Close: London Session | Forex, Metals, Oil, Agriculture February 16, 2021



Prices rose anew in November as home builders hammered through mild weather.


If the Fed continues to enable foreign borrowing to finance companies and cities at rock-bottom rates, profligate borrowing will erode the dollar’s status as the global reserve currency. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.29 per cent to 90.21. Broadly speaking, weakness in the anti-risk US Dollar certainly helped propel both crude oil and copper prices upward. The resulting price action has been risk supportive, with stocks extending record highs and the US Dollar broadly under pressure.
Despite the retracement, the black gold continues to draw support from escalating Middle-East tensions, covid vaccine-driven economic optimism and broad-based US dollar weakness. While this tug of war between the diminishing need for safety and higher returns on Treasuries occupies the dollar, sterling has its reasons to rise. For the longest time, the smaller central banks were under the impression that the U.S. dollar and other currencies were great for their reserves.
less The Indian rupee settled just 1 paisa lower at 72.69 (provisional) against the US dollar on Tuesday amid a muted trend in the domestic equity market. The dollar index, which represents the value of the greenback against a basket of six currencies, slipped 0.3%. The dollar weakened, while platinum prices retreated from a near 6-1/2-year peak.


The market did crash in 2008, and Gold and gold stocks did as well. Gold and gold stocks could sell off a bit but would reverse well before the end of the correction.” They remain big gold buyers, and it doesn’t look like they care about where gold prices go, whatsoever. How is that going to be a negative for Gold and gold stocks when they have declined during a period of hot money inflows into everything else? (Source: “Gold Demand Trends Full Year and Q4 2020,” World Gold Council, January 28, 2021.)
Gold prices today edged higher after a 3-day fall but struggled to push significantly higher amid flat global rates. In global markets, spot gold prices were flat today as US Treasury yields rose to their highest levels since March. Understand the reasoning for central banks to buy gold: the yellow precious metal essentially reduces volatility in their reserves. Gold prices could surge a lot, and those who own it could make hefty gains. Investors should pay attention to the big buyers in the gold market: the central banks.


Canadian Natural Resources, the country’s biggest oil and gas producer, has said it hopes to grow natural gas output by 11% this year. Germany’s 2020 oil imports down 3.4% German crude oil imports in 2020 fell 3.4% the COVID-19 pandemic and related lockdowns hit industrial activity, official data showed. Oil refineries and gas production in the region are badly hit, while pipeline operators have declared force majeure, helping to push spot prices to “crazy” levels.
They refinery shutdowns in the world’s fourth-biggest oil importer are another potential hit after the pandemic led to the evaporation of crude demand over the last year. Further bolstering crude oil prices has been the extreme cold weather in the state of Texas. U.S. crude prices advanced on the back of a cold snap shutting wells in Texas, the biggest crude producing state in the United States. Brent crude futures, the global oil benchmark, fell 0.09 per cent to USD 63.24 per barrel.
As for oil and gas prices, this event solidifies the bullishness that we have been predicting for some time. The firm is engaged in transporting crude oil and petroleum products along the Indian coast as well as in international waters. Oil volumes fell to 83.0 million tonnes from 86.0 million in 2019, monthly statistics from the BAFA foreign trade office showed.

United States

Nasdaq Futures are trading up by 52 points, while Dow Futures are trading higher by 186 points. US stock futures are trading higher today indicating a positive opening for Wall Street indices. US stock futures are trading higher today, indicating a positive opening for Wall Street. Wall street futures rose as investors were optimistic of new fiscal aid from Washington and progress in vaccinations would support a recovery in the world’s largest economy.
But the Trump administration s removal of independent scientists from advisory panels at the Environmental Protection Agency also pushed scientists to take action.
Last fall, several prominent scientific journals including The New England Journal of Medicine, Nature, and Science also broke with tradition and ran editorials critical of Trump. “The government wants to know if the US if China imposes an export ban,” said one Chinese government adviser who spoke on condition of anonymity. The US 10-year benchmark yield is near 1.24%, almost nine basis points higher than a week ago. Among the things that most inflamed scientists was Trump s rejection of the wide body of research establishing climate change, which he has called a hoax.
In 2000, SoftBank led a consortium that bought a struggling Japanese bank and joined forces with the company now called Nasdaq Inc. to start an arm in Japan.


Uber Inc: The ridesharing company called on EU regulators to recognise the value of independent contracts in job creation as they consider new rules to protect gig economy workers. Reopening pressure | Chancellor Angela Merkel s government is under increasing pressure to ease Germany s coronavirus lockdown. Germany Inc. Is Tired of Go-Slow Virus Opening Merkel s government under increasing pressure to ease nation’s lockdown. In the U.K., Prime Minister Boris Johnson is drawing up plans to gradually ease curbs, saying he wants the current lockdown to be the last.
Meanwhile, countries across the European Union, which has lagged the U.S. and U.K. in immunizations, have raised questions about the bloc s strategy on mutants. Chancellor Angela Merkel is being pushed to ease Germany s lockdown, with business representatives holding a protest today in Berlin. It’s not the major central banks like the U.S. Federal Reserve or the European Central Bank (ECB); it’s the smaller banks.
The EU remains the laggard among its peers, but the mix of fewer infections and more inoculations is encouraging.