Scrap Aluminum Can Idx Futures Market News and Commentary
The dollar index (DXY00) on Wednesday rose +0.16%. The dollar on Wednesday recovered from a 1-1/2 week low and moved moderately higher. Strength in T-note yields Wednesday boosted the dollar. Also, weakness in the yen was positive for the dollar as the yen Wednesday fell to a 33-year low against the dollar.Â
US Mar capital goods new orders nondefense ex-aircraft and parts, a proxy for capital spending, rose +0.2% m/m, right on expectations.
The markets are discounting the chances for a -25 bp rate cut at 3% for the next FOMC meeting on April 30-May 1 and 19% for the following meeting on June 11-12.
EUR/USD (^EURUSD) on Wednesday was unchanged.  The euro on Wednesday fell back from a 1-1/2 week high and finished little changed. Strength in the dollar Wednesday undercut the euro. Also, divergence between the ECB and Fed is weighing on the euro, with the ECB expected to start cutting interest rates in June while the Fed delays rate cuts until later in the year. Read more