The Sugar future today at a glance: the ICE Sugar future is down to $20.45 per pound, after ending yesterday at $20.5. Overall, a 0.24% loss or 5 cents today. United States Building Permits (Feb) is next today at 12:30 UTC.
Technical analysis of ICE Sugar before macro data is released:
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions.
Overall, the technical analysis landscape suggests that on the balance of probability, Sugar is expected to maintain its bearish bias.
As the markets get ready for more data to be released — Coffee moves up 1.25% to trade around $174.75.
Coming up for the ICE Sugar future — United States Philadelphia Fed Manufacturing Index (Mar) is scheduled for today at 12:30 UTC. United States Initial Jobless Claims is projected to outperform its last figure with 205,000. It previously stood at 211,000; data will be released today at 12:30 UTC.
Approximately 17 days ago, Sugar reached a significant high of $22.09 but has struggled to hold onto its gains and declined 7.2% since then.