The Chairman’s statement that the Fed will not hesitate to raise interest rates higher than the last expected level if the job market does not improve has caused a rush to reverse the stock market due to heightened risk aversion. …
Robusta chart London T1/2023 session on 04/11/2022
At the end of the session, the price of Robusta coffee on the ICE Europe – London exchange reversed to decline. Futures for delivery in January decreased by 40 USD, to 1,842 USD/ton and term for delivery in March decreased by 36 USD, to 1,827 USD/ton, sharp declines. Trading volume remain above average.
Similarly, the price of Arabica coffee on the ICE US floor – New York also reversed down. December spot futures fell 9.95 cents to 172.20 cents/lb and March futures fell 8.60 cents to 168.35 cents/lb, very strong declines. Trading volume remained very high above average .
The price of green coffee beans in the Central Highlands provinces decreased by 700-800 VND, to range from 40,600 to 41,100 VND/kg.
The statement of the Chairman of the US Federal Reserve (Fed) about the goal of raising USD interest rates will not stop at the previously expected level (4.25 – 4.5%) due to market concerns. The job market has not shown any signs of improvement and no one is sure when inflation will slow down, causing the US financial markets to rush to reverse, the stock market has plunged, Wall Street investors have been shocked. evaporated $ 59 billion after just over 1 hour. Besides, there was also the drop of the British Pound after the Bank of England (BoE) announced to raise interest rates by 0.75% along with the impact of the new British Prime Minister announcing a temporary halt to fossil fuel exploitation in the coming year. The context of the EU region having a serious energy crisis also caused this currency to evaporate 1% immediately.
Meanwhile, the information that the Chinese government will ease policy Zero – covid confirmed by officials to be just a rumor after the extension of the blockade of Henan and Wuhan along with the strengthening of prevention measures in the Tibet Autonomous Region also contributed to heightened risk concerns.
The reais rate fell 0.2%, to 1 USD = 5,1240 R$.
USDX recovered strongly, the weather forecast in Brazil was favorable at the beginning of the new season and the fear of a global economic recession continued to make it difficult for coffee prices.
English (giacaphe.com)
