Scrap #1 Copper 96-98% Idx Futures Market News and Commentary
The dollar index (DXY00) on Friday rose by +0.56%. The dollar Friday rose moderately on stronger-than-expected U.S. economic reports. Also, signs of strong foreign demand for dollars are bullish for the greenback after the Federal Reserve facility that gives foreign central banks access to dollar funding was tapped for a record $60 billion in the week through March 22.
Friday’s U.S. economic data was bullish for the dollar. Feb capital goods new orders nondefense ex-aircraft unexpectedly rose +0.2% m/m, stronger than expectations of a decline of -0.2% m/m. Also, the Mar S&P manufacturing PMI unexpectedly rose +2.0 to a 5-month high of 49.3, stronger than expectations of a decline to 47.0.
Comments Friday from St. Louis Fed President Bullard had a hawkish tilt and supported the dollar when he said that financial stability issues could be tackled via additional steps to ease bank strains, while tighter monetary policy can keep targeting high inflation. Bullard also s... Read more