Arabica Coffee trades at $190.6 per pound, after ending yesterday at $189.85.
United States FOMC Meeting Minutes is next.
Uncertainty around ICE Coffee is reflected by published market data as United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, ICE Coffee's upper Bollinger Band® is at $190.74, suggesting that a downward move may follow.
Overall, while Coffee has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Meanwhile, mixed performances are seen in other Softs as Cotton gained 1.63% and is now trading at $82.24.
Moreover, tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000. United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.
The commodity has been trending positively for about a month. Arabica Coffee hit a significant low of $151.1 around a month ago, but has since recovered 25.65%.