Open: London Session | Forex, Metals, Oil, Agriculture March 26, 2021



Machinery producer Caterpillar is facing shipment delays and the blockage is also curbing shipments of robusta coffee — the type used to make Nescafe.


One notable exception to the dollar’s gains was the British pound, which edged up to $1.3758 after rising 0.4 per cent on Thursday. For the week the dollar index was on course for a 0.9 per cent gain. Against the euro, the dollar fell to $1.1781 but was still near its strongest level since November last year. The dollar bought 109.18 yen, which is near its highest since June. The dollar index against a basket of six major currencies stood at 92.788, close to a four-month high.
Papers correct Abramovich reports.And finally, here’s what Cormac Mullen is interested in this morningAn army of bullish technical indicators is assembling to put King Dollar back on the throne. “The dollar is absolutely critical,” said James Athey, investment director at Aberdeen Standard Investments. Yields have supported the dollar, but this move could start to run out of steam.” “If the dollar starts rallying, that becomes a problem. “The yen is getting strong on some of the crosses, which will cap dollar/yen.


“Benchmark 10-year notes last rose in price to yield 1.6332 per cent, from 1.614 per cent late on Thursday.Spot gold added 0.1 per cent to $1,727.73 an ounce.


“Expectations that the blockage of the Suez Canal may last for weeks raised fears of supply tightness in oil markets,” said Nissan Securities researcher Yasushi Osada. Asian buyers instead took cheaper oil from storage while refinery maintenance has reduced demand, industry sources said. Two liquefied natural gas tankers bound for Asian markets appear to have changed course in the mid-Atlantic, while shipping giants A.P.

United States

While yields have picked up of late, and there has been much excitement over how far the Fed would allow yields to rise, the basic Fedspeak is clear. At this point, perhaps it is best to believe the Fed, and the politicians currently running the U.S., that they really do mean what they say. The 78-year-old also said he plans to run for re-election in 2024, and joked that he misses his predecessor, Donald Trump. U.S. GDP growth is already at this point humming along at an annualized rate of 5.4%, according to the Atlanta Fed s Nowcast.
In case you look it up, the CBO’s official estimate of the US FY2021 budget deficit is currently only $2.3 trillion. Traders will look to data on US personal consumption due later on Friday for further hints about the US economy. If stocks are up because recovery is assured, then there is no need for further Fed assistance (or fiscal aid). He is regularly cited in the Wall Street Journal, on CNBC and in the Financial Times.


The EU gets tough on AstraZeneca, Biden gave his first press conference since taking office, Suez ships consider taking the scenic route and stock futures rise. Elsewhere, Angela Merkel signaled that Germany would declare France a high-incidence virus area, requiring a negative test for anyone entering from the country. When the wolf comes in at the door, love creeps out of the window, or so the saying goes, and the video summit of EU leaders was no exception.
Figures presented by von der Leyen showed the EU has exported more vaccine shots since December than it has administered. Italian Prime Minister Mario Draghi urged EU nations to take action against pharma companies responsible for delays, Bloomberg reports.