Scrap #2 Copper 94-96% Idx Futures Market News and Commentary
The dollar index (DXY00) on Friday fell to a 3-week low and finished down by -0.25%.  The dollar sank Friday as T-note yields retreated on the weaker-than-expected reports on US Apr nonfarm payrolls and the Apr ISM services index. The weak reports boost the chances of the Fed cutting interest rates this year, a bearish factor for the dollar. Also, Friday’s stock rally reduced the liquidity demand for the dollar. The dollar recovered from its worst levels Friday based on hawkish comments from Fed Governor Bowman, who said she was "willing to hike" interest rates if inflation stalled or reversed.
US Apr nonfarm payrolls rose +175,000, below expectations of +240,000 and the smallest increase in 6 months. The Apr unemployment rate unexpectedly rose +0.1 to 3.9%, showing a weaker labor market than expectations of no change at 3.8%.
US Apr average hourly earnings rose +0.2% m/m and +3.9% y/y, weaker than expectations of +0.3% m/m and +4.0% y/y with the +3.9% y/y gain the sm... Read more