Open: London Session | Forex, Metals, Oil, Agriculture February 05, 2021



Dollar indexExtending the rally, the dollar index advanced and closed at 91.53 as against prior session’s close of 91.17, thereby gaining about 0.4 per cent. The Bloomberg Dollar Spot Index has risen about 1.5% already this year and is higher against all major peers bar the pound. Now that the resistance at 91.50 is taken out, the dollar index will most likely touch 92.00 and this can put some downward pressure on the rupee. A weak dollar was one of the most consensus calls among global investors at the start of the year.
Trade strategy The rupee is lacking direction as the foreign inflows in to the domestic market and dollar strengthening has been balancing out each other. After a couple of false dawns, the dollar has finally managed to break through the downtrend it has been in for almost a year now. A dollar rally will upset quite a few investment strategies.Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo.Like Bloomberg’s Five Things?
This has been saving rupee from firming dollar. 72.96 against the dollar (USD).


The alliance this week reaffirmed its support for deep supply cuts which have helped to bring down swollen global crude stockpiles. The race to vaccinate, lessons from the Reddit frenzy and the continued rise in oil prices. Energy’s rally is impressive, but keep in mind that XLE is driven by big oil shares such as Exxon Mobil and Chevron. That hasn’t fed through into big oil earnings, however.

United States

Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. Carving up the US equity market by way of sectors points to strong leadership in energy stocks. Most economists say they’re beneficial, which should help U.S President Joe Biden as he pushes for a $15 hourly base. The Capital Spectator has been quoted by a range of news organizations, including The Wall Street Journal, Reuters and others.
Unheard of in the days when all Wall Street could say was “Buy”.


Their meeting also comes ahead of an EU summit this month where leaders will discuss the bloc s ability to act autonomously in security. Some believe the city will thrive again, but former cabinet member Nicky Morgan says the EU sees financial services as “a jewel that they’re going to poach. Hanging over the trip is whether the EU has the stomach to use the Navalny controversy to trigger a new tool for blacklisting foreign officials over human-rights violations.
Top of the agenda is a meeting with Russian Foreign Minister Sergei Lavrov to express EU outrage at the jailing of opposition leader Alexey Navalny. German Chancellor Angela Merkel echoed that warning, saying it is too soon to ease measures.