Close: London Session | Forex, Metals, Oil, Agriculture November 20, 2020

Currencies

Dollar index The dollar index, which opened with a gap-up in the last session, weakened towards the end of the session, posting an intra-day loss. Also, the dollar index hints at a further decline, indicating that the dollar is likely to trade lower today. During the last session, the rupee (INR) settled lower by 8 paise against the dollar (USD), closing the session at 74.27 after making an intraday low of 74.33. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.08 per cent higher at 92.36.
The dollar edged up against a basket of currencies, while spot gold was slightly lower. The U.S. dollar edged up against a basket of currencies, while spot gold was slightly lower. The rupee appreciated by 11 paise to settle at 74.16 (provisional) against the US dollar on Friday, supported by positive domestic equities and sustained foreign fund inflows. However, beyond that, the RBI would step in to curtail its move, while dollar index may also rebound given the uncertain growth outlook in the US.
Stocks included in the MSCI EM Asia index are up 17.5% in dollar terms this year, while the MSCI EM ex-Asia index is down 19.9%. The US dollar ranks highest in international popularity, credibility, and convenience amongst major global currencies.

Metals

In global markets, gold prices edged lower today amid uncertainty over more US stimulus measures. We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Perth and soon Dubai. Tracking weak global cues, gold prices continued to struggle in Indian markets for the fifth day in a row. Xinyu Iron & Steel Company Limited 600782 SH US$1,985m Xinyu Iron & Steel Company Limited manufactures and sells of steel products.
In the previous session, gold prices had fallen 0.7% or Rs 350 per 10 grams. But a project like this, with minimal capital expenditures needed is “worth its weight in gold” when commodity prices literally “fall through the floor”. Gold prices are trading up by 0.3% at Rs 50,125 per 10 grams. On MCX, gold edged up 0.1% to Rs 50,029 per 10 grams after suffering losses in the previous four sessions. Gold prices are trading up by 0.2% at Rs 50,090 per 10 grams.
Gold may find a bit of support as well if the chipper mood weighs on haven-seeking USD demand.

Oil

Brent crude futures, the global oil benchmark, rose 0.38 per cent to USD 44.37 per barrel. less Crude oil prices tracked lower alongside stocks as risk appetite soured in Wall Street trade. That may brighten investors’ mood market-wide, echoing as supportive for sentiment-sensitive crude oil prices. Crude oil prices are marking time at range resistance in the 42.40-43.88 area. less Oil prices are doing the daily grind higher as vaccine hopes rise and some renewed stimulus talks.
In a statement following the meeting, NOC said budgetary constraints were one of the top challenges to developing the country’s oil sector. Within 10 years, China could save more than $80 billion in annual oil import costs as new-energy vehicles (NEVs) become increasingly competitive, Carbon Tracker said. Photo: John Moore/AP By Rochelle Toplensky Close Nov. 20, 2020 4:23 am ET The best-performing big oil stock this year is one roundly rejected by global investors: Saudi Aramco.
Fueled by China, and more recently India, oil consumption in Asia has rebounded since the pandemic eviscerated demand this spring.
Oil prices gained, buoyed by successful COVID-19 vaccine trials.

United States

US stock futures are trading on a negative note after Treasury Secretary Steven Mnuchin pulled the plug on some of the Federal Reserve’s pandemic emergency lending programs. Mnuchin said in a letter after markets closed that he would allow the programs to expire, arguing that credit markets have now been brought back to sufficient strength. Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell found themselves in disagreement over several emergency lending programs that were started to support businesses during the Covid-19 pandemic.
Unlike many sectors, banks did not rally back to new highs when the Fed and Congress stepped up with stimulus programs to support the economy. First, people familiar with Treasury Secretary Steve Mnuchin’s decision to cut the Federal Reserve’s lending power could be reversed by Mnuchin or a new Biden Treasury secretary. The latest knock comes from the public spat between the US Treasury and Federal Reserve over emergency lending facilities the Treasury is pulling the plug on.
The Fed responded with a statement claiming it would “prefer” that “the full suite” of measures designed to combat COVID’s impact on the economy be left intact. “Companies don’t need more loans, and instead require more grant money, which requires action from Congress,” Mnuchin declared, adding that the programs “have clearly achieved their objectives.” —Stock futures wavered near the flatline, putting Wall Street on track to end a choppy week with muted losses.
Mnuchin wrote to the Fed demanding the return of money the government provides the central bank for lending to certain markets.

China

CCB Securities is owned by China Construction Bank (Asia) (CCB), which is headquartered in Beijing but has offices worldwide.

Europe

Hungarian Prime Minister Viktor Orban indicated that his government may sidestep the European Union’s drugs regulator to accelerate the authorization of Russia’s coronavirus vaccine (Source: Bloomberg). Late on Thursday a group led by French President Emmanuel Macron called on the bloc to step up contingency plans in case a deal isn t reached. On Friday, EU envoys were told that the talks could stretch into December because so little progress has been made.More: When Is a Deadline Not a Deadline?
British Prime Minister Boris Johnson and European Commission President Ursula von der Leyen are almost certain to have to intervene before a deal is finally reached. On the news The Brexit negotiations came to a temporary hold thursday, as an aide on the EU negotiation team had fallen sick from Corona Virus. Looking ahead, a gathering of the leaders of European Union member states for a virtual summit may capture the spotlight. As European regulators train their scrutiny on the security of EU citizens’ data in the U.S., Microsoft vowed to challenge all government requests for access to customers’ information.
Last week’s exit of two hardline Brexiteers from UK Prime Minister Boris Johnson’s cabinet have raised hopes for an accord.
Becuase of this, EU Chief negotiatior Michael Barnier has gone into quarantine, thus suspending talks with his UK counterpart. When It s a Brexit DeadlineGiven these talks have crashed through so many deadlines, it is foolish to make any predictions.

0