Daily Close | Forex, Metals, Oil, Agriculture June 07, 2021

183932-16x9-700x394

Currencies

The weakening dollar aided today’s rise, though the 10-year Treasury yield also inched higher, which could put pressure on the precious metal in the near-term. less In the final week of May, speculators had once again increased their bearish exposure in the US Dollar with net shorts rising to a 3-month high, totaling $17.8bln. Elsewhere, net longs in the Canadian Dollar grew ever so slightly and thus remains the largest long in the G10 complex. The company’s $550 million convertible note due 2025 recently traded at 135.073 cents on the dollar, according to MarketAxess.
MicroStrategy’s $1 billion convertible note due 2027 is trading at 67.307 cents on the dollar, implying a 7.089% yield. The Euro saw another modest rise in net longs ($815mln). While far from a leader, AAPL is also up in that time as is the rest of the trillion-dollar market cap club. From the point of view of the Euro, Eurointelligence listed a pair of alternatives.

Metals

Gold prices continued to rise on Monday, though they fell just short of the psychologically significant $1,900 yet again. August-dated gold rose $6.80, or 0.4%, to settle at $1,898.80 an ounce for the day. PayPal The Taming of the Bitcoin Nothing gold can stay, said Robert Frost and also Johnny Cade.

Oil

July-dated crude lost 39 cents, or 0.6%, to settle at $69.23 per barrel, though early in the day it managed to hit $70.

United States

Q: If the Fed doubles down will they admit their mistake or will they say let’s overshoot to make up for past inflation? less Q: If inflation picks up will the Fed say I made a mistake or will they double down? Let s see how it plays out.Further Interest Rate Factory Reading: Unlike the Fed, the ECB still needs to worry about slow growth and deflation. The Nasdaq was able to claw its way out of the red, however, settling with a modest win, as many Big-Tech names strengthened.
)Wall Street interns need to know the job they want is stressful and harmful, emotionally and physically. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post. Research from our team of in-house analysts has been quoted by The Wall Street Journal, Bloomberg, MarketWatch, USA Today, Kitco, Reuters, US News & World Report, CNBC, and more. That said, the major focus for USD traders will be the US CPI report.
🇺🇸How deep is the US labor market shortfall? Accordingly, Wall Street thinks Biogen has a blockbuster on its hands.

Europe

Elsewhere, with the ECB expected to maintain PEPP purchases at a significant pace for Q3, this could keep EUR/USD capped. Eurointelligence authors wrote from the perspective of the ECB.

0