Daily Close | Forex, Metals, Oil, Agriculture March 04, 2021



The US stock market has been generally firm to help support ideas of a better economy here and potentially increased demand for Cotton products. The demand for US Cotton has been strong even with the Coronavirus around and getting worse. Trends in Cotton are mixed to down with objectives of 8510 May.


The overall weaker US Dollar has helped demand ideas as well although the Dollar has started to firm recently and could be hurting demand. However, recent US Dollar strength, a known catalyst of price action, has recently supported the downward trajectory for both Silver and Platinum, hindering further progression from February highs. EUR/USD now searches for technical support near the 1.2000-price level and could remain under pressure if the US Dollar continues to gain ground alongside Treasury yields.
Sponsored Offers EUR/USD price action snapped sharply lower during afternoon trade on the heels of broad-based US Dollar strength. The company also reported its net dollar retention rate was 123%.


less Gold remains in a bearish trend as economic confidence has improved, however, inflation can change all that around. Sponsored Offers A shift in risk sentiment, ensuing from the reopening of global economies, has recently weighed on major commodities, pushing Silver and Platinum prices to key Fibonacci support. Elsewhere, gold prices are near their lowest level in nine months. Arkadiusz is the author of the monthly Market Overview reports and Gold Monitor News at Sunshine Profits.
So, as one can see, the price of gold has declined from $1,943 on January 4 to $1,711 on Wednesday (Mar. What is happening in the gold market?


All those uncertainties mean there is a lot for the 23 nations to disagree on as they try to manage global oil supply and the price of a barrel. The government in Riyadh needs an oil price of $89 a barrel to break even on its budget, according to S&P Global Platts. No substantive compromise was found; instead the Saudis announced a unilateral 1 million barrel a day production cut for February and March. Last March’s OPEC+ meeting seemed to signal the end of the cartel as Moscow and Riyadh fell out spectacularly, threatening to flood the oil market.
On Thursday, the group of oil-producing nations surprised markets by saying they would keep most of their production cuts in place through next month. Meanwhile, crude prices have risen to more than $60 a barrel and U.S. shale producers are drilling again. OPEC+ should be able to increase production this year, but by how much remains far from clear. Natural gas futures for April delivery traded down 2.2% to $2.75 per million British thermal units, and have fallen 15% from the February high.
Most OPEC+ countries can produce more oil and are eager to do so: They need the cash. Crude demand will grow as vaccines are rolled out and lockdown measures ease. But the current consensus between the geopolitical frenemies that make up OPEC+ is fragile. Crude prices plunged. Both Brent and WTI oil-price benchmarks jumped roughly 4% on the news. OPEC+ is frailer than it currently looks.

United States

Mr. Powell said the recent increase in Treasury yields had caught his attention and suggested the Fed might intervene if overall financial conditions tightened much further. Powell added that the central bank monitors a broad range of financial conditions and that the Fed is a long way from its goals. Investors and Fed officials alike say that rising yields generally reflect a brightening outlook, thanks to the distribution of coronavirus vaccines and large amounts of government stimulus.
Stock market bears might attempt to wrestle Nasdaq price action toward the 12,000-mark where potential technical support resides. “The market had clearly set itself up for more guidance than the Fed’s prepared to give right now,” said Jim Vogel, interest rate strategist at FHN Financial. less Fed Chair Jerome Powell says the economy is far away from the central bank’s employment, inflation goals. SaaS-based enterprise services provider Workday (Nasdaq: WDAY) recently announced its fourth-quarter results that continued to outpace market expectations.
less Investing.com Follow It’s been a dismal start to the year for high-flying Peloton Interactive (NASDAQ:PTON) stock.
Behind a rapidly growing Fed balance sheet and successive rounds of fiscal stimuli, investors have come to expect stellar results. less We saw a startling rally on Monday, with major indices like the S&P 500 Index (SPX) and Nasdaq 100 Index (NDX) each rising well over 2%. It’s been a dismal start to the year for high-flying Peloton Interactive (NASDAQ:PTON) stock. This analysis is sparked by recent changes to the definition of M1 money supply in the US.
In February, the Fed changed the definition of M1 to include “Savings deposits” and “Other checkable deposits”. Correctly, it is now argued by the Fed that because in practice savings are instantly available to bank depositors, that they are cash equivalents. “Cashin’s comments came before Fed Chair Jerome Powell appeared at The Wall Street Journal Jobs Summit around noon Thursday. 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.