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Scrap Shredded Scrap Idx (FSPAUSY46.CM)

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Scrap Shredded Scrap Idx Futures Market News and Commentary

Dollar Pushes Higher as Bond Yields Climb and Stocks Fall

The dollar index (DXY00) on Monday rose by +0.68%.  The dollar Monday extended last Friday’s rally to a 4-week high.  The dollar saw a positive carry-over from last Friday’s stronger-than-expected U.S. payroll and ISM services reports, which suggested that the Fed needs to continue raising interest rates.  A jump in the 10-year T-note yield Monday to a 3-1/2 week high was also supportive of the dollar, along with Monday’s slide in stocks, which has boosted liquidity demand for the dollar. 

EUR/USD (^EURUSD) on Monday fell by -0.64%.   Strength in the dollar Monday knocked the euro down to a 4-week low.  Losses in EUR/USD were limited by hawkish comments from ECB Governing Council members Vasle and Holzmann, who said they support continued ECB interest rate hikes.

Monday’s Eurozone economic reports were mixed for EUR/USD.  On the negative side,  Eurozone Dec retail sales fell -2.7% m/m, weaker than expectations of -2.5% m/m and the biggest decline in 20 months.  Conversel... Read more

Price Performance

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Period Period Low Period High Performance
7.3467 +8.08%
on 08/08/22
7.9400 unch
on 09/06/22
+0.5933 (+8.08%)
since 08/05/22
6.5160 +21.85%
on 07/18/22
11.5000 -30.96%
on 06/29/22
-2.1754 (-21.51%)
since 06/06/22
6.5160 +21.85%
on 07/18/22
11.5000 -30.96%
on 06/29/22
+0.3874 (+5.13%)
since 09/03/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Sell with a Weakening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

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Key Turning Points

3rd Resistance Point 7.9400
2nd Resistance Point 7.9400
1st Resistance Point 7.9400
Last Price 7.9400
1st Support Level 7.9400
2nd Support Level 7.9400
3rd Support Level 7.9400

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52-Week High 11.5000
Fibonacci 61.8% 9.5961
Fibonacci 50% 9.0080
Fibonacci 38.2% 8.4199
Last Price 7.9400
52-Week Low 6.5160

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Barchart Futures Commentary

Barchart Futures is a twice weekly newsletter that features a selection of the latest and best commodities commentary appearing on Delivered every Wednesday and Friday morning to your inbox.

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