Arabica Coffee displays further gains following a recent trend of 3 days and $7.7. Consistent for now — Arabica Coffee goes up to $161.3 per pound after dipping down to $160.95 earlier.
At the same time, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.974, while the previous figure was 4.192. United States 2-Year Note Auction released yesterday at 16:30 UTC with a figure of 4.505, while the previous figure was 4.46.
Visual analysis of Coffee's chart shows that Coffee could be slowing down soon; it is getting close to the resistance line and is now at $163.41, only $2.11 away. Crossing the resistance line could, however, suggest that further gains are ahead.
This rally in Arabica Coffee's price coincides with other Softs as Cocoa increases 0.63% to trade around $2,402.
Moreover, macro data could boost sentiment further as United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%. It previously stood at -0.5%; data will be released tomorrow at 13:30 UTC.
Furthermore, the market is looking at United States Initial Jobless Claims projected to come out at 225,000 — worse than previous data of 222,000; data will be released tomorrow at 13:30 UTC.
The market is looking forward to the release of new data: United States New Home Sales (Oct) is expected tomorrow at 15:00 UTC.
The Coffee future hit a significant low of $152.7 around 5 days ago, but has since recovered 5.04%.