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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 Tumbles as T-note Yields Fall on Pandemic Concerns

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

Price Performance

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Period Period Low Period High Performance
1-Month
0.4275 unch
on 11/26/21
0.4345 -1.61%
on 11/09/21
-0.0361 (-7.79%)
since 10/26/21
3-Month
0.3937 +8.59%
on 10/12/21
0.4771 -10.40%
on 10/19/21
+0.0284 (+7.12%)
since 08/26/21
52-Week
0.2705 +58.04%
on 12/15/20
0.4771 -10.40%
on 10/19/21
+0.1299 (+43.65%)
since 11/26/20

Benchmark National Price Indexes

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 72% Buy 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 0.4275
2nd Resistance Point 0.4275
1st Resistance Point 0.4275
Last Price 0.4275
1st Support Level 0.4275
2nd Support Level 0.4275
3rd Support Level 0.4275

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52-Week High 0.4771
Last Price 0.4275
Fibonacci 61.8% 0.3982
Fibonacci 50% 0.3738
Fibonacci 38.2% 0.3494
52-Week Low 0.2705

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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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