Coffee is down to $183.75 per pound, after ending yesterday at $185.5. Overall, a 0.94% loss or $1.75 today.
Highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 242,000.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.56 trillion. United States Reserve Balances with Federal Reserve Banks came out at 3.17 trillion.
Coffee's lower Bollinger Band® is at $178.91, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Technical analysis shows that Coffee (currently on a downtrend) might reverse course and start going up in the short term.
Positive performances can be seen by looking at other Softs markets as Cotton is up 3.81%. Sugar climbs 1.47% to trade around $25.54. Cocoa added 1.64% to its value, now trading at $2,917.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Non Farm Payrolls expected to decline to 180,000 while its preceding data was 236,000, data will be available today at 12:30 UTC. Today at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.6 from the preceding figure of 3.5.
The Coffee future is now trading 22.77% above the significant low ($151.1) it slumped to 3 months ago.