Currencies
The dollar was little changed, while platinum prices rose to its highest in more than six years. The U.S. dollar was little changed, while platinum prices rose to its highest in more than six years. However, as we come closer to the end of the trading week, the dollar may show some signs of life, both from a fundamental and technical perspective. The dollar bloc and the euro are slightly higher, while the Scandis, yen, and sterling are somewhat heavy.
While marked as third-tier data, the report is known as able to switch the market sentiment on the dollar. The FTSE 100 is up just 10% over the past five years in dollar terms, versus 111% for the S&P 500. While some of the rises is related to dollar weakness rather than high-expectations for UK GDP, the result will likely be similar. But a flat US dollar and lower Treasury yields kept losses in check. On currencies, we expect to maintain a modest U.S. dollar underweight. The dollar is narrowly mixed against the major currencies.
While marked as third-tier data, the report is known as able to switch the market sentiment on the dollar. The FTSE 100 is up just 10% over the past five years in dollar terms, versus 111% for the S&P 500. While some of the rises is related to dollar weakness rather than high-expectations for UK GDP, the result will likely be similar. But a flat US dollar and lower Treasury yields kept losses in check. On currencies, we expect to maintain a modest U.S. dollar underweight. The dollar is narrowly mixed against the major currencies.
Metals
Gold prices for the latest contract on MCX are trading flat at Rs 47,994 per 10 grams. On MCX, gold futures today fell 0.3% to Rs 47,857 per 10 grams after a four-day rising streak. Gold prices are trading up by 0.3% at Rs 47,851 per 10 grams. In global markets, gold prices eased 0.2% as weaker than expected US inflation data dented bullion’s appeal. (Length 00:14:54) Jordan Roy-Byrne joins Cory Fleck to share his technical analysis on gold, silver, and copper.
We focus a lot on the recent double bottom in gold stocks and the gold price. In tandem with a fall in global rates, gold prices in India fell today while silver also skidded. Gold could bottom, rally, and consolidate at higher levels and long-term volatility would continue to decline. After a weaker session overnight Gold is picking up off session lows of $1835 and attempting to head back over the flat line. Consolidation continues on the commodity markets, too – neither gold nor oil could make significant breakouts in the last 24 hours.
We focus a lot on the recent double bottom in gold stocks and the gold price. In tandem with a fall in global rates, gold prices in India fell today while silver also skidded. Gold could bottom, rally, and consolidate at higher levels and long-term volatility would continue to decline. After a weaker session overnight Gold is picking up off session lows of $1835 and attempting to head back over the flat line. Consolidation continues on the commodity markets, too – neither gold nor oil could make significant breakouts in the last 24 hours.
Oil
MARKETS TODAY OIL: Oil prices fell, paring recent gains, as renewed lockdowns and emergence of new coronavirus variants weighed on the prospects for a swift demand recovery. The Energy Information Administration reported that U.S. commercial crude oil inventories fell by 6.6 million barrels from the previous week. At 469.0 million barrels, U.S. crude oil inventories are about 2% above the five-year average for this time of year. The combined company will become the biggest operator in western Canada’s premier Montney shale play, producing more than 340,000 barrels of oil equivalent per day (boepd).
The combined company will become the biggest operator in western Canada’s premier Montney shale play, producing more than 340,000 barrels of oil equivalent per day. Crude inventories fell by 6.6 million barrels in the week to Feb. 5 to 469 million barrels, compared with expectations in a Reuters poll for a 985,000-barrel rise. Oil prices fell as fresh lockdowns and emergence of new coronavirus variants weighed on the prospects for a swift demand recovery.
I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects. Total motor gasoline inventories increased by 4.3 million barrels last week and are about 0% below the five-year average for this time of year. Market Watch reported that they, “trimmed its forecast for a rebound in global oil demand in 2021.
The combined company will become the biggest operator in western Canada’s premier Montney shale play, producing more than 340,000 barrels of oil equivalent per day. Crude inventories fell by 6.6 million barrels in the week to Feb. 5 to 469 million barrels, compared with expectations in a Reuters poll for a 985,000-barrel rise. Oil prices fell as fresh lockdowns and emergence of new coronavirus variants weighed on the prospects for a swift demand recovery.
I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects. Total motor gasoline inventories increased by 4.3 million barrels last week and are about 0% below the five-year average for this time of year. Market Watch reported that they, “trimmed its forecast for a rebound in global oil demand in 2021.
United States
US stock futures are trading higher today indicating a positive opening for Wall Street indices with Dow Futures trading up by 86 points (up 0.3%). US stock futures are trading higher today, indicating a positive opening for Wall Street. less The S&P 500 and NASDAQ were unable to sustain the gap higher opening to new record levels and reversed lower and fell to new three-lows. BEFORE THE BELL Futures for Canada’s main stock index rose, tracking Wall Street, as investors were optimistic that fiscal stimulus and vaccination programmes will support a faster economic recovery.
less Green Daily In climate news today… Trump s environmental policies killed thousands, scientists say. It’s a big step for Wall Street’s back-office banks, whose concerns over regulatory, legal and stability risks left them reluctant to come into direct contact with crypto markets. Tyson Foods Inc: The company missed Wall Street estimates for first-quarter sales, hurt by production issues and weak demand for its products from restaurants and hotels during the pandemic.
After seeing strong demand at the 10-year note auction yesterday, the US benchmark is yielding about 1.14% today.
Senate panels are planning to skip formal hearing and votes on the issue as the chamber’s time is taken up by the impeachment trial of former President Donald Trump. I continue to think it s kosher, but it s not an open-and-shut case (unlike Trump s First Amendment claims, which I think are both frivolous and pernicious).6.
less Green Daily In climate news today… Trump s environmental policies killed thousands, scientists say. It’s a big step for Wall Street’s back-office banks, whose concerns over regulatory, legal and stability risks left them reluctant to come into direct contact with crypto markets. Tyson Foods Inc: The company missed Wall Street estimates for first-quarter sales, hurt by production issues and weak demand for its products from restaurants and hotels during the pandemic.
After seeing strong demand at the 10-year note auction yesterday, the US benchmark is yielding about 1.14% today.
Senate panels are planning to skip formal hearing and votes on the issue as the chamber’s time is taken up by the impeachment trial of former President Donald Trump. I continue to think it s kosher, but it s not an open-and-shut case (unlike Trump s First Amendment claims, which I think are both frivolous and pernicious).6.
China
Why It s So Hard for the Solar Industry to Quit Xinjiang Nearly half the global supply for the raw material used to make solar panels is produced there.
Europe
“Talks with Novavax have intensified and we aim to agree the contract this week or next,” one EU official said. In Europe, the EU Economic Forecasts is a quarterly report that delivers economic projections for the next couple of years. The bank also pledged to resume dividends after the ECB partially lifted a ban it had put in place in the early stages of the COVID-19 pandemic. As Helene Fouquet and Natalia Drozdiak report, the EU is considering ways to reduce its dependence on the U.S. and Asia and bolster its strategic autonomy in key technologies.
Monthly data will also be relevant, because it’s from the crucial month of December, including the uncertainty ahead of Brexit. Yesterday, Merkel shed light on plans for reopening, with a potential larger reopening from the 7th of March. This scenario would suggest that UK monetary policy would likely divert from the EU. EU rebuffs U.K.’s call to reset their post-Brexit relationship. The EU also cites the limits on travel as a reason for their reduced projections.
As the EU demonstrates with Russia, it can maintain trade ties while being critical of human rights violations.
1 Monthly data will also be relevant, because it’s from the crucial month of December, including the uncertainty ahead of Brexit. Yesterday, Merkel shed light on plans for reopening, with a potential larger reopening from the 7th of March. This scenario would suggest that UK monetary policy would likely divert from the EU. EU rebuffs U.K.’s call to reset their post-Brexit relationship. The EU also cites the limits on travel as a reason for their reduced projections.
As the EU demonstrates with Russia, it can maintain trade ties while being critical of human rights violations.
