Forex – Dollar steady on lower US Consumer Confidence
Forex News and Events: The Canadian dollar fell against the U.S. currency on Tuesday as lower U.S. consumer confidence data for June dampened hopes for an early economic recovery, and pushed the market toward safer havens. Sterling reached an eight-month high against the dollar on Tuesday due to surprisingly strong UK house price data, but its gains fizzled out after a moderating decline in U.S. home prices which later boosted the U.S. currency. Market was volatile on the last day of the
ICE Sugar
Comment: This Sugar futures contract has traded around a mean of 10 cents per pound for almost forty years. It has been subject to several periods where it has traded over 15 cents, most recently the last nine weeks and before that in H1 2006. Though overbought, bullish momentum is close to some of its strongest levels this decade and therefore feel it has further rallying to do. Contract expiry is to blame for today’s gap higher, but does underline the very strong upside pressure built