Open: London Session | Forex, Metals, Oil, Agriculture March 12, 2021



Along with this, considering that the dollar index is trading around a support level, the intraday trend might be positive for the dollar and negative for the rupee. EMs recovered their losses and started outperforming developed markets by October, fueled by rising commodity prices, a weakening dollar, cheaper valuations, falling infection rates and overall economic robustness. Because the recent trend has been positive, bulls might be able to push the dollar index upwards on the back of the support at 91.50.
Important disclosures: less The safe-haven dollar languished near a one-week low on Friday as calming bond markets lifted investor sentiment and appetite for Asian currencies. The commodity-linked Australian and New Zealand dollar stranded close to one-week highs reached overnight as inflation fears ebbed, sending Wall Street stocks to record highs. The Indian rupee jumped 20 paise to trade at 72.71 against the US dollar in opening deals on Friday, taking cues from positive equity markets.
The dollar index wallowed just north of the 91.364 level touched overnight for the first time since Feb. 4. The dollar consolidated at around 108.60 yen, another safe-haven currency, after pulling back from a nine-month high of 109.235 reached on Tuesday. In the previous session on Wednesday, the domestic currency had edged marginally higher by 2 paise to end at 72.91 a dollar. The weight of public administration on the total euro area economy last year reached its highest level since the series started in 1995.


EMs were hit particularly hard in March 2020 after oil prices collapsed amid plummeting demand because of COVID-19. “We think this will support the entire oil complex this summer and beyond.

United States

Risk-on investments will continue from global fund managers, thanks to a liquidity gush into equities following the final approval to $1.9-trillion Covid relief bill in the US. Markets remain ripe for turmoil when you look back to the last time Fed officials faced the conundrum of how to take their foot off the monetary gas. In the month after Bernanke spoke the Nasdaq 100 fell 4%, the MSCI Emerging Markets Index 14% and 10-year Treasury yields jumped 50 basis points.
The US benchmarks Dow and S&P-500 on Thursday recorded new peaks. When the Fed chair starts “just asking” questions about exuberance, people take note.


They are the only two EU nations for years to face a procedure that could lead to the suspension of voting rights.