Open: London Session | Forex, Metals, Oil, Agriculture February 02, 2021



less The rupee (INR) closed Monday’s session marginally lower — ended at 73.02 versus previous close of 72.95 against the dollar (USD). In that case, it is positive scenario for the rupee where it can gain ground against the dollar.


US gold futures fell 0.04 per cent to settle at $1,860.1 perounce.Brent crude was up 0.75 per cent at $56.77 a barrel. Most economists, while accepting this historical evolution, cast doubt on the idea that gold can fulfill the role of money in the modern world. It is held that, relative to the growing demand for money because of growing economies, the supply of gold is not adequate. Silver moves to the center of the Reddit storm, fallout from the EU’s vaccine strategy continues and Joe Biden still intends to push for big stimulus.
EU Trade Commissioner Valdis Dombrovskis urged President Joe Biden s administration to remove U.S. duties on European steel and aluminum based on controversial national security-grounds.


Oil prices rose on Monday too, caught up in a stock rally and optimism on the demand outlook, and have held those gains on Tuesday. The results are expected to show the worst is over for the industry after a rough 2020 and that higher crude prices will translate into increased cash flows. Both countries are members of the OPEC+grouping that banded together to help support prices with production cuts.

United States

The Dow, S&P 500, and Nasdaq ended with a gain of 0.76, 1.61 and 2.55 per cent respectively. Since that’s what the Fed uses, it feels no pressure to hike rates.


Vaccine Pledge | Angela Merkel vowed to offer all Germans a vaccine by the end of September, as long as drugmakers stick to their delivery commitments. Unlikely Champion | With the EU s vaccine program a fiasco, member-candidate Serbia has become an unlikely success story. Trade Truce | The EU stepped up a call on the U.S. for a suspension of each side s tariffs over transatlantic metals and aircraft trade. So where does the buck stop for the controversies surrounding the EU s vaccination strategy?
Here s what the EU appeal says.