Scrap #1 Copper 96-98% Idx Futures Market News and Commentary
The dollar index (DXY00) Tuesday fell by -0.17%. The dollar on Tuesday moved lower, pressured by a decline in T-note yields. The dollar extended its losses Tuesday based on dovish comments from Fed Chair Powell, who said prices now show signs of resuming their disinflation trend.  Losses in the dollar were limited after the US May Jolt job openings unexpectedly increased, a sign of strength in the labor market that is hawkish for Fed policy. Also, weakness in the yen supported the dollar after the yen tumbled to a new 37-year low against the dollar Tuesday.
The US May JOLTS job openings unexpectedly rose +221,000 to 8.140 million, showing a stronger labor market than expectations of a decline to 7.946 million.
Fed Chair Powell said prices now show signs of resuming their disinflation trend, and the Fed can "take its time" with interest rate cuts with a strong economy and a job market.
The markets are discounting the chances for a -25 bp rate cut at 9% for the Jul... Read more