Open: London Session | Forex, Metals, Oil, Agriculture March 10, 2021



Dollar indexThe dollar index dropped on Tuesday and ended the session at 91.96 versus its previous close of 92.31, thus retracting below the resistance of 92.00. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.23 per cent to 92.16 ahead of the inflation data this Wednesday. Since the last week of February, the trend in dollar index is clearly bullish and the decline on Tuesday could well be a correction.
The U.S. dollar remained lower against major rivals on Wednesday after pulling back from multi-month highs as a retreat in Treasury yields reduced the currency’s appeal. However, most Asian currencies have started weaker against the US dollar and could limit the appreciation bias in the local unit, traders said. Despite facing significant hurdles at 73.15 and 73.00, the rupee (INR) gained on Tuesdayand closed at 72.93 against the dollar, posting a gain of nearly half a per cent.
A gauge of the dollar – a traditional haven currency- against six peers was little changed at around 92.033 afterfalling back from a 3-1/2-month high of 92.506 overnight. The euro was 0.1% lower at $1.18880 after bouncing off Tuesday’s 3 1/2-month low of $1.18355.


The country’s top refiner Indian Oil Corp has also renewed its oil import contract with Russia, they added. No one had imagined that U.S. oil will account for a significant share in our crude basket. In response, the Saudi energy minister told India to dip into strategic reserves filled with cheaper oil bought last year. The country is a major player in the global offshore and marine industry where local companies dominate the market for oil rigs construction.
It is also an important source of refined oil. Saudi has also raised April official selling price of its oil for Asia. Refiners are looking to procure from Guyana while IndianOil has renewed its oil contract with Russia.

United States

As US Treasury yields softened considerably, the tech-heavy Nasdaq jumped 3.7 per cent overnight. Suddenly, out of nowhere, the Nasdaq Composite index gained more than 4%, and Tesla Inc. somehow rose 19.6%. There aren t many of them, and all the previous ones came as the Nasdaq bubble was in the process of bursting 21 years ago.


The bloc wants an EU Covid Card to allow states to reopen their borders, while preventing a coronavirus resurgence.