Agriculture
Today, it’s the cost of a small McDonald’s coffee.
Currencies
It was the third consecutive month that the dollar value of its reserves fell, and the nearly $35 bln declines were the most since last March’s $46.1 bln drops. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. A modest uptick in US bond yields has seen the US Dollar find renewed support, which is causing XAU/USD to undo some of yesterday’s gains. Bond yields will be key to the pricing dynamics of the US Dollar and therefore are likely to offer some trading momentum for XAU/USD.
Since the global financial crisis, overseas bond issuance is a story of two currency blocs—the dollar and everything else. As more dollars came into circulation, average prices of goods and services increased while the purchasing power of the dollar fell. Hopes of swift economic recovery pulled gold prices lower, while the dollar was little changed. A mild uptick in US bond yields is supporting the US Dollar and capping EUR/USD upside.
Applied is the largest semiconductor-equipment company by annual revenue, capturing about 20 cents on every dollar spent on equipment for chip foundries, according to Stacy Rasgon of Bernstein. less The heavier tone for the dollar that emerged last week persists.
Since the global financial crisis, overseas bond issuance is a story of two currency blocs—the dollar and everything else. As more dollars came into circulation, average prices of goods and services increased while the purchasing power of the dollar fell. Hopes of swift economic recovery pulled gold prices lower, while the dollar was little changed. A mild uptick in US bond yields is supporting the US Dollar and capping EUR/USD upside.
Applied is the largest semiconductor-equipment company by annual revenue, capturing about 20 cents on every dollar spent on equipment for chip foundries, according to Stacy Rasgon of Bernstein. less The heavier tone for the dollar that emerged last week persists.
Metals
After hitting a two week high in the previous session, Gold edged lower during the Asian trade and currently sits at the lower end of its daily traded range. Gold prices for the latest contract on MCX are trading down by 0.2% at Rs 45,800 per 10 grams. Gold and silver prices dipped as yields on US 10-year Treasuries crept marginally higher, while crude oil prices held relatively steady. Gold prices are trading up 0.6% at Rs 46,202 per 10 grams. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.
Note that gold prices in India have rebounded from one-year low levels of Rs 44,100 hit last week, helped by a rebound in global rates and coronavirus concerns. In the previous session, gold had jumped Rs 600 or 1.3% per 10 grams. Gold prices edged lower in Indian markets, a day after clocking sharp gains. On MCX, gold futures were down 0.3% to Rs 45,767 per 10 grams.
less Gold prices have stalled in the Asian session after a strong performance to begin the month of April.
Note that gold prices in India have rebounded from one-year low levels of Rs 44,100 hit last week, helped by a rebound in global rates and coronavirus concerns. In the previous session, gold had jumped Rs 600 or 1.3% per 10 grams. Gold prices edged lower in Indian markets, a day after clocking sharp gains. On MCX, gold futures were down 0.3% to Rs 45,767 per 10 grams.
less Gold prices have stalled in the Asian session after a strong performance to begin the month of April.
Oil
According to a US oil and gas agency, commercial crude stocks in the country dropped by 2.62 million bbl in the week ending the 2nd of April. Still, gasoline stocks rose by 4.55 million bbl, compared to expectations of a 221,000 bbl increase. A Reuters poll had predicted a draw of 1.44 million bbl in crude stocks and a 1.1 percentage points increase in refinery capacity. Occidental Petroleum Corp: Chief Executive Vicki Hollub said she opposes a carbon tax, an idea that has gained the backing of large rival oil companies and some trade groups.
Sectoral indices are trading on a mixed note with stocks in the oil & gas sector and telecom sector witnessing buying interest. With more than 25 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets. May WTI remains inside the range set on Monday (~$57.65-$61.50), and it could be the first day since February 12 that remains below $60 (OIL).
But the oil complex remained weighed on signs of rising supply after OPEC and its allies agreed to gradually ease output cuts from May.
Oil prices edged higher. Occidental CEO rejects U.S. carbon tax in break with big oil.
Sectoral indices are trading on a mixed note with stocks in the oil & gas sector and telecom sector witnessing buying interest. With more than 25 years of experience, Stephen has a deep-seated knowledge of G10 and Asian currency markets as well as precious metal and oil markets. May WTI remains inside the range set on Monday (~$57.65-$61.50), and it could be the first day since February 12 that remains below $60 (OIL).
But the oil complex remained weighed on signs of rising supply after OPEC and its allies agreed to gradually ease output cuts from May.
Oil prices edged higher. Occidental CEO rejects U.S. carbon tax in break with big oil.
United States
Nasdaq Futures are trading up 20 points (up 0.2%) while Dow Futures are trading up 22 points (up 0.1%) The rupee is trading at Rs 74.16 against the US$. Biden’s spending plan and improving economic data are cementing this upbeat economic outlook in the US, which is putting further pressure on the commodity’s safe-haven appeal. US stock futures are trading higher today, indicating a positive opening for Wall Street indices. By contrast, market dynamics in the US seem to be firming with demand indicators back to normal levels.
The US 10-year yield slipped below the 20-day moving average (~1.65%) for the first time since early February to trade at an eight-day low. The minutes from the last Fed meeting are published at 2:00 p.m. Consumer credit data is at 3:00 p.m. “It’s a lot of money, and it’s bound to cause a booming economy,” he said in an interview with The Wall Street Journal. Indeed, although the US added just shy of a million jobs in March, average hourly earnings decreased by 0.1% (est.
Despite its population of just 56,000, Greenland has grabbed global headlines in recent years, not least when then-U.S. President Donald Trump expressed interest in buying it in 2019. The rupee is trading at 73.54 against the US$.
The US 10-year yield slipped below the 20-day moving average (~1.65%) for the first time since early February to trade at an eight-day low. The minutes from the last Fed meeting are published at 2:00 p.m. Consumer credit data is at 3:00 p.m. “It’s a lot of money, and it’s bound to cause a booming economy,” he said in an interview with The Wall Street Journal. Indeed, although the US added just shy of a million jobs in March, average hourly earnings decreased by 0.1% (est.
Despite its population of just 56,000, Greenland has grabbed global headlines in recent years, not least when then-U.S. President Donald Trump expressed interest in buying it in 2019. The rupee is trading at 73.54 against the US$.
China
WSJ explains how Beijing is pouring money into high-tech chips as it wants to become self-sufficient.
Europe
The EUR/USD hit a two week high in the previous session on news that the EU could reach its vaccine target sooner than initially expected. The EU has upgraded its projections for getting its population inoculated amid promising supply estimates. His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc.
0 
