Open: New York Session | Forex, Metals, Oil, Agriculture April 22, 2021



In Tamil Nadu, dry weather impacted the crop.The lower production had resulted in turmeric price rallying over ₹9,000 a quintal in early part of March.


Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.04 per cent to 91.12. The dollar fell as fading gains in U.S. Treasury yields reduced the greenback’s interest rate advantage. The U.S. dollar fell as fading gains in Treasury yields reduced the greenback’s interest rate advantage. Last month, Treasury yields spiked to their highest in more than a year due to worries about accelerating inflation, which prompted dollar bulls to pile into the currency.
The onshore yuan rose to 6.4828 per dollar to reach its strongest level since March 12. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. The bond market is subdued as 10-year is hovering around 1.56%, while European yields are slightly firmer The dollar is mostly firmer, with the Antipodeans and sterling the weakest. The US dollar initially threatened to extend its eight-day slump against the Chinese yuan and slipped to its lowest level since March 12 near CNY6.4825.
Turkey’s lira dropped 1.4% to trade at 8.31 per dollar. Dollar weakness is capped by surging Covid-19 cases in India and Japan, even as investors are wary of new lockdowns and outbreaks in other countries.


Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic. Gold prices edged lower today in Indian markets after the recent surge. As far as investments goes in the coming weeks and maybe months the Gold Bugs (HUI) index may outperform the Nasdaq 100 (NDX) index. Gold prices are trading down 0.6% at Rs 47,944 per 10 grams. S&P 500 futures pointed to a small move lower at the open, the 10-year Treasury yield was at 1.559%, oil slipped and gold was down.
Iron ore revenue by far Australia s largest export cash cow have surged, thanks to higher prices and volumes. There is a lot of evidence that gold index are starting an impulse wave. Gold prices were in the red. We also noticed that several of our gold stock positions have the weekly Bollinger bands (BB) pinching. On MCX, gold futures were down 0.1% to Rs 48,195 per 10 grams.


Meanwhile, Brent crude futures, the global oil benchmark, fell 0.46 per cent to USD 65.02 per barrel. BEFORE THE BELL Futures for Canada’s main stock index were down as oil prices extended their losses following a surprise build-up in U.S. crude inventories. Valero said refining throughput, or the amount of crude it processed, fell nearly 8% sequentially to 2.4 million barrels per day. The same EIA report also showed a marginal increase in US gasoline stocks by 0.1 million barrels, whilst distillate fuel stocks eased by 1.1 million barrels.
This went against analysts expectations of a 3 million barrel drop according to a preliminary Reuters poll, thus resulting in crude futures to trend downwards. Oil extended their losses following a surprise build-up in U.S. crude inventories. On Wednesday the Energy Information Administration (EIA), reported a surprise build in US crude stocks by 594,000 barrels for the week ending 16th April. The demand outlook is weakening as COVID cases are rising exponentially in India, the third largest imported of oil.
WTI crude oil needs to break below 61.00 to continue double top reversal pattern. “India, the world’s third-largest oil user, on Wednesday reported another record increase in its daily death toll from Covid-19.

United States

The first-quarter earnings season has gotten off to a great start as banks have been crushing Wall Street analyst estimates. Nasdaq Futures are trading flat while Dow Futures are trading down by 10 points (flat) The rupee is trading at 74.96 against the US$. Its operating ratio, a measure of operating expenses as a percentage of revenue and a key metric for Wall Street, rose to 60.2% from 59.2% a year earlier. Revenue at Switzerland’s second-largest bank by assets after UBS Group AG rose 31% to about $8.3 billion from client activity in surging markets.
The Covid Setbacks May Cost Airlines $48 Billion New flare-ups and mutations might be pushing back the timeline for travel.
Nasdaq Inc: Piper Sandler raises target price to $175 from $169 after the company reported a strong first-quarter revenue and expense beat driven by non-transaction revenues. Today, Wall Street continues to use Zacks research including the Zacks Rank and Zacks Equity Research, which combines the best of quantitative and qualitative analysis. COVID-19 cases have begun falling in the US, showing the effects of reaching 40% of its population with one vaccine dose.
Some say that it is the Fed which is artificially inflating demand for Treasuries (and other asset classes) due to its own bond buying programs. less ‘Sell in May and go away’ – is an old Wall Street saying.


Canberra’s relationship with Beijing had been stressed ahead of yesterday’s decision. That s when Australia vetoed an agreement between the Victoria s state government and Chinese President Xi Jinping s signature BRI.Beijing s condemnation was swift. Beijing responded sharply to the decision to nix the deals. He s described Chinese President Xi Jinping as a thug.


A more cautious sounding ECB could see the pair look back towards 0.8590, the weekly low before considering a move towards 0.85 the round number (FXE, FXB). The technical picture on the hourly TF looks buyer-friendly, as the bulls may shrug off today’s rate decision and press conference by ECB President Christine Lagarde. Should Christine Lagarde sound optimistic regarding the outlook EUR/GBP could look to break resistance at 0.8673 the weekly high before heading back towards 0.8715.
European equities moved towards record highs, as strong company earnings brightened sentiment ahead of the ECB’s policy decision. PIMCO Markets riseEarnings are dominating market moves this morning ahead of the ECB meeting and U.S. economic data. The capital markets are mostly quiet ahead of the ECB meeting, today’s highlight. However, Europe’s quicker immunization effort, America’s economic boom, and other reasons may prompt reporters to ask ECB President Christine Lagarde about or not deploying in full.
Moreover, the ECB’s decision comes less than 24 hours after the Bank of Canada announced it will taper bond buys. The vaccine program and business optimism is starting to improve in the bloc and the ECB is likely to acknowledge that. AstraZeneca PLC: The European Commission is working on legal proceedings against AstraZeneca after the drugmaker cut COVID-19 vaccine deliveries to the European Union, sources familiar with the matter said.