Close: London Session | Forex, Metals, Oil, Agriculture March 24, 2021



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


Pemex, the world’s most indebted oil company, said in a statement it will seek to keep up a regular presence in U.S. dollar and euro debt markets in 2021. Among the emerging market currencies, the Turkish lira was the weakest but has recovered most of the initial losses that saw the dollar move back above TRY8.0. With inflation picking up and the Fed already seeing one rate hike in 2022, the odds favor more dollar strength. Crude accounts for 56 cents of every dollar consumers spend on gasoline, according to the Energy Information Administration.
The dollar remains firm against most of the major currencies. “That little dollar adds up really fast,” said Mr. Boyce, 44. European stocks slipped, as concerns about new lockdown measures overshadowed a surprise return to economic growth for the euro zone in March. In turn, that has implications for the dollar in the short term – to the upside. The Canadian dollar and the Norwegian krone are the most resilient.
Accordingly, the Dutch-based lender and investment bank inform clients in a regular weekly currency briefing that the euro could regain the psychologically significant 1.20 mark in the coming weeks.


He is well known for combining technical, fundamental and sentiment analysis into one accurate conclusion about the gold market. Gold and silver remain bid, while copper holds comfortably above the $4,000. As well he is publishing his bi-weekly comprehensive for his numerous international readers focusing on Gold, Silver, Mining, commodities and cryptocurrencies. He writes a bi-weekly in-depth analysis for one of Germany´s largest gold and silver retailer the “pro aurum group”.
less Gold is still bearish and we could see a move up as a part of retracement. Gold slipped to a fresh four-day low just below $1724 but has steadied and consolidated in yesterday’s range in quiet turnover around $1730. It is much easier to simply clip coupons and collect yield than it is to be bothered with handling physical gold. It made a similar push in the global iron ore market that led to the end of annual price-setting talks a decade ago. S&P futures pointed to a gain at the open, the 10-year Treasury yield was at 1.622%, oil held under $60 a barrel and gold gained.
Gold prices rose as a pullback in U.S. Treasury yields lifted demand for the safe-haven metal.


On top of that, a tanker blocking the Suez Canal will bottle up oil exports in one of the key global oil chokepoints. While quite a few major oil and gas firms have set ambitious new emissions targets recently, meaningful action to develop new low-carbon business models remains limited, Rooze said. As a reaction, the crude oil prices sharply dropped last week and helped defend these levels. after a container ship that ran aground in the Suez Canal blocked vessels passing through the waterway, oil analytics firm Vortexa said on Wednesday.
The energy transition presents huge challenges for Big Oil, since the clean energy pivot is emerging as many of the companies face pressure to boost shareholder returns. Daily Market Update identifies accurate price targets and turning points for indices, forex, cryptocurrencies, commodities, oil, gas, and stocks. We saw a sizable 3.728 million barrels drop in gasoline supply which seems to confirm data from Gas Buddy that gasoline demand is soaring.
For example, five European companies account for 51% of all renewable energy assets held by the world s 39 largest oil and gas producers.
Still, gasoline stocks plunged by 3.73 million bbl, compared to expectations of a 1.19 million bbl increase. Oil rose after a ship ran aground in the Suez Canal raising supply concerns.

United States

But in the last decade or so, China’s exports to the US were typically about 18-20% of China’s total exports, before dropping lower in the trade war. Even though Wall Street might have gotten a tad ahead of itself in terms of the reopening trade, the overall picture remains bullish, especially in the U.S. If the rate of decline continues, in 2 weeks the US will be under 500 deaths per day for the first time in over a year. Typically, it is the first part that matters for traders, as the day to follow the Fed Chair’s words are more or less the same.
less “It was assumed, even only a decade ago, that the Fed could not just print money with abandon. But Jerome Powell and the Fed remain committed to their easy money stance and Treasury yields remain historically low even though they are above pre-coronavirus levels. The US 10-year yields hovering around 1.62% after falling for the past two sessions, and briefly trading below 1.60%. China’s exports to the US as a share of China’s total exports went up considerably in the 1990s.
What about if we do the same calculations about US-China trade, but this time looking at the size of the flows relative to the US economy? Many of these names are well-liked by Wall Street analysts today.The major averages, especially the technology-heavy Nasdaq Composite, have been pressured by rising bond yields in 2021.


Beijing continues to push FCV as the “next generation” EV, offering cities incentives for establishing production facilities. Beijing s response: Hit back at the allies as hard as possible.


U.K. Prime Minister Boris Johnson risked inflaming tensions with the EU when he told a meeting of lawmakers that Britain’s vaccine program was so successful “because of greed. More broadly the UK’s COVID vaccine programme has been significantly faster than the EU’s favoring sterling across the past few months. The EU is currently proposing new emergency laws to allow it to block exports of vaccines to facilitate its own citizens’ inoculations. He ll meet Commission President Ursula von der Leyen and the EU s foreign policy chief Josep Borrell today.
German Car Industry Says It s Ready for EU Climate Goals Germany will provide 5.5 billion euros of funding for electric-car charging infrastructure.