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



Dollar indexThe dollar index broke out of the critical resistance of 91.00 yesterday and closed at 91.63 versus Wednesday’s close of 90.95, thereby gaining three-fourth of a per cent. Trade strategy Even though the dollar index is signaling a strong dollar and the rupee has opened the session with a gap-down, the support at 73.00 still stays valid. The dollar index jumped to a three month high of 91.734.Currency and commditiesA stronger dollar hobbled the yen.
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.04 per cent to 91.67. By the end of the day, it had recouped some of its losses and ended the day at 72.83 versus preceding day’s close of 72.72 against the dollar (USD). The near-term outlook has clearly turned bullish for the dollar index and the rally is likely to be extended in the coming days. Whatsoever, rupee bulls should be cautious and closely watch how the dollar index moves from here.
If the dollar continues to rise, a widespread market assumption will have been thwarted. But better-off households in the U.S., China, U.K., Japan and biggest euro-area nations have socked away an extra $2.9 trillion in savings during lockdowns.


From December last year until the end of January 2021, copper futures traded within a price band — the price did not trend and remained sluggish. The Dimson/Marsh/Staunton database covers a range of countries stock, bond and cash returns back to 1900 and is something of a gold standard for long-term investors.


Brent crude futures, the global oil benchmark, advanced 0.94 per cent to $67.37 per barrel. Brent crude rose 10 cents to $66.84 a barrel.In the crypto currency market, bitcoin was down 4 per cent at $46,422 Friday. WTI crude at $75 no longer seems outlandish and Brent could easily top $80 by the summer,” OANDA analyst Edward Moya said in a note. In a surprise move, the alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its one million barrel-a-day voluntary production cut.
Here s what s moving markets.Dry PowderBrent crude oil holds onto a two-day gain of about 5% after rallying Thursday afternoon on headlines coming from the OPEC+ production talks. “It just goes to show how much of a surprise the OPEC+discipline is,” said Michael McCarthy, chief market strategist at CMC Markets. “Oil prices could rip higher now that a tight market is likely up through the summer. Oil rally, China congress, payrolls and Powell.

United States

Therefore we can assume that the Fed will keep rates lower and money supply growing until inflation starts increasing unemployment. A Donald Trump-linked firm is selling a beachfront mansion by Mar-a-Lago for $49 million, though Toronto’s “Schitt’s Creek” mansion looks a better bargain at $15.7 million. At this point, investors assume they will need an equity selloff to elicit any more support from the Fed for bonds. During Powell’s WSJ video conference today the Fed chair was asked for his views on inflation.
But beyond repeating what is obviously an agreed form of words, he made no hints as to what the Fed might do about it. With the next meeting of the Federal Open Market Committee two weeks away, their resolve to test the Fed is now itself being tested. Clearly, the millionaire is relying on his Fed charge card (or concierge) for all daily purchases. Stock Market Momentum Comeuppance Gets No Sympathy From the Fed read the Bloomberg News headline after the Federal Reserve chairman spoke to a Wall Street Journal webinar.
Elsewhere in markets, the Nasdaq Composite wiped its 2021 gain as Tesla and a number of lockdown winners dropped. Before joining Mauldin Economics, Jared was one of Wall Street’s preeminent risk-takers.


Elsewhere, Italy risked a global backlash by making use of new European Union legislation that allows a country to block vaccine exports heading outside of the bloc. Already controversial for a pro-Brexit stance, the backlash fueled use of a “Neverspoons” app and criticism of his low-wage approach. Barcelona s Taxes | Still on legal news, FC Barcelona lost the final round of a fight with the EU over allegedly unfair tax breaks. No, it s not a sci-fi scenario, it s the Commission s plans for the EU s tech policy in the next decade.