Close: London Session | Forex, Metals, Oil, Agriculture December 15, 2020



Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


During the European session, the euro strengthened against the dollar more slowly than the pound, as buyers came under pressure from euro selling in the EURGBP cross pair. less A bear-market bias continues to weigh on the US Dollar Index, which has tumbled sharply this year. The dollar edged lower, whereas gold prices gained. The U.S. dollar edged lower, whereas gold prices gained. The single currency tracked cable sharply lower as the US dollar strengthened across the board.
Oil traders may watch this Wednesday’s FOMC meeting for clues about the Federal Reserve’s forward monetary policy guidance, which will likely have an impact on the US Dollar. In short, the company has increased the number of contracts, but more importantly the dollar value of each contract, reflecting the positive impact of cross-selling and upselling. Interestingly enough, the US debt clock puts it into perspective with their calculation of a $33,890 dollar to gold ratio.
could boost market sentiment and weigh on the US dollar. Meanwhile the WSJ Dollar Index, which tracks the U.S. currency against a basket of others, rose 0.1%.


Reports state that the correction in gold prices has discouraged some investors from investing in gold. The weight of the evidence (technical, fundamental, sentiment) argues that the correction in gold and gold stocks is nearly complete. In global markets, gold prices edged higher today as investors assessed the likelihood for further virus-related economic restrictions amid surging Covid-19 cases in many countries. Not too long ago, the gold-to-silver ratio crossed above 100, suggesting that silver is selling at dirt-cheap prices, relative to gold.
Tracking positive global cues, gold prices edged higher in Indian markets as new coronavirus-related restrictions in some countries lifted the safe-haven appeal of the precious metals. Credit Suisse cuts target price to C$16 from C$17, based on a 10% lower gold price outlook. Hence, that leads to a move away from safe-haven assets – a key driver of the gold price this year as the pandemic unfolded.
The gold price rose strongly in the first half of 2020, in large part due to the fall in both nominal and real yields. In news from the commodity space, gold prices for the latest contract on MCX were trading up by 0.8% at Rs 49,344 per 10 grams. Essentially, this ratio tells us how many ounces of silver it takes to buy an ounce of gold.


The oil cartel and its allies have agreed to gradually phase out production cuts early next year as part of their effort to support oil prices. This appears to be a decent price for the North Park Basin, which averaged around 2,200 barrels of oil production (NPB production is 100% oil) in Q3 2020. That poses a risk that OPEC is putting more oil into an already oversupplied market, with the risk that this will send oil prices down yet again. SandRidge’s oil percentage is declining over time, as its oil decline rate appears to be higher than its overall base decline rate.
I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects. It’s not that Iran oil is any cleaner than U.S. oil. SandRidge now has 20,000 BOEPD of remaining production (based on Q3 2020 production levels) with approximately 14% of that production being oil, 35% NGLs and 51% natural gas.
A potential end to the pandemic offers some hope of recovery in global oil demand that has plummeted since the start of the pandemic.
It will be several months before we reach a critical mass of vaccinated, economically active people and thus see an impact on oil demand.” The Zacks Oil and Gas – Production & Pipelines industry comprises companies that own and operate midstream energy infrastructure assets.

United States

Currently, Nasdaq 100 futures are trading at 12,529, up 73 points, Dow futures are at 30,042, up 177 points and S&P futures are trading at 3,672, up 25 points. Nasdaq Futures are trading down by 5 points (flat) while Dow Futures are trading up by 42 points (up 0.1%). When looking at sector changes, Information Technology had the biggest percentage weight increase, driven by the Taiwanese company along with increased weight to Dutch semiconductor company ASML Holding (NASDAQ:ASML).
Monday the S&P 500 closed at 3,647, down 16 points, the Dow closed at 29,862 down 185 points, while the Nasdaq Composite closed at 12,440, up 62 points. These results and also any future results for Q4 2020 are caused by one-time financial gains from the January 2020 termination of merger agreement with Illumina (NASDAQ:ILMN). less Earlier this year, cloud-based FinTech company nCino (Nasdaq: NCNO) went public. Gas stations in the US already have aging infrastructure, with growing concerns of payment card fraud due to their inability to prevent techniques such as card skimming.
Xyrem’s major safety problem was the high presence of sodium, and Xywav, the next generation drug from Jazz Pharma (NASDAQ:JAZZ), aims to address that issue by reducing sodium 92%. Last month, The Wall Street Journal reported a law firm hired by the bank found two more employees had been put under observation previously. Mainframes are still a big business and so is IBM; PCs are still a big business and so is Microsoft (NASDAQ:MSFT).


Its interest rates are well above the zero-bound, and the PBOC has not used its balance sheet to drive monetary policy.


less The markets continue their volatile trend upwards on optimism that there will be a Brexit deal in Europe and a stimulus package in the U.S. by year’s end. Brexit hinges (or unhinges) on U.K. fishing rights, level playing fields and governance, while additional stimulus in the U.S. it comes down to just plain (and complicated) old politics. The companies may have to change their business practices in Europe or face hefty fines between 6-10% under new draft EU rules to be announced.
However, cable climbed down as a breakthrough failed to materialize and Chief EU Negotiator On the flip side, the mere existence of a way forward is positive news. However, a breakthrough may have to wait for another day, as Chief EU Negotiator Michel Barnier said the path to a deal is narrow. Aon did not provide concessions on Monday, the deadline for doing so in the preliminary phase to address EU competition concerns, the EU competition enforcer’s website showed.
The market will continue to come under pressure from Covid-19 and Brexit-related news. It did so on the back of the news that Brexit negotiations are back on the table. GBP/USD surged by some 200 pips on Monday after the EU and the UK announced they will “go the extra mile” and abandon the self-imposed Sunday deadline. No Brexit news came out.