Close: London Session | Forex, Metals, Oil, Agriculture January 29, 2021



Soybean sales to overseas buyers are set to exceed the government s estimates for the whole season as early as next month, according to Chicago-based consultants AgResource. Weighing options | Russia s government is squeezing wheat exports to push down prices in a country with a long history of public anger over food costs. One target might regularly walk into a conference room and drink coffee, giving you the perfect opportunity to slip in some poison.


FOREX: The dollar gained and risk-sensitive currencies fell after an assault on hedge-fund equity short positions in the United States rattled investor confidence and boosted demand for safe-haven currencies. Of note, despite risk-off, the weakest of the major currencies today are the Australian dollar and Japanese yen, off around 0.5%. The free money appears to be going to the stock market and safe havens, such as the dollar, short term. When risk appetite goes up, players start buying into equities and high-risk assets, ditching the dollar and yen.
In Asian trading, major currencies are in the red against the US dollar, correcting lower after yesterday’s gains. Only the Norwegian krone is stronger against the dollar today among the major currencies. EUR/USD shot higher amid falling demand for the safe-haven dollar which is the result of the decisive US elections and more importantly, the breakthroughs in coronavirus vaccines. For every dollar we invest in food systems today we save $6 of trying to deal with the damage that happens if we don t do the right thing.
Investors loved the way the Australian government handled the pandemic, and the rise in the price of precious metals contributed to the strong Aussie dollar too. Demand for safe-haven currency strengthened the U.S. dollar.


We believe this marks still only the beginning of the current golds price cycle, as all main drivers for gold prices are strongly skewed to the upside. Given our views on where the main drivers in our model are heading, we think the risk to gold prices remains strongly skewed to the upside. In our view, gold prices overshot in summer, and prices were no longer supported by the underlying fundamental drivers. In our gold price framework (Gold Price Framework Vol.
In contrast, falling longer-dated energy prices had a negative impact on gold prices of about $80/ozt. Fabrice shares his thoughts on the economy, stock markets, geopolitics, gold and silver. Gold prices are trading up by 0.8% at Rs 49,016 per 10 grams. Here’s what the GATA folks said about that, “Former CFTC exec who couldn’t spot gold and silver market rigging to head SEC….” I find this news preposterous! He follows regularly since 1970 the gold, silver and foreign exchange markets.
>> Fabrice Drouin Ristori on Twitter is an independent investment analyst and studies the gold and silver market and their future role in the international monetary system.


Oil prices edged up on oil supply cut and falling U.S. oil inventories. Oil prices edged up on tighter supply and falling U.S. oil inventories. Biden on Wednesday unveiled a series of actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies. Crude oil prices are likewise idling, with the WTI contract stuck below the $54/bbl handle for the better part of two weeks. Especially insights into demand expectations from major oil companies for 2021 is important for digesting the macro situation.
Refinitiv Oil Research is tracking a potential 148,000 tons departing of departures this week, up 9.6% from the 163,700 tons that departed last week. The decision went a step further than a 2013 ruling by a lower court, saying that Shell’s Nigerian subsidiary was responsible for multiple cases of oil pollution. It is also part of a broader retreat by major oil companies from the ageing basin in recent years.
Norway’s sovereign wealth fund dumps oil stocks. Marathon Oil shrinks CEO pay 25% while cutting emissions.

United States

BEFORE THE BELL Futures for Canada s main stock index fell, tracking Wall Street futures, as investors remained cautious amid a battle between small investors and short-selling hedge funds. Citron Research was short squeezed by Wall Street Bets and Nokia stock NOK, Blackberry stock BB, as well as AMC stock was short squeezed and went to the moon. US stock futures are trading lower today indicating a weak opening for Wall Street indices with the Dow Futures trading down by 284 points (down 0.9%).
BEFORE THE BELL U.S. stock futures dropped as a Wall Street battle between hedge funds and retail investors rattled investor confidence. ANALYSIS How Wall Street gains from ‘populist’ trading movement Steep gains in shares of GameStop and other stocks this week have been described as populist market revolts. He believed that Wall Street, and in particular the hedge funds who shorted it into “oblivion” in his view, fundamentally misunderstood the stock.
Wealthsimple, owned by Power Corp, has seen double the trading volumes it normally gets and has had a 50% increase in sign-ups this week, a spokeswoman told Reuters. Bellwether S&P 500 futures point firmly lower ahead of the opening bell on Wall Street, suggesting that yesterday’s rebound following Wednesday’s bloodletting may give way to renewed liquidation. Share Wall Street is in an uproar over GameStop shares this week, after members of Reddit’s popular WallStreetBets forum encouraged bets on the video game retailer.
Yesterday Fed Reserve Governor Powell said they are going to leave interest rates as is and that they have no intention of raising rates any time soon.


During the last year, we have seen a wave of positive cannabis legislation support the growth of the EU cannabis market. Brexit Britain s vaccine rollout is surging ahead of the European Union s, opening a new front in tensions between the former partners. A Brexit-tinged vaccine row, and London financiers feel the squeeze. By now, I have built up excellent skills and experience in analyzing macroeconomic and political developments in Europe, the Eurozone and Germany, including ECB watching.
Global Headlines Under pressure | The European Union s very public difficulty in securing Covid-19 vaccines has officials privately worried. It means both he and his former opposite number, Michel Barnier, will keep Brexit in their briefs. at +0.8% MoM and 1.0% YoY vs. +0.4%/+0.8% expected, and the “EU Harmonized” number was a hefty 1.4% MoM and 1.6% YoY vs. +0.3%/+0.5% expected, respectively. Barnier was recently appointed as a special adviser to EU Commission President Ursula von der Leyen.
The erstwhile chief Brexit negotiator is to become Prime Minister Boris Johnson s representative for Brexit and international policy. Lizzy BurdenBeyond Brexit A large trial of J&J s one-dose Covid-19 jab showed strong protection What was all that?