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Scrap 304 SS Solid Idx (SSPAUSY39.CM)

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Scrap 304 SS Solid 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
0.2397 +2.75%
on 08/10/22
0.2708 -9.05%
on 08/19/22
-0.0086 (-3.37%)
since 08/05/22
3-Month
0.2302 +6.99%
on 07/19/22
0.5206 -52.69%
on 06/14/22
-0.2565 (-51.01%)
since 06/06/22
52-Week
0.2302 +6.99%
on 07/19/22
0.6035 -59.19%
on 02/23/22
-0.1483 (-37.58%)
since 09/03/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 100% Sell with a Strengthening 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 0.2463
2nd Resistance Point 0.2463
1st Resistance Point 0.2463
Last Price 0.2463
1st Support Level 0.2463
2nd Support Level 0.2463
3rd Support Level 0.2463

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52-Week High 0.6035
Fibonacci 61.8% 0.4609
Fibonacci 50% 0.4169
Fibonacci 38.2% 0.3728
Last Price 0.2463
52-Week Low 0.2302

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