Open: New York Session | Forex, Metals, Oil, Agriculture April 16, 2021



Frost bites | A sudden cold snap in France has ravaged crops from sugar beet to fruits and vineyards, leaving the nation s farmers reeling.


“Indian Rupee gained strength amid weakness in dollar and rise in risk appetite in the domestic markets,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas. less The trading week is ending today, and the themes of the week were a lower US dollar and higher US equities. Given more favorable market conditions and greater risks to holding U.S. dollar reserves, central banks may soon ramp up their gold buying again. They made a second attempt during the North American session amid a weakening dollar as an upbeat macro news flow pushed the price action up to 1.1984.
While Treasury yields surprisingly dropped – probably due to fresh demand from Asia – the dollar shrugged off this move and responded to the data. Dollar weakness is also reflected in the WTI crude oil price, which rose to above $63.50 and shows no signs of backing off. The yellow metal tends to have a negative correlation to stocks and often moves inversely to the Federal Reserve Note “dollar” index as well.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.09 per cent to 91.59. A weaker dollar pushed up gold prices. A weaker U.S. dollar pushed up gold prices.


Investors know that yields and gold move in an inverse relationship: when yields rise, gold falls, and vice versa. Central bank gold buying over the last decade helped support the price of gold. Gold prices are retesting support-turned-resistance in the 1760-76 area attempting to establish a bullish Double Bottom pattern at 1676.91. less Where is gold heading? Gold prices shot higher alongside bellwether S&P 500 futures as Treasury bond yields fell, in a move that appears to reflect ebbing Fed tightening speculation.
With global central banks not only buying but also holding so much physical gold bullion, it naturally begs the question of why. S&P 500 futures pointed to a small move higher at the open, the 10-year Treasury yield was at 1.575%, oil was $63.68 a barrel and gold gained. Gold prices for the latest contract on MCX are trading down by 0.4% at Rs 46,999 per 10 grams. That may at least slow the slide in yields for now, limiting gold’s scope for immediate upside follow-through.
Lower long-term yields in the United States have sent the gold price higher. There are several reasons that these powerful financial institutions look to add gold to their reserves.


If you check the history of gasoline prices at the U.S. Energy Information Administration’s (EIA) website you can see that gasoline prices almost always rise between January and May. less Image Source: Unsplash Although it wasn’t strongly emphasized in the recent discussions on the rise in gasoline prices, those prices to rise nearly every spring. I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects.
PayPal On the Bloomberg Terminal Fizzling out | Palm oil prices may pull back over the next two to five months before staging another advance, according to Bloomberg Intelligence. Also, fuel oil stocks showed a big build of 226,000 mt to 1.74 million mt, due to lower arbitrage outflows. Road fuels should continue to pick up in the US as EIA data showed in the latest week of data that gasoline demand is almost at 9 million bpd. I have over 20 years of international engineering experience in the chemicals, oil and gas, and renewable energy industries, and hold several patents related to my work.
Many factors influence gasoline prices, but there are specific reasons behind the seasonal changes.
But the octane rating for a gasoline blend is consistent throughout the year and is not the reason for the seasonal price fluctuations. Two critical specifications that need to be met for each gasoline blend are the octane rating and the Reid vapor pressure (RVP).

United States

Bitcoin has more than doubled in value this year, and Coinbase Global Inc., one of the biggest U.S. crypto companies, went public on the Nasdaq Stock Market this week. Unless the Fed breaks the market, here are some BRRRRR asset price targets, not normal price targets but money printing adjusted price targets. The US market ended at a record high overnight as economic data exceeded expectations and prospects of corporate earnings recovery improved, as per analysts.
One story with a mention from the FinTwit community this week relates to a particular company listed on the US stock market that reached a $100 million valuation. Investors are getting scared off special-purpose acquisition companies, one of the hottest bets on Wall Street, as regulators intensify scrutiny of SPACs and share prices tumble. The stock market received support from a decline of the US 10-year government bonds yield below 1.6% for the first time from the end of March.
The US retail sales increased by 9.8% in March compared to the previous month, according to the information provided by the Commerce Department. The S&P 500 and Nasdaq also rose to reverse declines from a day earlier, with tech stocks leading both indexes higher by more than 1%. The Nasdaq Composite Index surpassed the 14,000 level for the first time since February 16 this year. “And the Fed, for its part, may be just starting to warm up a discussion of a timeline for trimming asset purchases, which could well buoy yields.


Xinjiang’s Part in World’s Solar PanelsDeep in Xinjiang sit factories that churn out almost half the world’s supply of polysilicon, used in solar panels all over the world.


Merkel s CDU/CSU bloc may today decide on its candidate to contest September s German election. Despite Brexit, investors are looking for new opportunities and the promise of a faster reopening of the UK economy. The EU is contemplating proposing a version of them as early as this spring, a step that prompted Kerry s rejoinder. French President Emmanuel Macron hosts Ukraine s President Volodymyr Zelenskiy in Paris, where they ll discuss tensions with Russia in a call with Merkel.
Probable political effervescence around the EU Recovery Fund.