Open: London Session | Forex, Metals, Oil, Agriculture May 21, 2021



But right now, it s companies seemingly in panic mode, scouring the world for copper, corn, chips and cardboard.


Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 89.75. Strong local equities and currencies, anticipated dollar inflows and the improving India pandemic situation could also lend support to the local unit, the note added. Against the yen the dollar was steady in Asia on Friday at 108.84, having dropped about 0.5 per cent on the week. At the interbank foreign exchange, the domestic unit opened at 72.98 against the dollar, then inched higher to 72.97, registering a gain of 15 paise over its previous close.
The U.S. dollar traded lower against all of the major currencies as Treasury yields declined, giving up all of yesterday’s gains. On Thursday, the rupee had settled at 73.12 against the US dollar. Unlike Canada, which remains in lockdown, many euro area nations relaxed restrictions this month. Euro-area finance ministers and central bank chiefs hold an informal meeting today, while in a quieter day for European earnings, luxury watches and jewelry maker Richemont will report.


Both contracts fell around 3 per cent in the previous session.Spot gold was nearly flat.


Global oil benchmark Brent crude futures rose 0.31 per cent to $65.31 per barrel. Traders looked past the decline in oil prices to the rise in house prices and ADP’s report of private sector job growth in April. Brent crude fell $1.55, or 2.3 per cent, to settle at $65.11 a barrel. West Texas Intermediate crude ended $1.31, or 2.1 per cent, lower at $62.05 a barrel. From Oil Town to Solar SanctuarySpeaking of going green, the birthplace of China s oil industry is being reborn.
A decline in commodity prices, particularly oil, also undermined the thesis for too-hot inflation. A follow-up question from a decent reporter might be, “Is there really not enough available energy?” At least two centuries of oil exist underground at current levels of usage. Yumen, on the edge of the Gobi desert, is slowly falling apart as it s rebuilt to the west, with wind turbines and solar panels instead of oil derricks. We visit a quirky hamlet in Sweden and a Chinese oil town to see the changes being wrought as the world goes green.

United States

Some dovish Fed pronouncements could change things, as could a swift decline in inflation numbers. Even though higher price pressures have been realized, Fed policymakers have been resolute in their intent on keeping policy on hold at present time. But market wisdom for what it s worth is switching back toward a Fed that will begin to exit from easy money sooner rather than later. less In this edition of Central Bank Watch, we’ll review the speeches made over the past week by various Federal Reserve policymakers, including the Fed Chair himself.
The Nifty 50 index closed at 14,906.25A day after a sharp fall, the US benchmarks on Thursday closed in the green. 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. The Philadelphia Fed index tumbled sharply in the month of May, from 50.2 to 31.5. Wall Street expects a year-over-year increase in earnings on higher revenues when Williams-Sonoma (WSM – Free Report) reports results for the quarter ended April 2021.
Fed Funds futures price the first full rate hike by January 2023. Both those things have global components, too, which is already outside the Fed’s jurisdiction.


Also in China, a Xinjiang-based polysilicon producer has broken an industry code of silence, campaigning to avoid sanctions over allegations of forced labor at rivals.


EU negotiators last night agreed on the introduction of mutually recognizable certificates that will allow quarantine-free travel within the bloc. The EU is playing it safe, requiring that production is in member states and essential components sourced within the bloc. Broker Review | Stock brokers who target retail investors and charge little to no fees for trades are coming under greater scrutiny from EU regulators. Their experiment has big potential, especially as the EU pushes legislation to back such projects.
Post-Merkel Debate | German Chancellor Angela Merkel s would-be successors sparred over defense and foreign policy.