Open: London Session | Forex, Metals, Oil, Agriculture March 08, 2021



Dollar index The dollar index had recently breached a key resistance level of 91 and continues to trade well above this level. The dollar also fell slightly against the British pound and the euro, but held at multi-month highs against the yen and the Swiss franc because of rising Treasury yields. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.07 per cent to 92.04. However, foreign fund inflows into the equity markets, along with corporate dollar flows could cap depreciation bias, the note added.
The dollar was also buoyant against the Swissfranc, trading near an eight-month high of 0.9319,boosted by rising Treasury yields. Trade strategy Although the dollar index is flat, the rupee is gaining bullish momentum despite a gap down open. “This should put the dollar in a much stronger position relative to other major currencies. * Further supporting bullion, U.S. 10-year yields held below a one-year peak hit on Friday, while the dollar eased.
However,the dollar will remain strong against the yen because yields are the main driver.” Against the euro, the dollar eased slightly to$1.1921, but held steady at $1.3844 against the British pound.


Fundamentals* Spot gold rose 0.3% to $1,705.62 per ounce by 0041GMT, after hitting its lowest since June 8 at $1,686.40 on Friday. * Speculators cut their bullish positions in COMEX gold and silver contracts in the week to March 2, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Gold is viewed as a hedge against inflation, likely from the extensive stimulus. * Holdings of the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust fell 0.8% on Friday.
U.S. gold futures climbed 0.3% to $1,703. * Silver rose 0.8% to $25.38 an ounce.


Meanwhile, global crude oil benchmark Brent Futures rose 1.49 per cent to USD 70.73 per barrel. Brent crude futures, the global oil benchmark, rose 2 per cent to $70.75 per barrel. PTI MKJ DRR DRR As of March 7th: Oil price, monthly average of daily spot, $/bbl (blue), spot close on 3/5 (blue square), and futures price (red +). Crude oil prices were already boosted by OPEC and allies’ surprise decision to keep output unchanged last week. Houthi missile and drone attack sends crude above $70, Britain takes its first step out of lockdown and there’s been a vast email server hack.
While such assaults rarely result in extensive damage, their frequency has created unease in the Gulf, roiling oil and shipping markets. Brent crude crossed the $70-mark to rule at $71.10 per barrel. “Brent crude has firmed over $70/barrel, while US 10-year benchmark continues to harden this Monday and could weigh on sentiments,” Reliance Securities said in a research note.
The U.S. currency fell 0.38% against the Norwegian crown to 8.5283 and eased slightly to 1.2637 Canadian dollars as traders bought the currencies of oil exporters. Oil prices jump to a one-year high as Yemen’s Houthi forces attacked Saudi facilities.

United States

Investor worries also subsided after the rise in bond yields steadied and the US labour department reported stronger-than-expected jobs data for February. “The Fed is also supportive with U.S. money supply growing two times faster than the Eurozone. Hasbro also signed a five-year agreement with Paramount, a unit of (NASDAQ:VIAC), in 2017. He has been quoted in a variety of financial news publications, such as CNBC, the Wall Street Journal, and the New York Post.
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“Including the current proposed stimulus package and further upside from a second-half infrastructure bill, total U.S. fiscal support is six times greater than the EU recovery fund,” he said. 4 | The EU’s medicines regulator is set to recommend Johnson & Johnson’s coronavirus vaccine this week, adding a fourth shot to the bloc s arsenal. While women currently head two of the EU s top institutions for the first time, only 7% of the bloc’s CEOs are female. The move highlights the EU s struggle to forge a common approach on immunity certificates and the risk that tourist-dependent countries will break ranks.
Christine Lagarde will need to test her current stimulus plans against the challenges presented by those contrasting developments. Investors will also be watching today s bond-buying data to see if the ECB ramped up purchases last week.Vaccine No. Delivery Delays | EU nations have received only about a third of the quarterly target for Covid-19 vaccines produced by Moderna.
Economically, as politically, the country is neutral and remains independent from the European Union.