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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 Safe-haven Demand from Chinese Debt and a Weak Euro

The dollar index (DXY00) on Tuesday finished up by +0.31% and posted a 1-1/2 week high.  The dollar found support Tuesday on increased safe-haven demand after Moody’s Investors Service downgraded China’s credit outlook to negative from stable due to rising debt.  Weakness in the euro also supported the dollar after dovish ECB comments knocked EUR/USD down to a 3-week low Tuesday.  The dollar fell back from its best levels after the U.S. Oct JOLTS job openings fell more than expected to a 2-1/2 year low, a dovish factor for Fed policy.

Tuesday’s U.S. economic news was mixed for the dollar.  On the bullish side, the Nov ISM services index rose +0.9 to 52.7, stronger than expectations of 52.3.  Conversely, Oct JOLTS job openings fell -617,000 to a 2-1/2 year low of 8.733 million, showing a weaker labor market than expectations of 9.300 million.

The markets are discounting a 0% chance for a +25 bp rate hike at the next FOMC meeting on Dec 12-13 FOMC and a 0% chance for that... Read more

Price Performance

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Period Period Low Period High Performance
0.2397 +2.75%
on 08/10/22
0.2708 -9.05%
on 08/19/22
-0.0086 (-3.37%)
since 08/05/22
0.2302 +6.99%
on 07/19/22
0.5206 -52.69%
on 06/14/22
-0.2565 (-51.01%)
since 06/06/22
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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