Daily Close | Forex, Metals, Oil, Agriculture September 10, 2020



Finally, like beans, corn is coming off 10-year lows – and that coupled with a slumping dollar – makes it very attractive to our trading partners! Also, corn’s carry-out is not near as plentiful as beans – so, for instance, a 177 yield could bring stocks down to a 4-year low. In 1975, Bill began working at the Chicago Mercantile Exchange as an Agricultural Specialist – trading corn, beans, wheat, cattle & hogs. Plus, China’s corn crop is in jeopardy due to a series of typhoons battering their farmland!
One of channels was David Corn, the Mother Jones reporter who had written the article about Steele’s accusations. Corn gave Steele memos to Baker and then Baker passed them on to Priestap. Corn was a longtime friend of then-FBI General Counsel James Baker.


With that in mind, we expect the euro to outperform sterling, weaken against the Japanese Yen and struggle for direction against the US dollar. She admitted that the euro was discussed but they do not target the exchange rate and instead watches its effect on inflation. Source: Bloomberg The dollar spiked as stocks weakened, after tumbling on EUR strength following ECB comments…


In the early 1970s, the economy saw more and more money going into things like existing houses, art, and gold, among other things.


Another catalyst for the bearish tilt in crude markets is that China’s oil imports are likely to subside as independent refineries have reached maximum annual oil import quotas. This looming ‘death cross’ might exacerbate potential crude oil selling pressure going forward – particularly if market volatility continues to tick higher and trader sentiment deteriorates further. About 30% of China’s total oil demand is used for diesel fuel, and it has outperformed gasoline and jet fuel demand in China in 2020.
The recent influx of crude oil selling pressure pushed the commodity down to technical support residing near the $36.00-price level, which roughly aligns with May highs and June lows. Investing.com Follow For the past two months, this column has warned readers of demand weaknesses in the oil market. For the past two months, this column has warned readers of demand weaknesses in the oil market. A faltering global economic recovery, combine with oversupplied crude markets and waning demand, is weighing down November Brent crude contracts, down 15% in the last seven sessions.
Specifically, the medium-term 50-day moving average could start to roll over and cross beneath its long-term 200-day moving average as the rebound in oil prices reverses. The decline in oil prices this week was precipitated by a cut in Saudi Arabia’s official selling prices (OSPs) to Asia. Though with the peak summer driving season in the US now over, demand woes and are pressuring crude and crude product prices.
less Crude oil price action has slid markedly lower so far this month. That said, crude oil weakness could accelerate if bears can breach the $36.00-handle. The congestion has been reduced, but there is still a backlog of ships waiting to unload crude oil. Reuters said Floating storage, onboard crude tankers, comes as traditional onshore storage nears capacity as supply outpaces demand. Indeed, oil prices dropped rather dramatically this week.
Oil price action now faces the threat of a bearish moving average crossover. For more color on why the oil market rally is ‘fizzling out’ – OilPrice.com‘s Simon Watkins explains the emerging themes to watch. It’s the world’s largest oil importer and the only major economy expected to show growth this year. Reuters notes, in a separate report, that other top commodity traders are booking tankers to store crude products at sea, including diesel and gasoline. Rather than stop operating, they may draw on stored oil.

United States

A large amount of the Fed’s monetary expansion went into the stock market as stock prices reached on a regular basis, new stock market highs. For much of the past six months, the biggest story was the Fed’s Blackrock-mediated purchases of corporate bonds, either in the primary or secondary market, or via ETFs. For much of the past six months, the biggest story was the Fed’s Blackrock-mediated purchases of corporate bonds, either in the primary or secondary market or via ETFs.
Investment analyst working within one of the Big 4 Wall Street banks covering a wide range of stocks from consumer and retail to healthcare sectors.
Flipping to the trade level data for the month of August is even more clear: as the Fed itself states, “No purchases were made over the current reporting period.” Notably, unlike in July when Blackrock purchased four Apple bond CUSIPS, in August the Fed stayed away from the world’s largest company. As Wolf Richter writes, “Jerome Powell has explained this many times – that the Fed has succeeded in achieving its objective of creating loose credit market conditions.
The US stock market lost ground in the late Thursday session, as technology stocks lost steam. On Wednesday, Rep. Adam Schiff (D-CA) has unveiled a new whistleblower – former DHS intelligence official Brian Murphy, , and ‘altered intelligence’ related to comments made by President Trump. Could it be that the Fed is starting to telegraph to the market that it moved too far, too fast? My bearish thesis rests on Wall Street being forward-looking and deciding to sell the news, I essentially see AAPL selling at a single-digit earnings multiple based on record profits.
Citigroup just made history earlier today by appointing the first female CEO of a Wall Street megabank. But after 2017, small and large cap in the US decorrelated, as did growth and value. By reopening its trading floor, JPM is signaling to the rest of Wall Street – and the world – that it’s now safe to return. He would have known also that, by his own admission, Steele’s motivations were to promote Hillary Clinton’s campaign apparently by sabotaging Trump’s.
With 9 particularly, it make sense to diversify the ways that you reduce your taxes, because you can’t tell what the US Government may do in the future. US House Speaker Nancy Pelosi warned that the US would not support a US-UK trade deal if Britain violates the EU withdrawal agreement. The Fed has done its job well in protecting the financial system from having a liquidity crisis. This might occur if Wall Street decides to value AAPL based on the record profits.
Victoria Jones/PA via AP – that Donald Trump and his team were conspiring with Russians who possessed compromising information – to justify its surveillance of the Trump campaign.


Cable’s collapse made the headlines today on Brexit concerns – its biggest daily drop in six months (6th daily drop in 7 days)… The ECB was less dovish than anticipated but the single currency failed to hold onto its gains as Brexit risks mounted and US stocks staged an early reversal. After this month’s record low CPI report, investors worried the ECB would lower its inflation projections but these upgrades are a reflection of their confidence in the economy.
In fact, Lagarde said data suggests a strong rebound with manufacturing activity picking up and domestic demand recovering significantly.
The government refuses to withdraw their internal market bill which the European Union argues breaches their agreement. It’s looking more and more like Prime Minister Boris Johnson will push for a hard Brexit.