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Scrap 6063 Aluminum Extru. Idx (ALPAUSY15.CM)

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Scrap 6063 Aluminum Extru. Idx Futures Market News and Commentary

Dollar Retreats as Stocks Rally on Return of Risk Appetite

The dollar index (DXY00) on Monday fell by -1.075 (-1.04%).  The dollar index Monday tumbled to a 3-1/2 week low as a sharp rally in stocks reduced the liquidity demand for the dollar. 

The dollar was also under pressure Monday when the yuan rallied to a 2-week high today against the dollar after President Biden said he would reconsider the tariffs on Chinese imports imposed by the Trump administration.  In addition, a rally in EUR/USD to a 3-1/2 week high also undercut the dollar as the euro strengthened on positive Eurozone economic data and hawkish comments from ECB President Lagarde. 

Atlanta Fed President Bostic said he is comfortable with 50 bp interest rate hikes in the next couple of FOMC meetings, but he's open to moving more aggressively "if inflation on a month-to-month basis is not falling."

The U.S. Apr Chicago Fed national activity index rose +0.11 to 0.47, weaker than expectations of 0.50.

EUR/USD (^EURUSD) on Monday rose by +0.0120 (+1.14%). ... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
0.6899 +10.64%
on 04/25/22
0.8137 -6.19%
on 05/06/22
+0.0171 (+2.29%)
since 04/22/22
3-Month
0.6366 +19.90%
on 03/07/22
0.8535 -10.57%
on 03/24/22
+0.0716 (+10.35%)
since 02/23/22
52-Week
0.4538 +68.20%
on 11/24/21
0.8535 -10.57%
on 03/24/22
+0.2668 (+53.74%)
since 05/21/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 64% Buy with a Weakening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

The market is in highly overbought territory. Beware of a trend reversal.

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Key Turning Points

3rd Resistance Point 0.7633
2nd Resistance Point 0.7633
1st Resistance Point 0.7633
Last Price 0.7633
1st Support Level 0.7633
2nd Support Level 0.7633
3rd Support Level 0.7633

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52-Week High 0.8535
Last Price 0.7633
Fibonacci 61.8% 0.7008
Fibonacci 50% 0.6537
Fibonacci 38.2% 0.6065
52-Week Low 0.4538

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Barchart Futures Commentary

Barchart Futures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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