Arabica Coffee today at a glance: Coffee is down to $176.35 per pound, after ending yesterday at $177.35. Overall, a 0.56% loss or $1 today. United States's Initial Jobless Claims new data released of 211,000 below its previous figure.
Bollinger Bands® shows an indication of recovery: the lower band is at $171, a low enough level to, generally, suggest that Coffee is trading below its fair value.
Overall, looking at the technical analysis landscape, it seems Coffee might start pointing upward in the short term.
Sugar is down 7 cents from the beginning of the session and now trades around $20.81.
Highly important Initial Jobless Claims data from United States beat analyst expectations of 195,000 with a reading of 211,000. Following a previous reading of 1.17 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 395,000 figure expected by analysts with an actual reading of -1.69 million.
Tomorrow at 13:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 205,000 from the preceding figure of 517,000. United States Unemployment Rate figure is projected at 3.4. It previously stood at 3.4; data will be released tomorrow at 13:30 UTC.
ICE Coffee is up 17.37% from the significant low of $151.1 it hit a month ago.