Open: London Session | Forex, Metals, Oil, Agriculture August 25, 2020



Corn experienced the biggest decline, with just 64% of the crop rated good to excellent, a 5 percentage point fall from last week and 3% lower than analyst expectations. COLUMN-Crop Watch: Dry weather clips crop yields again; Iowa corn still messy -Braun Yield expectations for the U.S. Crop Watch corn and soybeans declined after another mostly dry week. It is getting late for improvements to corn, but soybeans could still be fortified with additional rainfall over the next couple of weeks.
Raw sugar futures on ICE closed lower on Monday as the market continued to consolidate below a recent five-month peak, while cocoa and coffee prices advanced.


Dollar index The dollar index was mostly flat yesterday and was trading around the 21-day moving average around 93.15. Brent crude futures were steady at $45.13 a barrel and U.S. crude dipped 0.3% to $42.50 a barrel.The firmer dollar held gold to $1,929 an ounce. A decline in the dollar index is positive for the rupee.Trade strategy The rupee has begun today’s session on the front foot with a gap-up open. Traditionally, the Fed controls the gold market to prevent gold from effectively competing with, or displacing, the U.S. dollar as the primordial monetary instrument.
So, who next for sparking the October market sell off, as the dollar continues to spiral downwards, and interest rates edge upwards? BL Research BureauThe rupee (INR) closed at more than five-month high of 74.32 against the dollar (USD) on Monday. That kept the euro to $1.1795 and the Aussie at $0.7171 in Asian morning trade.In commodity markets oil clung to overnight gains after storms disrupted U.S. production.


While many investors look for the gold:silver ratio to converge toward its long-term average, in reality, the ratio swings significantly away from this average. The ratio has been at extremely elevated levels in recent years, highlighting silver’s low valuation relative to gold for an extended period of time. Since then, silver has had several bull markets in which prices have increased—or as some silver aficionados may argue, the relative value of fiat currency has decreased.
: Not known as a ‘gold bug’, he was shown to have dumped stocks and bought gold, and gold-miners. Today’s infographic comes to us from New Pacific Metals and it takes a look at the bull markets in silver prices and the future of silver. The long-term daily gold:silver average ratio stands at 65. If these fundamental factors do not favor silver, they are unlikely to purchase silver only because it is a relatively undervalued asset. You do need to get some consolidation as investors evaluate what’s next.Spot gold fell 0.6 per cent to $1,929.06 at 1:51 p.m. in New York.
After this, the remaining silver certificates were still redeemable for silver, but this practice ended in 1968. Gains in holdings of gold exchange-traded funds, a key driver of the metals surge this year, have also slowed.


The LNA and allied oil guards last week said they would allow limited fuel shipments from ports to restock power stations. Malaysian palm oil futures erased early gains and dropped to a near two-week low, following weak partial August exports data, while a stronger ringgit also weighed on sentiment. The LNA is ready to defend Sirte, a central city that’s the gateway to the OPEC member’s key oil assets, spokesman Ahmed al-Mismari said Sunday in a televised address.
Libya holds Africa’s largest crude reserves, but its output and exports have dwindled amid fighting and a blockade of oil ports by Haftar supporters.

United States

Cohen triggered the probe after he handed Congress a series of Trump financial records from 2011 to 2013, New York said in a filing in state court in Manhattan. Trump marked his official nomination by complaining about mail-in voting as being “not fair,” even as Postmaster General Louis DeJoy said Trump’s attacks on the USPS are not helpful. Something will be happening with Venezuela,” said Trump in a July interview with Noticias Telemundo. The Republican convention comes a week after Democrats, in a mostly virtual event, nominated Biden to challenge Trump in November.
Trump took the stage at the Charlotte Convention Center after his adopted home state of Florida ended the roll-call vote by awarding him its 122 delegates.
While Huawei has been smart at adapting to each new round of Trump Administration sanctions, the latest round of sanctions are leaving it with fewer and fewer options. Wisconsin GOP members also decried the violent protests, echoing the law-and-order theme that President Trump has projected during his campaign. Five Things You Need to Know U.S. stocks hit another record, forcing one of Wall Street’s most bearish strategists to lift his year-end stocks target.
Ghali, an oral surgeon and coronavirus patient from Louisiana, who thanked Trump for a response to the pandemic that Democrats criticize as woefully inadequate. So Trump is supposedly going to produce 10 million new jobs in 10 months, but there’s nothing — really, nothing at all — about how to fulfill that promise.


Both sides agreed to create conditions to push the deal forward, China’s Ministry of Commerce said in a separate statement Tuesday morning in Beijing.


Over the past decade, he’s credited budget discipline for shielding Hungary from potential EU penalties amid accusations he has eroded the rule of law. Angela Merkel demanded full transparency from Vladimir Putin’s government after a German medical team determined that Alexei Navalny was likely poisoned last week. The new goal “isn’t unique,” the Finance Ministry said in a statement, citing an average target of 9% of GDP for EU members. The ECB may have solved the liquidity risk issue, but that doesn’t mean there’s no credit risk.
The demand marks a sharp escalation in tensions between the West, led in this case by Merkel s government, and the Kremlin. Political risk is elevated with the upcoming U.S. elections, Brexit, and deteriorating U.S.-China relations. Merkel demands Russian transparency over Navalny poisoning.