The Coffee future is down to $187.8 per pound, after ending yesterday at $193.45. Overall, a 2.92% loss or $5.65 today.
United States's Consumer Confidence new data released of 101.3 below its previous figure.
Highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 101.3.
While price action maintains a negative bias, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released today at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Japanese candlestick formations show a "hammer” chart pattern. When appearing during a bearish trend, as it is now, it is typically considered to be an indication of a trend reversal.
Taking a look at other Softs commodities, negative performances are evident as Cotton retreats 2.63% to trade around $78.57. Cocoa closed at $2,937 (down 0.98%). After ending yesterday's session at $25.32, Sugar lost 12 cents and is trading around $25.2.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million. It previously stood at -4.58 million; data will be released tomorrow at 14:30 UTC.
Coffee hit a significant low of $151.1 around 3 months ago, but has since recovered 28.03%.