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Scrap Aluminum Can Idx (ALPAUSY51.CM)
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Scrap Aluminum Can Idx Futures Market News and Commentary

Dollar Recovers Early Losses as Stocks Fade

The dollar index (DXY00) on Wednesday rose by +0.12% and posted a 2-week high. On Wednesday, the dollar recovered from early losses and moved higher after stocks gave up an early advance and turned lower, which boosted liquidity demand for the dollar.  The dollar on Wednesday initially moved lower as Fed-friendly U.S. economic reports on Nov ADP employment and Q3 nonfarm productivity undercut the dollar.

Wednesday’s U.S. economic news was dovish for Fed policy and bearish for the dollar.  The Nov ADP employment change rose +103,000, weaker than expectations of +130,000.  Also, Q3 nonfarm productivity was revised upward to 5.2% from 4.7%, better than expectations of 4.9% and the most in three years.  In addition, Q3 unit labor costs were revised downward to -1.2% from the previously reported -0.8%, a bigger decline than expectations of -0.9%.

The markets are discounting a 1% chance for a +25 bp rate hike at the next FOMC meeting on Dec 12-13 FOMC and a 0% chance for that... Read more

Price Performance

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Period Period Low Period High Performance
0.4111 +2.43%
on 08/23/22
0.4438 -5.11%
on 08/18/22
-0.0080 (-1.86%)
since 08/05/22
0.4066 +3.57%
on 08/04/22
0.4866 -13.46%
on 06/07/22
-0.0658 (-13.51%)
since 06/06/22
0.3111 +35.36%
on 09/17/21
0.5767 -26.98%
on 03/23/22
+0.0711 (+20.31%)
since 09/03/21

Benchmark National Price Indexes

Barchart Technical Opinion

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

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Key Turning Points

3rd Resistance Point 0.4211
2nd Resistance Point 0.4211
1st Resistance Point 0.4211
Last Price 0.4211
1st Support Level 0.4211
2nd Support Level 0.4211
3rd Support Level 0.4211

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52-Week High 0.5767
Fibonacci 61.8% 0.4752
Fibonacci 50% 0.4439
Last Price 0.4211
Fibonacci 38.2% 0.4126
52-Week Low 0.3111

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