Scrap #1 Copper 96-98% Idx Futures Market News and Commentary
The dollar index (DXY00) on Friday fell by -0.289 (-0.28%). The dollar index Friday fell back from a new 19-year high and posted moderate losses. A rally in stocks Friday curbed liquidity demand for the dollar and sparked long liquidation in the dollar. Also, a bigger than expected decline in the University of Michigan U.S. May consumer sentiment to a 10-year low weighed on the dollar. The dollar Friday initially climbed to a new 19-year high on higher T-note yields and weakness in the yuan, which fell to a 19-month low today against the dollar.
Cleveland Fed President Mester said Friday that "unless there are some big surprises, I expect it to be appropriate to raise the policy rate another 50 bp at each of our next two meetings. If, by the September FOMC meeting, the monthly inflation data provide compelling evidence that inflation is moving down, then the pace of rate increases could slow, but if inflation has failed to moderate, then a faster pace of rate increases ma... Read more