Close: London Session | Forex, Metals, Oil, Agriculture May 17, 2021



Corn, coffee, wheat and soybeans.


The U.S. dollar also fell against a basket of rival currencies and made the yellow metal less expensive for investors using other currencies. The steepest declines against the US dollar were shown by the Australian dollar (-0.76%) and the Japanese yen (-0.72%). The dollar edged lower against a basket of major currencies, while Bitcoin rallied from a three-month low in a volatile session. The U.S. dollar edged lower against a basket of major currencies, while Bitcoin rallied from a three-month low in a volatile session.
The US dollar weakened against major currencies on Friday after reports that retail sales printed lower than expected in April, while concerns about mounting inflation eased. That could change but for now, if the dollar doesn’t fall, then this “inflation” will likely prove, to use the word of the year, transitory. While that may support the safe-haven dollar, it may convince the Fed to keep monetary policy highly accommodative.
In addition, the New Zealand dollar shed 0.42%, the euro dipped 0.15%, and the Swiss franc fell 0.11%. Dogecoin promoter and billionaire Tesla founder Elon Musk poked fun at cryptocurrencies and the U.S. dollar itself during his hosting duties last weekend on Saturday Night Live. AT&T’s dollar bonds may rally behind their euro counterparts.


Recently, a Kyrgyzstan court also imposed $3.1 billion fine on Kumtor Gold Company (KGC), which operates the gold mine, after ruling that the firm had violated environmental laws. Easy choices lead to a hard life (or at least losses), and because gold’s downside move is delayed, it’s extremely easy to be bullish on gold right now. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions.
Spot gold was up 0.6% while US gold futures jumped 0.7%. In commodities, oil prices were little changed, trading in a tight range and gold rose to their highest level in more than three months. Gold prices jumped to their highest level since February 10 on lower U.S. Treasury yields and the resurgence of COVID-19 cases in several Asian countries. An interface will be developed between the vault managers (of physical gold), depositories (that hold EGRs in demat) and stock exchanges and clearing corporations that clear the trade.
Making EGR fungible and allowing inter-operability between vault managers are being considered.“Idea of gold exchange and EGR will lead to one nation one price of the yellow metal. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic. In domestic markets, gold prices extended gains for the second consecutive session today tracking the global sentiment.


COLUMN Global crude oil bulls are running past China, India bears: Russell Asia may be a late arrival to the impending crude oil party. Crude oil imports into the Mediterranean (MED) rose to 33.9 mmbbl, up from 30.6 mmbbl a week earlier. The Dutch port of Rotterdam was the largest importer last week, receiving 14.92 mmbbl of oil, with 6.97 mmbbl coming from Russian ports. Around 2.46 mmbbl of oil were showing the MED and 0.32 mmbbl NWE as their destinations last week.
Ust-Luga loaded 2.18 mmbbl of oil, down from 4.35 mmbbl in the previous week. Around 26.17 mmbbl of crude was loaded from West Africa last week, down from 25.17 mmbbl a week earlier. “As people start to travel again, that directly impacts the demand for oil and gas,” said Jennifer Foster, co-chief investment officer for equities at Chilton Trust. Still, oil prices remained exposed to the downside amid worries that the highly transmissible coronavirus variant first detected in India is spreading to other countries.
Even with the Colonial Pipeline re-opening, oil prices remain firm, and the July WTI contract is holding above $65.It has a three-week advance in tow.
More follows in the Market Review including an update for WTI Crude Oil.

United States

According to Dr V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the US inflation numbers and internally India’s Covid data are likely to impact the markets. The CPI is an upwardly biased measure of inflation, and the Fed focuses more on the personal consumption expenditure (PCE) deflator inflation. less Image: Bigstock Last week was a disappointing one for Wall Street primarily due to concerns related to the impending inflation.
Dallas Fed President Robert Kaplan, who has broken ranks in the past by suggesting it’s time to talk about tapering bond purchases, is demurring again on the inflation question. The newest member of the board of governors, Chris Waller, the former chief economist at the St. Louis Fed, thinks inflation expectations remain well anchored. Then there is the argument that the current surge in inflation is being caused by factors deemed to be “transitory” (I.E., “temporary” for those not well versed in Fed-speak).
BEFORE THE BELL Wall Street futures were trading lower with investors turning to earnings from retailers this week for hints on the strength in consumer spending. So far, Fed officials have said they expect any run-up in inflation to be transitory. MUFG, which owns about 20% of Wall Street bank Morgan Stanley, reported a 777 billion yen net profit in the last financial year ended in March. To be sure, such a move by the Fed wouldn’t have much of an impact on the current economic recovery or the stellar state of corporate earnings.


President Xi Jinping said in March that education can’t be overly focused on test scores.


Meanwhile, the newly elected leader of the Democratic Unionist Party, Edwin Poots, said he ll try to strip away parts of the Brexit trade agreement covering Northern Ireland. French President Emmanuel Macron hosts a summit with African leaders tomorrow to discuss how to counter the pandemic s impact on economic development. Prime Minister Boris Johnson already announced these steps a week ago, but they were marred by concerns over the . Merkel urges EU to match more ambitious climate goal.
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