Open: New York Session | Forex, Metals, Oil, Agriculture April 08, 2021

The fastest-growing consumer products in Europe over the four weeks through March 21 were chocolate novelties—perhaps partly due to the earlier Easter holiday—Champagne, tequila, premixed alcohol and ready-to-drink coffee.

Antipodean currencies currently top the leaderboard, with the Australian dollar up 0.26% and the New Zealand dollar trading 0.31% higher. If the correction in the dollar picks up impetus with the opening of trading in London, then we may assume that the euro will continue to recover to 1.1895. This helped to fuel a fresh record run in US stocks, while also weighing on the US Dollar, with the Fed downplaying risks associated with rising yields. The dollar slipped, while gold prices gained.
The U.S. dollar slipped, while gold prices gained. Major currencies have been trading in the green against the US dollar on Thursday morning. Euro rebounded firmly on news that vaccine rollout is ramping up in largest economies. Meanwhile, EURUSD was trading at 1.1881 at the time of writing. As soon as the correction set in, the EURUSD rate fell by 54 pips to 1.1861. less The EURUSD pair logged losses on Wednesday, April 7, down 0.10% to 1.1862.

Towards the end of the war, the MNB rescued gold bars and coins weighing some 30 tons on its legendary ‘gold train’ to Spital am Pyhrn in Austria. MNB took the decision to raise the gold reserves “taking into account the country’s long-term national and economic policy strategy objectives”. Gold and silver prices edged lower in Indian markets in early trade, after a sharp up-move in the previous session. Gold reserves per capita in Hungary rose from 0.1 ounce to 0.31 ounce.
Consequently, currently, Hungary has the highest gold reserves per capita in the CEE region. Fabrice shares his thoughts on the economy, stock markets, geopolitics, gold and silver. He follows regularly since 1970 the gold, silver and foreign exchange markets. With these purchases, the MNB continued the process started by increasing gold reserves by a factor of ten in 2018. The stock of gold reserves had increased until World War II. He follows and analyzes the gold and silver markets since 2008.

Although, crude stock levels fell by 3.5 million barrels in the week to the 2nd April to 498.3 million barrels, proving a limit to losses. Price gains were however capped by a spike in U.S. gasoline inventories, of about 4 million barrels, which raised fresh concerns over weakening demand. As of 09:00 BST, the front month Brent futures contract traded 0.60% lower, compared to the previous day s settle, at $62.78/bbl. This has certainly offered respite to global equities,” he added.Meanwhile, the global oil benchmark Brent crude was trading 0.19 per cent lower at USD 63.04 per barrel.
However, there was a sizable 4 million barrels build in US gasoline inventories which dragged down the market. The front month WTI futures contract experienced a similar story as it fell by 0.90% to trade at $59.23/bbl during the same time range. ANALYSTS’ RECOMMENDATION Canadian National Railway: JPMorgan cuts target price to C$138 from C$145, saying that energy price volatility could further disrupt crude by rail carloads, potentially delaying capital investment.
Aframax tanker STI SPIGA loaded from Jubail and is en route to Kenya, while Panamax tanker HAFNIA AUSTRALIA loaded from Yanbu and is underway to Egypt. Front month June WTI futures were up $0.31 at $59.33/bbl, with the other 49-month forward contracts traded between -$0.50 and $0.19. June ICE Brent futures were $0.39 higher at $62.79/bbl, while the rest of the 48-month forward contracts traded between -$0.23 and $0.17.

As high consumer price inflation emerged from 1965, with a lag behind asset inflation, the Fed did start to let rates rise, even abruptly at times. Nasdaq Futures are trading up 110 points (up 0.8%) while Dow Futures are trading up 58 points (up 0.2%) The rupee is trading at Rs 74.35 against the US$. The Fed, as the monetary hegemon within the Bretton Woods System, should have allowed interest rates to rise sharply as would have occurred under a sound money regime.
Not so much.For one thing, Biden isn t attempting to affect monetary policy by making either public or private statements aimed at Fed Chairman Jerome Powell. That s not good at all.To be sure: Biden likely couldn t be happier with the Fed s current course of boosting economic recovery and downplaying any inflation worries. The mood in the market remains upbeat after the FOMC minutes pointed to ongoing support from the Fed, despite expectations for a quick recovery in the US.
The unemployment rate could fall to 4.5% by year end, while inflation could rise to 2.2%, slightly above the Fed’s conventional 2% target.
The also reflected the Fed’s commitment to supporting the economy, despite acknowledging its recent recovery and improving prospects. The Trump tax reform didn’t reform much; the old system of excessively high rates and voluminous deductions and credits largely continues. less Most of the price action into Thursday comes from the latest Fed Minutes communication which unsurprisingly leaned to the dovish side overall.

Diplomats have been discussing the pros and cons of boycotting the 2022 Winter Olympics in Beijing, though no country wants to be first to call for one.

U.K. economy reporter Lizzy Burden reports on the country s messy post-divorce relationship with the European Union, and talks to some people who have been caught in the middle. Stephanomics podcast | Almost 100 days have elapsed since the chimes of Big Ben marked Brexit s formal implementation. For the U.K., the prize of a post-Brexit trade deal with the U.S. has never seemed so far away. less EUR/GBP tests key resistance ahead of ECB minutes. ECB minutes in focus.