Open: London Session | Forex, Metals, Oil, Agriculture September 15, 2020

Between July and August, Egypt bought 2.4 million tonnes of wheat from international suppliers compared with 1.72 million tonnes purchased during the same period last year. MARKET NEWS Chicago soybean futures rose to trade near their highest in more than two years, with Chinese demand and concerns over U.S. production supporting prices.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.18 per cent to 92.88. The rupee strengthened by 15 paise to 73.33 against the US dollar in opening trade on Tuesday as weak American currency and positive domestic equities strengthened investor sentiment. The flurry of ECB-speak in the past week indicates current governors don t find the euro s strength brutal enough to try to argue down the currency. This is partly due to recent asset sales, but those assets were sold for pennies on the dollar compared to their purchase price.
With that said, any decline in EUR/USD could attract buyers as traders position for U.S. dollar weakness into FOMC. Meanwhile, the New Zealand dollar was the best-performing currency today and interestingly enough, the Australian and Canadian dollars lagged behind. At the interbank forex market, the domestic unit opened at 73.33 against the US dollar, registering a rise of 15 paise over its previous close.
The rupee (INR) yesterday, settled on a flat note at 73.48 despite witnessing higher volatility against the dollar (USD). So a strong euro may not only limit cost-push inflation but also, less directly, demand-pull inflation as well. The combination of currency strength and weak global trade wouldn t be at all good for euro-zone asset prices or the European economy.

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Australia s treasurer wants the miner s next CEO to be Australian, after Frenchman J-S Jacques stepped down over the destruction of an Aboriginal site.

Meanwhile, global oil benchmark Brent crude was trading 0.10 per cent lower at USD 39.57 per barrel. Brent crude futures, the global oil benchmark, fell 0.08 per cent to USD 39.58 per barrel. Malaysian palm oil futures rose, building on the previous session’s sharp gains tracking strength in rival edible oils and hopes of higher exports in September. Coal prices in Europe show little sign of the usual lift from winter demand, thanks to rising pollution costs, cheap natural gas and high renewables output.
Here is a long look since 1965, starting well before the 1973 Oil Embargo that triggered the era of “stagflation” (economic stagnation with inflation).

While developed markets like the US have largely lapped up the record supply so far, pushing yields to all-time lows, it’s a different story in other economies. The Bank of England also has a monetary policy announcement on the calendar and, like the Fed, no major changes are anticipated. The issue here is that core PCE inflation is almost always lower than core CPI, which means the Fed isn’t near its target. Even if Trump wins the Electoral College and therefore the presidency, like every other President in American history, the Left is preparing to—to what, exactly?
If the Fed used core CPI to judge its policy, it wouldn’t have been as far off from its target in the past 14 years. Aside from FOMC, U.S. retail sales, the Empire State and Philadelphia Fed surveys are scheduled for release this week. Of all the industries in the U.S economy, I would argue Media is going through the most profound changes. Virus latest: The Nevada company that let Donald Trump hold an indoor rally with few masks and little social distancing faces fines for violating Covid-19 rules.
As my colleague Claire Ballentine reported, a triple-leveraged ETF that tracks the Nasdaq just notched its best streak of inflows on record — throughout the selloff.
Fed policy has been a major influence on market behavior.

Read the view The Exchange: China s bad debt opportunity Beijing is letting lenders go belly-up as it attacks systemic risk.

If approved, the new target will unleash a flood of regulations next year, with the EU revising rules for everything from car emissions to building efficiency. EU Commissioners will zero in on climate change at their weekly meeting today from an ambitious new emissions goal to state aid in the European carbon market. Sterling, on the other hand, extended its gains despite the UK governments decision to forge forward with legislation that breaks aspects of its withdrawal agreement with the European Union.
Separately, Emmanuel Macron backed Angela Merkel’s demand for more information on the poisoning of opposition leader Alexey Navalny, calling the attack an “assassination attempt.” MARS now sees the average EU grain maize yield at 7.83 tonnes per hectare (t/ha), down from its forecast last month of 8.01 t/ha, it said in a report. Russian Assassination | Emmanuel Macron backed Angela Merkel s demand that Russia clarify the poisoning of Alexey Navalny, calling the attack an assassination attempt.
Since Johnson’s decision to revisit the agreement, the European Union has threatened legal action and called on him to withdraw the bill by the end of the month. Ewa Krukowska and Nikos Chrysoloras What s Happening Coal’s Demise | For proof that EU policy makes the world a cleaner place, look no further than coal demand. Contact-Tracing Apps | The EU started testing a technology that would enable their national Covid-19 tracing apps to work seamlessly across borders.
The Brexit withdrawal agreement stands on shaky ground, the SEC is looking into Nikola, and China hopes for a vaccine by November.