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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 as Stocks Tumble

The dollar index (DXY00) on Friday rose by +0.416 (+0.40%).  The dollar index Friday posted moderate gains as a slump in the S&P 500 to a 14-1/2 month low spurred liquidity demand for the dollar.  Also, positive comments from St. Louis Fed President Bullard were positive for the dollar when he said, "we have a very good economy." 

St. Louis Fed President Bullard said, "we have a very good economy," and that while U.S. economic growth may slow this year, it will still be above trend for 2022.

EUR/USD (^EURUSD) on Friday fell by -0.0035 (-0.33%).  EUR/USD was under pressure Friday from a stronger dollar.  Also, rising geopolitical risks in the Eurozone undercut the euro after Finland said Russia would cut natural gas supplies to the country on Saturday for refusing to pay for Russian gas in rubles.  Finland is the third European country to be cut off from Russian natural gas. Record-high April producer prices in Germany are also negative for EUR/USD.   

ECB Governing... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
0.5042 +12.30%
on 04/22/22
0.5883 -3.76%
on 05/17/22
+0.0577 (+11.35%)
since 04/19/22
3-Month
0.4780 +18.45%
on 04/08/22
0.6035 -6.18%
on 02/23/22
-0.0180 (-3.08%)
since 02/18/22
52-Week
0.3525 +60.62%
on 07/09/21
0.6035 -6.18%
on 02/23/22
+0.1820 (+47.37%)
since 05/19/21

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 100% Buy with a Average short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

The market is approaching overbought territory. Be watchful of a trend reversal.

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Key Turning Points

3rd Resistance Point 0.5662
2nd Resistance Point 0.5662
1st Resistance Point 0.5662
Last Price 0.5662
1st Support Level 0.5662
2nd Support Level 0.5662
3rd Support Level 0.5662

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52-Week High 0.6035
Last Price 0.5662
Fibonacci 61.8% 0.5076
Fibonacci 50% 0.4780
Fibonacci 38.2% 0.4484
52-Week Low 0.3525

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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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