Open: London Session | Forex, Metals, Oil, Agriculture July 27, 2021

TRADING-THE-LONDON-FOREX-OPEN

Currencies

At the interbank foreign exchange, the domestic unit opened at 74.36 against the dollar, then inched higher to 74.35, registering a gain of 7 paise over its previous close. On Monday, the rupee had settled at 74.42 against the US dollar.

Metals

less Tata Steel was the top gainer rising over 1 per cent, followed by ICICI Bank, HDFC Bank, IndusInd Bank, Maruti, Titan and SBI. Despite the effort to “squeeze” the bullion banks, silver has yet to push through the $30 barrier, and gold remains below the high put in nearly a year ago. In the meantime, there isn’t much use in trying to apply fundamental analysis to gold and silver paper markets.

Oil

Global oil benchmark Brent crude futures advanced 0.48 per cent to USD 74.86 per barrel. Oil prices are 50% higher than where they began the year. “Investors are also encouraged by the continued restraint by U.S. shale oil producers.

United States

The weekend didn’t deliver any change on Friday’s position, the Russell 2000 couldn’t follow the lead of the S&P and Nasdaq, instead of posting yet another neutral doji. Fed Chairman Jerome Powell assures us that these forces will be transitory, but investors shouldn’t be fooled. The Nasdaq edges higher on light volume. He has been featured in such notable publications as the Wall Street Journal, New York Times, USA Today, Investment Advisor, Fortune, and The St. Petersburg Times.
“It’s profits and the Fed.

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