Coffee drops as dollar rises
Coffee prices fell on Friday, and erased some of Thursday's gains as the US dollar rose against its peers.
10-year treasury yields rose over 3.5% to 1.6%, edging near 13-month highs at 1.622%.
This renewed concerns and dampened the global risk apatite, which makes the US dollar shines as the best alternative investment and puts pressure on commodities and metals.
The Brazilian real fell again against the US dollar near a 10-month low, ahead of Brazil's interest decision next week, which attracts buyers to the world's largest exporter of coffee.
The dollar index rose against a basket of major currencies by 0.5% to 91.8 points as of 14:09 GMT, after hitting a high of 91.9 points and a low of 91.4 points.
As of 14:20 GMT, coffee spot futures fell 0.2% to $1.32 per pound.
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Canadian economy adds more jobs than expected in February
At 13:30 GMT, the Canadian economy released the employment change reading for February, which showed that the economy has added 259K new jobs, at the best pace since September, beating forecasts of 98.5K jobs, but still lower than the previous reading of 212.8K jobs. This data is positive for the Canadian dollar.
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Canadian unemployment rate falls to 11-month low
At 13:30 GMT, the Canadian economy released the unemployment rate reading for February at 8.2%, beating forecasts of 9.2%, better than the previous reading of 9.4%. This data is positive for the Canadian economy.
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Oil retreats on US bonds anxiety
Oil prices continued to fall as the US market opened on Friday, for the first time in 3 days, due to global market tension, after the US Treasury bond yields rose near a 13-month high, amid fears that high borrowing costs in the US would ebb the economic recovery.
US crude fell 0.8% to $65.43, after opening at $65.93, and hit a day high at $65.99, and Brent crude fell 0.7% to $69.06, after opening at $69.55, and hit a day high at $69.62.
US crude rose 1.9% yesterday, and Brent crude futures rose 2%, in the second straight daily gain, after approving a massive economic stimulus in the US.
The House of Representatives passed the $1.9 trillion Covid relief bill, which is aimed at supporting the economy from the coronavirus impact.
US Treasury Secretary Janet Yellen said that President Joe Biden's $1.9 trillion aid package will provide enough resources to fuel a very strong economic recovery.
OPEC projected that the recovery in global oil demand will be concentrated in the second half of this year.
10-year treasury yields rose over 3.5% to 1.6%, edging near 13-month highs at 1.622%.
The high borrowing costs in the US may ebb the ongoing economic recovery in the world's largest consumer of fuel, despite the administration of President Joe Biden's efforts to stimulate the economy and to combat the pandemic impact.
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