Yesterday at a glance: the ICE Sugar future moves 0.13% to close at $23.21 per pound yesterday.
United States Non Farm Payrolls is next.
This uncertain state for the Sugar future is reflected by published market data as United States Initial Jobless Claims improved upon its previous reading of 246,000 with a new data release of 228,000. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.38 trillion, while the previous figure was 3.40 trillion. Fresh Fed's Balance Sheet data from United States came out at 8.63 trillion.
Trend and momentum analysis indicates 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 Sugar's upper Bollinger Band® is at $23.54, suggesting that a downward move may follow.
Overall, technical indicators suggest Sugar has no obvious direction for the immediate future.
Data to be released Sunday might clear up some of the market fog as projections for United States Non Farm Payrolls are set for a continuation of decline with 239,000 while previous data was 311,000; data will be released today at 12:30 UTC. United States Unemployment Rate is expected today at 12:30 UTC.
The commodity has been trending positively for about a month. Over the past a day, the ICE Sugar future has retreated 1.9% from a noteworthy peak of $23.63.