Scrap 304 SS Solid Idx Futures Market News and Commentary
The dollar index (DXY00) on Friday fell -0.715 (-0.74%). A sharp drop in T-note yields on Friday undercut the dollar as the 10-year T-note yield fell to a 2-week low of 1.478%. Also, the dollar is under pressure on concern that the spread of the new Covid variant will undercut economic growth and keep the Fed from tightening monetary policy.
EUR/USD (^EURUSD) on Friday rose +0.0101 (+0.90%). EUR/USD rallied Friday after a sharp drop in the dollar sparked short-covering in the euro. EUR/USD also moved higher Friday on rising price pressures in the Eurozone that are hawkish for ECB policy. Friday’s German Oct import price index rose +3.8% m/m and +21.7%y/y, stronger than expectations of +1.9% m/m and +19.6% y/y and the fastest pace of increase in more than 41 years.
USD/JPY (^USDJPY) on Friday fell -2.09 (-1.81%). The yen on Friday rallied sharply and posted a 2-week high against the dollar. A slump in global equity markets due to pandemic concerns on Friday fuele... Read more