This week in macroeconomics: the Dow rose to 19,999, just one point shy of a historic 20,000 while the Nasdaq and S&P 500 reached their own record highs. US employment numbers slowed in December, increasing at a lesserrate than expected, and wages increased by 0.4%. The US Federal Reserve hinted at potentially three more rate hikes for this year, the Mexican Peso continues to floridly devalue and the Colombian Coffee Federation reported a total national production of 14.2 million bags of coffee. Happy Friday.
After failing to break through the $1.45 resistance, the C market took a nosedive through the end of the year before finding a measure of support near $1.33. Since December 29th, the market took advantage of a devaluing US dollar to claw its way back to the low $1.40s range. With today’s positive reports in the US economy, the US dollar traded firmer and once again, kept C market pricing from reaching it’s short-term aspiration of a settlement above $1.45. This remains the C market’s defining value in the near-term if it is to break out of the $1.40 to $1.45 range with little change in the fundamental picture.
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