Scrap Shredded Scrap Idx Futures Market News and Commentary
The dollar index (DXY00) on Monday rallied to a 1-1/2 week high and finished up +0.14%. Strength in T-note yields on Monday supported the dollar as the 10-year T-note yield climbed to a 3-week high. Also, Monday’s US economic news supported the dollar after the NAHB housing market index unexpectedly rose to an 8-month high. Gains in the dollar were limited as a sharp rally in stocks Monday curbed liquidity demand for the dollar.Â
The US Mar NAHB housing market index unexpectedly rose +3 to an 8-month high of 51, stronger than expectations of no change at 48.
The markets are discounting the chances for a -25 bp rate cut at the Tue/Wed FOMC meeting at 1%, at 9% for the following meeting on April 30-May 1, and 59% for the meeting after that on June 11-12.
EUR/USD (^EURUSD) on Monday dropped to a 1-1/2 week low and finished down by -0.16%. The euro on Monday gave up an early advance and moved lower on dovish comments from ECB Governing Council member de Cos who sai... Read more