Market Update - 1 February 2022

The ICE 11 raw sugar market came under heavy macroeconomic pressure from a rising US Dollar, erasing almost all of the previous week's gains. The prompt March 2022 ICE 11 contract made its high on Monday of 18.98 USc/lb before falling to a low on Friday of 18.09 US c/lb, and closing the week down 3.7% at 18.20 USc/lb.
 
Brazilian president Jair Bolsonaro has back-flipped on his proposal to abolish fuel taxes (which may have resulted in a severe negative impact on ethanol prices), and is now reported to only be dropping the tax on diesel and cooking gas.
 
The Australian dollar sustained heavy losses last week as markets braced for interest rate hikes from the Fed (US Federal Reserve System), causing the US Dollar to post strong gains. The AUD traded from a high of 71.88 US cents on Monday down to a low of 69.68 US cents on Friday.

Update current as at 1 February 2022.