Tuesday, 10 May 2022
The ICE 11 raw sugar market softened for the majority of the week before breaking free of its downtrend on Friday when the July 2022 contract bounced off a low of 18.57 USc/lb. Speculators found some bullish momentum and pushed the prompt contract to a weekly high of 19.21 USc/lb before closing the week at 19.16 USc/lb.
The Australian Dollar (AUD) started last week close to its low of 72.66 US cents before spiking to a high of 72.66 US cents on Thursday morning after a USD sell off on the news of only a 50-basis-point rate hike by the Federal Open Market Committee (FOMC). The Aussie Dollar strength was short lived as the AUD retreated for the rest of the week, closing at 70.61 US cents.