Open: London Session | Forex, Metals, Oil, Agriculture January 07, 2021



The dollar index rose 0.1 per cent to 89.444 in Asian trade, but still lay close to its overnight low of 89.206, a level not seen since March 2018. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14 per cent to 89.40. The dollar fell 0.1 per cent to 103.145 yen, after dipping to 102.595 on Wednesday for the first time since March. The riskier Australian dollar slipped 0.1 per cent to 77.950 US cents after touching a nearly three-year high of 78.195 on Wednesday.
less The rupee appreciated 3 paise to 73.08 against the US dollar in opening trade on Thursday, tracking positive domestic equities and a weak American currency. “The dollar will remain weaker against commodity currencies like the Aussie and emerging market currencies,” which benefit when risk sentiment is positive, he said. The yuan was largely flat at 6.4596 per dollar after Chinese authorities signalled a desire for a slower pace of gains.
Optimism about the rollout of multiple coronavirus vaccines and a weaker U.S. dollar are among factors lifting stocks from around the world despite the worsening pandemic. The British pound slid 0.2 per cent to $1.3589 as it continued to meander below the almost three-year high of $1.3703 touched on Monday. “People have been bearish on the dollar now for at least six or nine months,” said Minh Trang, senior FX trader at Silicon Valley Bank in Santa Clara, California.


The futures contract of nickel on the Multi Commodity Exchange (MCX) has been on a steady uptrend since its March 2020 lows, when it registered a low of ₹805.8.


Brent crude futures, the global oil benchmark, rose 0.77 per cent to $54.72 per barrel. US West Texas Intermediate (WTI) gained 11 cents to $50.74, having slipped earlier in the Asian session.

United States

Currency markets were largely unperturbed by scenes of chaos in Washington as supporters of outgoing President Donald Trump stormed Capitol Hill. Share Pro-Trump rioters stormed the U.S. Capitol Wednesday, forcing lawmakers to evacuate during a joint session of Congress to ratify the electoral votes of the presidential election. Futures suggested that U.S. stocks could advance on Thursday, with futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq-100 rising between 0.4% and 0.8%.
The handful of people breaking the law and resorting to violence represent only the slimmest fraction of Trump voters. Most major U.S. indexes, except the Nasdaq, had gained Wednesday, despite the Capitol unrest. The US economy continues to rebound from the trough. Fed unanimous.


Prime Minister Boris Johnson prepared the ground for lockdown rules to last for several more months as the country’s coronavirus deaths hit the highest daily total since April. A second, similar shot developed by Moderna was cleared for use in the EU on Wednesday.