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Scrap Shredded Scrap Idx (FSPAUSY46.CM)

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Scrap Shredded Scrap Idx Futures Market News and Commentary

Dollar Gains on Higher T-note Yields

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. 

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

Price Performance

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Period Period Low Period High Performance
1-Month
7.3467 +8.08%
on 08/08/22
7.9400 unch
on 09/06/22
+0.5933 (+8.08%)
since 08/05/22
3-Month
6.5160 +21.85%
on 07/18/22
11.5000 -30.96%
on 06/29/22
-2.1754 (-21.51%)
since 06/06/22
52-Week
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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