Close: London Session | Forex, Metals, Oil, Agriculture November 30, 2020

“We have seen a huge amount of demand from Asia.” Unlike gold, oil, or wheat, there is no futures market for rhodium. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.

Lower dollar rates have weighed on the dollar index as the wide differential between the dollar and the euro interest rates narrowed substantially. Technical factors and fundamentals favor a lower dollar even if the new administration states it will follow a strong dollar policy. The US dollar is the world’s reserve currency, meaning that central banks worldwide hold dollar reserves because of the United States’ political and economic stability. Smaller increases were recorded by the Australian dollar (+1.02%), the euro (+0.90%), the Canadian dollar (+0.78%), the Swiss franc (+0.73%), and the pound sterling (+0.17%).
The dollar meanwhile continued to weaken with EURUSD now within the striking distance of the key 1.2000 figure as dollar selling flows have continued. The New Zealand dollar notched up the steepest gain against the US dollar (+1.30%). The dollar index has a 57% exposure to the European currency, so the euro’s path has the most influence on the index.
At the end of last week, the dollar index was within striking distance of the 2020 low. The dollar index could have a long way to go on the downside over the coming years because of the coronavirus’s lingering financial impact on the US economy. The critical long-term level of technical support for the dollar index stands at the February 2018 low.

Rising inflation expectations eventually could transform into a collapse in monetary/economic confidence, at which point gold would exhibit extreme relative strength. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. One that I have addressed many times in the past (most recently here) is the belief that gold tends to be relatively strong when inflation expectations are rising.
In contrast, 3,300 tons of gold were mined last year, according to the U.S. Geological Survey, valued at $190 billion at current prices. Given the positive correlation between the commodity/gold ratio and inflation expectations, it isn’t surprising that there is a positive correlation between the commodity/gold ratio and the 10-year interest rate. Given the positive correlation between the commodity/gold ratio and inflation expectations, it isn’t surprising that there is a positive correlation between the commodity/gold ratio and the 10-year interest rate.
According to CMC Markets’ chief strategist Michael McCarthy, the optimism about economic recovery inspired by the vaccine optimism has dampened the demand for safe-haven investments, including gold. Komal Sri-Kumar, president and founder at Sri-Kumar Global Strategies, explains why he sees the current environment is better for bonds than gold. Meanwhile, gold’s slide was extended to nearly $1764, which is roughly the halfway mark of this year’s range.
less Image Source: Pixabay The prices of gold fell on Monday and are on track for its worst monthly decline since November 2016.

Oil Price Breakeven – Statista Many different oil companies have high breakeven prices, especially when counting their need to fund social benefits for the country. BEFORE THE BELL Canada s main stock index futures dropped, as oil prices tumbled on uncertainty about whether OPEC+ would agree to extend output cuts at talks this week. At the same time, it’s worth taking a good look at where the oil supply and demand balance is in relation to the oil markets. Oil prices tumbled on uncertainty about whether OPEC+ would agree to extend output cuts at talks this week.
Oil Supply and Demand – Energy Northern Perspective The above graph shows a month-by-month breakdown of the oil markets along with the effects of COVID-19.
In other words, if there is a time when oil traders should closely watch the crude oil price, this is the time. Whether or not that happens remains to be seen.However, looking at the long term, with the prices of the markets, we see the overall oil markets as undervalued. Oil and gas production is likely to decline as the administration pursues alternative energy sources.
If they add to the production cut it could help be a big benefit for oil prices. The significance of this production cut is that it’s a big part of current oil prices.

A Trump executive order means that U.S. investors would be prevented from buying securities of the blacklisted companies starting late next year. In addition, UHS could also see a boost in revenue next year stemming from the postponement of elective procedures this year. A recent executive order issued by President Donald Trump would prevent U.S. investors from buying securities of the listed firms starting late next year. BEFORE THE BELL Futures for Wall Street s major stock indexes fell, after Nasdaq witnessed a record closing high in the previous session, as investors looked to book profits.
Futures for Wall Street s major stock indexes fell, after Nasdaq witnessed a record closing high in the previous session, as investors looked to book profits. While the US exposure has hurt the bank recently, news of Biden and vaccine hopes have propelled the stock last month. The US Occupational Safety and Health Administration (OSHA) indicated that employers could legally impose the vaccine requirement, but employees were also allowed to seek exemptions when necessary.
Enterprise services provider Workday (NASDAQ: WDAY) and planning software provider Anaplan (NYSE: PLAN) recently reported strong results for the third quarter that beat analyst estimates. If that price stands, the deal would be the largest in the US this year. The company will ask regulators in the US (the FDA) and Europe, as the vaccine is set to become the second COVID-19 vaccine to go into service.

China imposed anti-dumping tariffs on Australian wines last week after an investigation by Beijing, whose findings were rejected by the Australian government. The image posted by her colleague said Hua, speaking at a regular news conference in Beijing on Monday.

News of a possible postponement of the 2030 target decision to beyond the 10-11 EU Council meeting and/or a final decision on Brexit could influence carbon. Finally, in Germany, Chancellor Angela Merkel warned the company can’t continue compensating businesses for lost sales beyond next month. Vertex’s latest CF drug, Trikafta (in the U.S.) and Kaftrio (in the EU), has been given the designation of a miracle breakthrough drug by the FDA. Hard, reflective rhodium is particularly good at removing nitrous oxides, a focus for regulators in the European Union.
Additionally, Vertex’s growth will be higher than anticipated due to its fast growing EU markets, which tend to lag the U.S. by 1-2 years. London ” thrown to the lions” as Brexit finance deal unlikely. EU plans to impose tougher environmental standards on batteries. European shares were muted, with focus set on Brexit negotiations. Meanwhile ECB President Lagarde will be speaking today at the European Policy Center Forum, before she appears at an Atlantic Council event tomorrow.
Michel Barnier, the EU’s Chief Negotiator remains in London for ongoing in-person talks that resumed on Friday.