Agriculture
Or, with US stocks remaining in “kid in a candy store” mode, are we gliding on a sugar rush tailwind from a once in a generation type stimulus effect.
Currencies
The steepest losses are seen in the New Zealand dollar (-0.55%) and the Australian dollar (-0.78%). less Gold prices climbed over the past 24 hours as the anti-fiat precious metal capitalized on weakness in the US Dollar and longer-term Treasury rates. The fall in the greenback interrupts a rally so far this year: The ICE Dollar Index climbed about 4% from early January to the end of March. The gap hasn’t been that large since early 2017, when the dollar was much stronger against the euro: Back then, $1 bought about €0.94, whereas now it buys €0.84.
Now all of that ought to be priced-in to some extent, and more good (and “unexpected”) news may be needed to propel yields – or the dollar higher. less Bitcoin hasn’t really been doing much of its common spectacular performance in recent weeks as the cryptocurrency has been struggling to push beyond the 60,000 dollar mark. It indicates the British currency’s weakness, which may show a steep peak in the event of a correction in the US dollar.
Mozambique’s metical has shrugged off violence in the northern Cabo Delgado province to be the world’s best-performing currency versus the dollar this year, rallying 17%. If that pushes Treasury yields back higher, then gold may weaken as the US Dollar sees demand. That Bitcoin or the yuan or some China-backed central bank digital currency could somehow pose a threat to the dollar, with negative ramifications for the U.S.
Now all of that ought to be priced-in to some extent, and more good (and “unexpected”) news may be needed to propel yields – or the dollar higher. less Bitcoin hasn’t really been doing much of its common spectacular performance in recent weeks as the cryptocurrency has been struggling to push beyond the 60,000 dollar mark. It indicates the British currency’s weakness, which may show a steep peak in the event of a correction in the US dollar.
Mozambique’s metical has shrugged off violence in the northern Cabo Delgado province to be the world’s best-performing currency versus the dollar this year, rallying 17%. If that pushes Treasury yields back higher, then gold may weaken as the US Dollar sees demand. That Bitcoin or the yuan or some China-backed central bank digital currency could somehow pose a threat to the dollar, with negative ramifications for the U.S.
Metals
Turquoise Hill Resources Ltd: Rio Tinto said it has reached a binding agreement with Turquoise Hill over funding for expansion of the massive Oyu Tolgoi copper-gold mine in Mongolia. Gold prices for the latest contract on MCX are trading down by 0.5% today at Rs 46,628 per 10 grams. S&P 500 futures pointed to a small rise at the open, the 10-year Treasury yield was at 1.666%, oil was flat and gold slipped. Gold overcame resistance in the $1750-$1755 area but is pulling back today.
Gold has retreated from yesterday‘s almost $1,760 highs accompanied by continued miners‘ outperformance. Gold prices slipped. SREI Infrastructure Finance and JSW Steel were among the top buzzing stocks today. It will still own coking-coal operations in Australia, used to make steel rather than burned for power.
Gold has retreated from yesterday‘s almost $1,760 highs accompanied by continued miners‘ outperformance. Gold prices slipped. SREI Infrastructure Finance and JSW Steel were among the top buzzing stocks today. It will still own coking-coal operations in Australia, used to make steel rather than burned for power.
Oil
Oil prices dropped, dragged down by pandemic fears altering oil demand. With more than 25 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets. If this also translates into further risk aversion as the week wraps up, then crude oil prices might see some cautious selling pressure. Meanwhile, crude oil prices aimed slightly higher. less While the world becomes more dangerous, the oil market gets quiet.
Prices on the other side of the Atlantis saw front-month New York Harbour RBOB contracts fall by over 3.5% w-o-w as the large gasoline build drags prices down. Econ Oil & Energy allegedly won contracts with Eskom through the help of a then senior manager of the utility, who interfered in the tender processes. Even as he promotes clean energy and recommits America to the Paris climate accords, Biden could prove a boon for the oil industry. The oil markets are pricing in the lifting of sanctions already.
Oil prices were little changed.
Prices on the other side of the Atlantis saw front-month New York Harbour RBOB contracts fall by over 3.5% w-o-w as the large gasoline build drags prices down. Econ Oil & Energy allegedly won contracts with Eskom through the help of a then senior manager of the utility, who interfered in the tender processes. Even as he promotes clean energy and recommits America to the Paris climate accords, Biden could prove a boon for the oil industry. The oil markets are pricing in the lifting of sanctions already.
Oil prices were little changed.
United States
Wall Street futures were subdued, as a rise in bond yields weighed on richly valued technology stocks a day after the S&P 500 closed at a record high. On Thursday, the US labor market data showed that jobless claims rose unexpectedly, underscoring the volatile nature of the labor market recovery. Prices were weighed primarily by the surprise build in US inventories although have recovered as the week closes out with demand prospects from the US lending some support.
Quiet, for nowThe Cboe Volatility Index — known as Wall Street’s fear gauge — closed at the lowest level since February 2020 as stocks trade at record highs.
Echoing the US edge cloud market, the domain in China is also led by public cloud providers as well as CDN players. This was underscored on Thursday when Fed Chair Jerome Powell noted that the central bank “will provide aid to the economy until it no longer needs it”. With European nations extending lockdowns refiners will be looking to the US to lend margin support for road fuel to support a reopening of their economies. Global Headlines Defense cut | Biden today plans to ask for $715 billion for his first Pentagon budget, a slight decrease from spending trends under Donald Trump, sources say.
A disappointing and unexpected increase in the US weekly jobless claims pressed yields lower, with the 10-year falling a two-week low and seemingly dragging the greenback with it. The US 10-year yield is around five basis points higher at 1.67% and appears to be dragging European yields higher too.
Quiet, for nowThe Cboe Volatility Index — known as Wall Street’s fear gauge — closed at the lowest level since February 2020 as stocks trade at record highs.
Echoing the US edge cloud market, the domain in China is also led by public cloud providers as well as CDN players. This was underscored on Thursday when Fed Chair Jerome Powell noted that the central bank “will provide aid to the economy until it no longer needs it”. With European nations extending lockdowns refiners will be looking to the US to lend margin support for road fuel to support a reopening of their economies. Global Headlines Defense cut | Biden today plans to ask for $715 billion for his first Pentagon budget, a slight decrease from spending trends under Donald Trump, sources say.
A disappointing and unexpected increase in the US weekly jobless claims pressed yields lower, with the 10-year falling a two-week low and seemingly dragging the greenback with it. The US 10-year yield is around five basis points higher at 1.67% and appears to be dragging European yields higher too.
Europe
100 days of Brexit: was it as bad as “project fear” warned? Last month, U.K antitrust authorities opened a probe into this issue, too. This in turn probably requires the ECB to see ~2% inflation (Q2? His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc.
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