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Scrap Shredded Scrap Idx (FSPAUSY46.CM)

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Scrap Shredded Scrap Idx Futures Market News and Commentary

Dollar Falls Back on Strength in Stocks and Lower T-Note Yields

The dollar index (DXY00) on Monday fell by -0.402 (-0.38%).  The dollar index Monday retreated on a decline in T-Note yields.  Also, the prospects of a less aggressive Fed weighed on the dollar after New York Fed President Williams said he favors 50 bp interest rate hikes at upcoming FOMC meetings and not 75 bp rate hikes.  U.S. economic data today on May Empire manufacturing business conditions were weaker than expected and bearish for the dollar.  In addition, strength in stocks Monday curbed liquidity demand for the dollar.

New York Fed President Williams said 50 bp rate hikes make sense at upcoming FOMC meetings, and he expects inflation to decline "quite a bit" next year.

The U.S. May Empire manufacturing survey general business conditions tumbled -36.2 to -11.6, weaker than expectations of 15.0.

EUR/USD (^EURUSD) on Monday rose by +0.0025 (+0.24%).  EUR/USD Monday posted moderate gains.  EUR/USD garnered support on signs of stronger Eurozone price pressures t... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
10.1500 +0.63%
on 05/12/22
10.3462 -1.27%
on 04/20/22
-0.0357 (-0.35%)
since 04/14/22
3-Month
8.7857 +16.26%
on 02/24/22
10.9000 -6.29%
on 03/23/22
+2.4870 (+32.18%)
since 02/16/22
52-Week
7.3889 +38.24%
on 10/29/21
10.9000 -6.29%
on 03/23/22
+2.3584 (+30.02%)
since 05/14/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 40% Buy with a Weakest 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 10.2143
2nd Resistance Point 10.2143
1st Resistance Point 10.2143
Last Price 10.2143
1st Support Level 10.2143
2nd Support Level 10.2143
3rd Support Level 10.2143

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52-Week High 10.9000
Last Price 10.2143
Fibonacci 61.8% 9.5588
Fibonacci 50% 9.1444
Fibonacci 38.2% 8.7301
52-Week Low 7.3889

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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 Barchart.com. Delivered every Wednesday and Friday morning to your inbox.

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