Close: London Session | Forex, Metals, Oil, Agriculture August 11, 2021

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Agriculture

Mexican crop conditions in central and southern areas are called good with rains, but earlier dry weather might have hurt production. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.

Currencies

Whereas, the Gold price forecast remains bearish for the 6th consecutive session as the US dollar and the US Treasury Yields rose. Pay attention to the US dollar as well, although recently we have not seen the Bitcoin market move in a negative correlation. New highs in real estate and stocks are a reflection of the weakness of the currency underneath such assets: the US dollar. The amount of stimulus required by the economy meant that the US dollar would weaken and we would get an inflationary spike.
In addition, the US dollar-denominated dollar exchange rate was seen to rise further due to some profit-taking in US dollars. The bullion climbed back up despite a strong U.S. dollar and bond yields. The metric demonstrates a company’s ability to convert per dollar sales into profits. Downbeat economic sentiment in the eurozone further depresses the euro against a roaring US dollar. Crude oil broke over a dollar when the news of the statement broke.
It lifted the U.S. dollar index, Treasury yields, blue-chip Dow, and benchmark S&P 500.

Metals

You see, the mining stocks (GDX includes both: gold stocks and silver stocks) are now verifying the breakdown below the neck level of the head and shoulders pattern. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. There has also been a great deal of volatility in gold, bringing gold down to $1677.90 on August 9. Short term, it has given the nervous investor a reason to sell into precious metals – gold and silver in particular.
While the precious metals are taking a breather, the gold mining stocks continue to decline, but in a steadier manner. Radomski is the author of Sunshine Profits’ Gold & Silver Trading Alerts and many of company’s investment tools. less Gold price continued to trend higher on Wednesday after fluctuating in a directionless fashion the day before. For example, the iShares Silver Trust (SLV) was our #1 name last September at the same time the ProShares Ultra Gold ETF (UGL) was #3.
However, the steep sell-off in the gold price eased a little amid lingering doubts over the economic recovery. Several times in the second half that month, gold bugs defended $1,760s-$1,770s, which continued to hold – until Monday when the metal sliced through this to test $1,670s.

Oil

Financials also extended losses.Nifty Metal was up 3.14 per cent while Nifty Oil & Gas was up 1.21 per cent while Nifty PSU Bank was up 0.49 per cent. The net impact of growing natural gas supplies and conversion of power plants has caused natural gas to become the fastest-growing fossil fuel. The Middle East has also grown its natural gas production at a rapid pace over the past 50 years and was on pace to take the global lead. Among all countries, the U.S. moved into the lead for natural gas production in 2011 and has since substantially grown that lead.
Natural gas production had been in decline in the U.S. until the fracking boom that began to boost production in 2005. Production grew in the U.S. by an astounding 86% from 2005 to 2020, which pushed the U.S. back into the global lead among natural gas producers. Over the past decade, global natural gas consumption has grown at an average annual rate of 2.9%, versus 1.5% for oil and 0.9% for coal.
The U.S. had dominated global natural gas production until the 1980s, at which time it ceded the lead to Russia. U.S. consumption has grown rapidly as power plants have turned increasingly to natural gas as both a replacement for coal-fired power and a backup for new renewable capacity.
This summer, demand for coal power generation has surged amid record heatwaves across Europe and natural gas prices surging.

United States

However, while the Nasdaq 100 index still sits close to its record levels, eBay share price corrected in 2021, trading well off its highs. Recent days have brought new highs to the Dow Jones Industrial Average, the S&P 500 as well as the tech-heavy NASDAQ 100 index. Also, Fed officials are leading the market towards a quick end to the massive stimulus of the post-pandemic era and an increase in interest rates from 2022. The infrastructure bill is rather factored into the expectations, and similarly to the Fed taper looming, any surprise could serve as a selling catalyst.
The sales are now the weakest since the Pandemic began and are likely to head lower as the world and the US emerge from the pandemic. Just like most of the companies in the US tech sector, eBay has made a new all-time high during the pandemic. less Doug Merritt, CEO, SplunkScott Mlyn | CNBCEnterprise software stock Splunk has dragged as industry competition heats up, but Wall Street is underestimating the company’s strength, according to UBS.
less The Dow Jones 30 rose to a record high after the US Senate passed the $1 trillion infrastructure bill. Inflation data could influence the timeline for the Fed’s tapering of monetary support. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis.

China

These disappointing lending figures come on the heels of yesterday’s PBOC quarterly report hinting at easier policy. Beijing is canceling large events and suspended planes and trains from entering the city to prevent infections.

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