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Forex
GBP/USD hits 1.36 as soft US PPI, jobless claims fuel rate cut bets
GBP/USD advances on Thursday, boosted by US PPI figures and jump on Initial Jobless Claims. UK GDP shrank 0.3% in April, biggest monthly drop since late 2022. Markets now price in 52 bps of Fed…
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Coffee
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July arabica coffee (KCN25) today is down -3.90 (-1.11%), and July ICE robusta coffee (RMN25) is down -4 (-0.09%). Coffee prices today are moving lower, with arabica and robusta posting 1-week lows. Coffee prices remain under pressure from Brazil’s coffee harvest. Brazil’s Cooxupe coffee co-op announced Tuesday that its members reported the coffee harvest was 13.7% complete, compared with 13.6% at the same time last year. Cooxupe is Brazil’s largest coffee cooperative and is Brazil’s…
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Cocoa
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July ICE NY cocoa (CCN25) Wednesday closed down -53 (-0.55%), and July ICE London cocoa #7 (CAN25) closed down -78 (-1.18%). Cocoa prices on Wednesday extended this week’s side, with NY cocoa falling to a 1-1/2 week low. The outlook for beneficial rainfall in West Africa is improving the prospects for the region’s cocoa crop and is weighing on prices. Weather forecasts predict that rain showers will persist through this week in the Ivory Coast…
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