Close: London Session | Forex, Metals, Oil, Agriculture March 23, 2021



Today’s worst performing currencies are the New Zealand dollar (-1.22%) and the Australian dollar (-0.77%) as risk aversion sets in. On the other hand, slipping below the 8-day simple moving average may motivate US Dollar bears to have another look at last week’s lows around the 90.30-price level. This was somewhat offset by US Dollar gains against its Canadian Dollar peer. Additional spending means a hotter economy and also elevated debt issuance – and a potential rise in yields makes the dollar more attractive.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.42 per cent to 92.12. This might bring the negatively-sloped 200-day simple moving average into focus as a potential topside objective for US Dollar bulls. The New Zealand dollar is off 1.4%, which is linked to the new housing market curbs. The dollar is stronger against all the major currencies, though the yen is near a two-week high.
The dollar firmed, while gold see-sawed in choppy trading. The U.S. dollar firmed, while gold see-sawed in choppy trading.


() Try calling a gold coin dealer and see what kinds of premiums they charge you – that is if they even have any gold coins to sell. In news from the commodity space, domestic gold prices fell for the second day in a row amid weak global cues. On MCX, gold futures fell 0.2% to Rs 44,795 per 10 grams while silver declined 0.5% to Rs 66,013 per kg. Gold prices in India fell for the second day in a row amid weak global cues. Some claim that with countries, and especially the U.S., printing money as fast as possible, ballooning the debt and devaluing their paper-based currencies, gold is the only real money.
Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 44,920 per 10 grams. Right now, stocks keep ticking higher, yet the price of gold recently hit a 10-month low. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic. Gold prices are trading down by 0.2% at Rs 44,800 per 10 grams.
There’s an old axiom that an ounce of gold typically has the same value as the price of a man’s quality suit.


The IEA expects oil demand improvement in OECD countries of 6.3 million bpd this year after a drop of 11.8 million bpd in 2020. The flurry of deals underscores the Canadian energy sector’s desire to grow to benefit from the rebound in oil prices as global fuel demand picks up. Crude oil prices fell on worries that the slow pace in vaccination programme and the risk of new lockdowns in Europe may hamper economic growth. California Resources filed for Chapter 11 bankruptcy protection in July last year after defaulting on interest payments following a slump in oil prices.
“However, a sharp fall was prevented on a rise in risk appetite in the domestic markets and softening of crude oil prices. BEFORE THE BELL Futures for Canada s main stock index edged lower as oil prices fell on demand concerns. However, easing crude oil prices and positive equities lent some support to the local unit and restricted the fall. Meanwhile, global oil benchmark Brent crude futures fell 3.03 per cent to $62.66 per barrel.
Just ten fuel oil cargoes loaded last week. Moves California Resources Corp: The U.S. oil and gas producer said on Monday it had appointed interim chief executive officer Mark McFarland as the head, effective immediately.

United States

US stock futures are trading lower today indicating a negative opening for Wall Street indices with Dow Futures trading down by 134 points (down 0.4%). Nasdaq Futures are trading down 51 points (down 0.4%) while Dow Futures are trading down 74 points (down 0.2%) The rupee is trading at 72.29 against the US$. “We suggested the market might come to understand the Fed’s new average inflation targeting policy following its March meeting. The market can force the Fed to cut rates by cratering, but it can’t force the Fed to hike rates.
Asian share markets ended on a mixed note tracking Wall Street as bond yields eased, allaying concerns around rising inflation. “They went really big “Cecchini noted the Fed instituted a massive monetary stimulus program, cutting rates almost to zero, and unveiled plans for massive asset purchases. US stock futures are trading lower today, indicating a negative opening for Wall Street. On the flip side, the Fed and chair Jerome Powell are sticking to the ‘transitory inflation’ theme, but inflation is like a fire, you have to put it out.
Treasury yields rose on expectations of higher inflation and monetary policy tightening by the US Federal Reserve. As long as Greitens gets national publicity, he ll have ample resources for a serious run.There s also speculation that former President Donald Trump might endorse Greitens as well.


It sounded like a big move, but it won t disrupt business in Xinjiang, a key part not just of the Chinese economy but the global supply chain. Beijing seemed to react angrily and struck out at the EU, announcing sanctions against ten people and a few entities. Beijing is concerned both about financial stability and about reining in Western-style borrowing and spending habits among younger generations. Today, Baidu finally came back home,” he told a ceremony in Beijing.


Seperately, the European Commission’s chief vaccine negotiator Sandra Gallina said the European Union will use all available means to secure COVID-19 vaccine produced by AstraZeneca. less We keep liking the GBP as a result of a successful vaccine roll-out but medium-term perspectives remain unclear due to the second round of Brexit negotiations on Services. Moreover, despite an improving political climate The British government is trying to calm EU officials with overtures regarding the distribution of AstraZeneca’s doses.
Customs are instated at the borders and Rules of Origin means that goods imported from for example India, cannot be resold into the EU tariff-free. However, In the manner of this agreement, both the EU and UK are free to diverge on various standards. The removal of the no-deal Brexit tail risk risks also compounded the pound rebound early 2021. ICAP, the world’s largest interdealer broker, said that it was unable to service some EU clients because it had not finished relocating staff to Paris.
In Germany Angela Merkel extended their lockdown by 3 weeks, followed by the introduction of even tougher restrictions during the Easter holiday. Brexit test #1: UK vs. EU 1-0 in the vaccine roll-out. Such cross border activity will face restrictions on their right to access to the EU markets and qualifications will no longer automatically be recognized in the EU.