP employment change rose +192,000, stronger than expectations of +183,000. Also, Mar was revised upward to +208,000 from the previously reported +184,000.
The US Mar JOLTS job openings fell -325,000 to a 3-year low of 8.488 million, showing a weaker labor market than expectations of 8.680 million... Read more