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Weekly Market Report 24 July 2017 24 July 2017
Sugar:
- Raw sugar prices were almost unchanged during the week, maintaining a 14 USc/lb handle.
- Brazilian Government tax increases to ethanol and gasoline are expected to lift parity levels, but this will be difficult to measure until pump prices are impacted.
Currency/macro comments:
- AUD sustained recent strength into higher ground over the last week, with a weaker USD and sentiment aiding its performance.
- AUD finished the week on the backfoot near USD 0.79.
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Weekly Market Report 17 July 2017 17 July 2017
Sugar
- Raw sugar futures were on the back foot on Monday night after Indian import duty increases and more cuts to gasoline prices saw sugar prices crumble.
- Sugar firmed in the back end of the week, erasing Monday’s losses to settle in front.
Currency/macro comments
- The AUD was the performer of the week, surpassing USD 0.78.
- US retail sales and CPI missed market expectations, causing the USD to tumble.
- Tuesday’s RBA minutes will be monitored for changes in communications on growth and inflation.
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Weekly Market Report 10 July 2017 10 July 2017
Sugar
- Bouncing around a 13.50–14 USc/lb range all week, prices surged higher on Friday night following another gasoline price cut by Petrobras.
- A bearish fundamental backdrop makes it difficult to see upside above 14.50 USc/lb.
Currency/macro comments
- A run at USD0.77 was short lived over the past week as the AUD slipped back toward USD0.76 and firmed.
- The RBA left rates on hold and released a statement with minor dovish changes.
- USD strength was muted on softer wage growth and unemployment numbers, despite a 222k increase in jobs.