Open: London Session | Forex, Metals, Oil, Agriculture March 24, 2021



The dollar index rose to a two-week high at 92.412 early in the Asian session, approaching a four-month top of 92.506 hit earlier this month. The safe-haven yen was broadly stronger, and Australia’s dollar — considered a liquid proxy for risk — weakened further on Wednesday. less Over the past week, the rupee (INR) has inched up against the dollar (USD). As yields rise, it can attract funds into dollar-denominated assets, which could further boost prospects for the greenback.


West Texas Intermediate (WTI) crude futures slipped 21 cents to $57.55, having lost 6.2 per cent the previous day.Safe haven gold was higher at $1,731.2 an ounce.


The yen also strengthened and US Treasuries were bid while Wall Street stocks and crude oil tumbled as investors weighed the outlook for global growth. To sail through the uncertainties, explorers and producers are spending conservatively, which will likely lead to lower production of oil as compared to pre-pandemic levels. Oil drops despite a Suez canal blockage, Gamestop shares slump and investors eye fresh AstraZeneca data. It s the latest sign that oil s veterans are going electric.Turkish Influence | Emmanuel Macron expressed concern that Turkey will attempt to influence upcoming French elections.

United States

The Fed had announced a massive program of support on the Sunday evening, and yet stocks had still dropped on the Monday. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. But there were some pieces of the puzzle in there.On the Monday after the Fed fired its bazooka, this column offered a crisis map for investors. If we go by weekly changes in the Fed s balance sheet, there was a clear sign that the time to stop selling had arrived.
James Bullard of the St Louis Fed had suggested that the U.S. unemployment rate could hit 30%, a number too terrible to contemplate. Unheard of in the days when all Wall Street could say was “Buy”.


Human rights sanctions on China imposed by the United States, Europe and Britain, which prompted retaliatory sanctions from Beijing, are adding to market concerns. Beijing summoned EU envoy Nicolas Chapuis on Monday night, followed by the U.K. s Caroline Wilson on Tuesday.


Spain s central bank cut its forecast for economic growth this year, saying that the turgid rollout of EU spending could hold back the economy. He didn t elaborate on the specifics of his accusation, which comes ahead of a summit of EU leaders, whose draft joint communique points to a rapprochement with Ankara. The discussion among EU leaders tomorrow may be a lively one. The EU s sanctioning of Chinese officials which was followed by other Group of Seven nations has created some geopolitical heat.
Ties between Macron and Turkish President Recep Tayyip Erdogan have been tense over issues ranging from religion to energy exploration in the eastern Mediterranean.