Close: London Session | Forex, Metals, Oil, Agriculture April 15, 2021



Many coffee shops and lunch joints near Salesforce Tower, the tallest building in the city, have large locks on their doors. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


The dollar depreciated last year, meaning that the dollar value of nondollar assets in a mixed-currency portfolio rose. This idea of ranking currencies based on the size of their so-called monetary base means the yen and the euro are both larger than the U.S. dollar. Technical indicators of the currency pair: The euro continued to rise against the US dollar amid growing yields on German Bonds. The quarterly International Monetary Fund data show the dollar’s share of reserves below 60% for the first time since 1995.
Despite positive industrial production data, the currency is showing weakness against the euro and the dollar. However, it would not be the first time when the gold price and the dollar moved higher together, so investors should also be prepared for a divergence. The euro has drawn closer to $1.20, and the dollar is holding below JPY109 for the first session since March 24. Because this currency pair weighs the most in the Dollar index benchmark for most financial market participants, everyone should pay attention when the EUR/USD moves.
BEFORE THE BELL Futures for Canada’s main stock index rose as gold prices jumped on the back of softer Treasury yields and a weaker U.S. dollar. less Ahead of what is expected to be reports confirming the surging US economy, the dollar remains on its back foot, unable to sustain even modest upticks.


His thoughts on gold are captured each week on a program called Gold Game Film in collaboration with Kitco News and The company’s total preliminary gold production fell to 1.10 million ounces in the quarter ended March 31 from 1.21 million ounces in the previous quarter. Gold moved higher only somewhat yesterday – not to new monthly highs – and in today’s pre-market trading it’s actually slightly lower. Gold also trades with a bid tone as the market appears to have formed a double bottom pattern below the $1,700 mark.
Last week’s top (gold topped last Thursday, right at its triangle-vertex-based reversal point) was also preceded by approximately a monthly rally. If miners were truly neutral now, they would still be showing some strength relative to gold due to the stock market’s strength. Besides, if gold was to remain symmetrical in its performance compared to the April – June 2020 performance, it couldn’t rally much higher. This indication comes from the relative performance of gold, silver, and mining stocks.
Gold is first and continued to knock on $1750.Oil prices are consolidating after yesterday’s surge. Based on such a pattern, gold would be likely to slide profoundly, probably well below $1,500.


Crude oil inventories fell by 5.9 million bbl against a Reuters poll estimate of a drop of 2.9 million bbl. US crude oil and distillate inventories fell last week and refinery throughput was at a one year high, on account of improved demand. US oil decrease in stocks coupled with hopes for global economic growth is supporting the demand for oil futures contracts. CRUDE OIL TECHNICAL ANALYSIS WTI crude oil closed above key resistance at 62.245, the March 30th high.
Oil bulls are back as strong oil demand numbers put bulls back in the driver’s seat. The EIA reported that U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve (SPR) decreased by 5.9 million barrels from the previous week. EIA inventory data showed that US oil stockpiles shrank by 5.89 million barrels last week. less Today we will talk about Crude oil + USD/CAD and their negative correlation, as Canada is the third-largest oil reserve. It was reported earlier this week that Nio confirmed its long-awaited partnership with oil giant (SNP) or Sinopec, on setting up battery swap stations at Sinopec’s gas filling stations.
The EIA says that total motor gasoline inventories increased by 0.3 million barrels last week yet are still 2% below the five-year average for this time of year.

United States

BlackRock Inc: The world’s largest asset manager, reported first-quarter profit ahead of Wall Street estimates as strong capital markets helped attract more money to its diverse funds. Dow futures are trading up by 0.4% while Nasdaq futures are trading higher by 0.6%. Stocks are firmer in Europe, and the Dow Jones Stoxx 600 is a new record high.US shares are also trading higher after the S&P and NASDAQ faded yesterday. US stock futures are trading higher today indicating a positive opening for Wall Street indices.
“Fink’s comments Thursday came one day after the largest cryptocurrency exchange in the U.S., Coinbase, went public on the Nasdaq. TuSimple’s share are set to debut on the Nasdaq later in the day, under the ticker symbol “TSP”. In the US, banks’ stocks rose on the back of unexpectedly high earnings during the group reporting. The tech-heavy Nasdaq-100 ended the day almost 1.5% lower, which may be a mere correction in an otherwise bullish market.
ECONOMIC EVENTS (All timings in U.S. Eastern Time) 0830 NY Fed Manufacturing for Apr: Expected 19.50; Prior 17.40 0830 (approx.) Yet the market isn‘t alarmed now as evidenced by the inflation expectations not running hot – the Fed quite successfully sold the transitory story, it seems.


The matter of his successor is shaping up to be a geopolitical battle that pits India and the U.S. against Beijing.


Remember the promise plastered across a bus that leaving the EU would mean the U.K. could spend 350 million pounds ($483 million) a week on its health service? Montenegro would also need to commit to fiscal reforms, the official added, noting that the highway project did not match EU standards. The EU last week delayed legal action after London unilaterally extended a waiver on checks on some goods entering Northern Ireland from Britain. The Financial Times reported this week that Montenegro has essentially begged the European Union to step in and to help a rescue deal along officials are .
Meat and fish bound for the bloc dropped sharply since their producers face the burden of checks imposed by the EU. Von der Leyen said the EU will receive 50 mln BioNTech-Pfizer Covid-19 vaccines earlier than expected. The ECB’s Governing Council Should improve its communication strategy before the market forces it to by pushing the EUR/USD exchange rate higher.
Tim Ross reports that almost a fifth of those who voted to remain in the EU would now choose to stay out. Although it expresses worry about tightening financing conditions, the ECB doesn’t seem worried about the recent rise in yields. Lizzy BurdenAs ever, if Brexit is affecting your business in a way we haven t reported, please get in touch.