Open: New York Session | Forex, Metals, Oil, Agriculture April 06, 2021

A member of the National Guard plays a trumpet during a flag rai


Starbucks to End Disposable Cup Use in South Korea by 2025 It s the first such measure in a major market by the coffee giant.


While higher chances of new expenditure may boost inflation, Federal Reserve rate hikes, and a stronger dollar, investors’ relief with lower taxes means a weaker greenback. “Given the excess dollar liquidity in the market, as aggregate mining activity gains traction, we expect the metical to strengthen,” they said in a a note Tuesday. Crude oil prices rose as a fall in the value of the US Dollar made oil more attractive (OIL, UDN). The euro pared all losses amid overall weakness in the US dollar after the release of the services PMI stateside.
However, a weaker dollar supported prices on Tuesday morning trade with Brent seen at $62.91/bbl, up 1.2% and WTI seen at $59.46/bbl, up 1.4% as of 0635 hrs GMT. The Swiss franc, the euro and the British pound lost 0.2%, 0.1% and 0.2% respectively against the U.S. dollar. Since the opening of European trading, US 10-year yields have risen to 1.170%, so this could encourage the euro bulls to take profit on long positions.
The dollar edged higher and Treasury yields were steady. Gold prices rose, while the dollar slipped. Gold prices rose, while the U.S. dollar slipped.


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Gold prices for the latest contract on MCX are trading up 0.4% today at Rs 45,547 per 10 grams.


less Crude oil prices rebounded slightly during Tuesday’s APAC session as traders shrugged off fears about rising Iranian crude oil exports ahead of a nuclear talk held in Vienna. Indian Oil Corporation (IOC) bought its first cargo of Johan Sverdrup crude oil through a tender as per Reuters with 2 million bbl each loading in May and Jun. The suit alleges the pipeline operator hit XTO with deficiency charges and revoked other credits after the oil producer shifted some oil to other outlets last August.
That said, modern developed economies have shrugged off the inflationary impacts of oil price spikes in recent decades, and energy prices are embedded throughout the entire supply chain. Some refiners also have plans to shut their plants for maintenance work, thereby lowering India’s oil requirements in the coming months, the people said. Total fuel oil loadings in Saudi Arabia hit 213,000 MT last week but Saudi Aramco continues to prioritize the domestic market.
This comes on the back of India s Petroleum minister asking the refiners to speeden up diversification of crude oil sourcing.
About 86% of Indian oil imports last year were from OPEC+ members, with 19% coming from Saudi Arabia, according to government data. WTI crude oil has rebounded following 4% selloff in the previous session. US10Y yields were down 2bps to 1.70%, oil down 4.6% and energy stocks the only sector in the red as demand concerns still linger.

United States

Currently S&P futures are trading at 4,057, down 0.27%, Dow futures are trading at 33,356, down 0.18% and Nasdaq 100 futures are trading at 13,545, down 0.30%. The fiscal stimulus, like the Fed’s monetary stimulus before it, provided a fix that addicted markets needed to stay high. Iran insists it can return to compliance with the nuclear deal only if the US backtracks and lifts those sanctions, while the Biden administration wants Iran to act first.
By contrast, market dynamics in the US seem to be firming, as demand indicators return to more normal levels. In the reverse direction, loadings from Europe to the US also dried up, as the reverse arbitrage now seems to have closed. The meeting aims to bring both Iran and the US back to the 2015 nuclear accord, which was subsequently abandoned by former President Donald Trump. The US must roll $7.7 trillion in debt this year – about 3 trillion dollars more than in 2020. The policy shifted from “print money and hand it to Wall Street” to “helicopter money” in the form of direct payments and loans to citizens.
While only a U.S offering for the moment, there’s no doubt this is another boost for mainstream crypto adoption, as integrations enable a more seamless payment option. Perhaps that is why Japan and so many others are selling even though they must know the Fed will be buying.


The PBOC didn’t immediately comment.Chinese banks advanced 4.9 trillion yuan of new loans in the first two months, 16% more than the same period last year, official data show. China urged Japan to steer clear of internal issues including Xinjiang as Prime Minister Yoshihide Suga prepares to meet Biden this month. LEARN MORE Published on April 5, 2021, 10:40 PM EDT Updated on April 6, 2021, 3:00 AM EDT The People’s Bank of China building in Beijing.


In late March, EU decided to curb vaccine exports for six weeks to prevent a larger net outflow of vaccines out of the bloc. The export curb underscores massive shortfalls of the AstraZeneca shot across the EU bloc and complicates Australia’s inoculation campaign, which is already 83% behind its original schedule. On the other side of the planet, Australia becomes the first country to get a taste of EU’s vaccine export embargo. The viral resurgence in parts of the EU and a relatively slow vaccine campaign in the region further weighed on the energy demand outlook.
GBP/USD is trading mildly higher after UK Prime Minister Boris Johnson announces that the UK will ease lockdown restrictions from Monday 12th April.