Scrap #2 Copper 94-96% Idx Futures Market News and Commentary
The dollar index (DXY00) on Tuesday fell by -0.34% and posted a 3-1/2 month low. The dollar Tuesday was under pressure on dovish comments from Fed Governor Waller, who said that Fed policy is well-positioned, signaling he favors a continued pause to Fed rate hikes. Also, hawkish ECB comments Tuesday boosted EUR/USD to a 3-1/2 month high and undercut the dollar. The dollar recovered from its worst levels after U.S. Nov consumer confidence rose more than expected.
Tuesday’s U.S. economic news was mixed for the dollar. On the bearish side, the Nov Richmond Fed manufacturing survey fell -8 to -5, weaker than expectations of 1. Conversely, the Sep CoreLogic composite-20 home price index rose +3.92% y/y, stronger than expectations of +3.90% and the largest increase in 9 months. Also, the Conference Board U.S. Nov consumer confidence index rose +2.9 to 102.0, stronger than expectations of 101.0.
Tuesday’s Comments from Fed Governor Waller suggest he favors pausing Fed rate... Read more