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Forex Today: Cocoa futures surpass 9.000$ reaching a record high

Forex Today: Cocoa futures surpass 9.000$ reaching a record high

Cocoa's incredible long-term rally continues, with the price of 8% rising in a single day yesterday, and New York futures rising 60% in March alone.

➡️ The minor product cocoa  continues to dominate the news as it continues to hit new all-time highs with volatile gains: yesterday rose by around 8% to reach above $9,000 for the first time. The value of the superfood has nearly tripled in the past year alone, and many analysts suggest that supply-side shortages are at least partly responsible for the meteoric rise. Every year there is more and more demand for cocoa as it is coveted as a key ingredient for chocolate but also as a superfood in its own right. Trend traders  will be interested in the long side, although with such high volatility and net gains, it could collapse at any moment, so trend traders need to be careful about using one  stop loss disciplined if they go long. In addition to cocoa futures, there are cocoa ETNs available that may be more suitable for  traders and retail investors .

➡️ Bitcoin  is up again and trading above $70,000, not far from its recent record high of around $74,000, despite cryptocurrency funds seeing record outflows last week.

➡️ The Japanese yen remains quite weak, as Japanese Finance Minister Suzuki sought to encourage the yen by stating that he is “open to all options to deal with disruptive Forex fluctuations.” The USD/JPY currency pair  it is slightly below the 4 month high reached on Friday, but there will still be traders interested in looking for Long trades here, although it is clear that the Japanese authorities want to stop this rally. Since Tokyo opened, the New Zealand dollar has been the strongest major currency, while the Swiss franc has been the weakest.

➡️ They  continues to appear moderately bullish  and it could test its recent all-time high in the next few days, although that is still far away. Trend traders will also be interested in the Long side.

➡️ The major US stock indexes, in particular  the S&P 500 index , continue to appear bullish and are trading not far from their recent all-time highs. Trend traders will be very interested in having long positions on the major US stock market indexes, as the  price action  suggests they will continue to advance.

➡️ Consumer confidence data from the US CB will be published today  the CPI  (inflation) Australian, the latter is expected to increase slightly from 3.4% to 3.5%.

 

Credit by DailyForex.com

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