Open: New York Session | Forex, Metals, Oil, Agriculture April 26, 2021

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Currencies

Other outperformers included the Japanese yen (+0.81%), the New Zealand dollar (+0.74%), the Swiss franc (+0.69%), the British pound (+0.32%), the Canadian dollar (+0.26%), and the Australian dollar (+0.17%). The US Dollar drops to its lowest level since March as US stocks futures edge higher around record highs whilst US treasury yield continue to edge lower. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action.
June WTI was turned back from the $62.30 area and is trading around a dollar lower near midday in Europe. During the North American session, the intraday rally in the euro extended to 1.2100, with euro crosses on the buy side. The steepest gain against the US dollar was seen in the euro (+0.96%). Today we’ll have a look at an updated list of the global stocks that generate the most dollar volatility every day. Gold prices held firm, supported by a weaker dollar ahead of the U.S. Federal Reserve’s meeting this week.
Apart from having a positive direct effect on EUR/USD, the potential revival of the old continent’s tourism sector is one of the reasons the euro is on the rising. “That’s the tax rate you pay on an additional dollar of income.

Metals

One focus of the 12-member consortium, which also includes Japan’s Mitsubishi Heavy Industries, will be the production of carbon-neutral steel in the port city of Hamburg, the executives said. Copper jumps to highest since 2011 as demand bets reignite rally. S&P 500 futures pointed to a small move lower at the open, the 10-year Treasury yield was at 1.581% and gold rose. Gold is has edged up along with the industrial metals. Gold prices are trading up by 0.1% at Rs 47,592 per 10 grams.

Oil

Saudi seaborne crude exports for last week were seen at 39.4 million bbl (5.6 million bpd) compared to 38.5 million bbl (5.5 million bpd) the week prior. Japan is the world’s fourth largest oil importing country, consuming around 7% of global oil exports during 2019. Oil prices dropped on worries over fuel demand, while an expected supply increase from OPEC+ also added to the pressure. Cases in India, the world’s third largest oil importer topped 16.9 million.
The oil cartel and its allies have decided to add 2.25 million bpd from May to July at a meeting held on April 1st. India is the world’s third largest oil importer and accounted for around 10% of global imports in 2019. Indian Oil, the largest refiner in the country and also a state owned refiner had reduced throughput to 95% from 100% run rate in the previous month. Iranian oil production could be another wildcard in the oil market. Dubai time-spreads however cooled off with rising covid cases in India raising questions on demand and expected supply increase from OPEC members adding further pressure.
Northwest Europe exported almost 300,000 tons of gasoline to the US last week according to Refinitiv Oil Research data.

United States

This week is going to be a busy one for the stock market with corporate earnings picking up pace both in Europe and the US. BEFORE THE BELL Futures tracking the Nasdaq 100 index fell as big technology stocks dipped ahead of first-quarter earnings this week. Key news to watch for this week: FOMC meeting, Fed Chairman Powell’s press conference, Q1 GDP data in the US and Eurozone, and China’s manufacturing and services sectors PMIs. US stock markets rebounded on Friday as Wall Street reassessed concerns arising from news that the White House could seek a hike to the capital gains tax.
The US will be sending India raw materials for the AstraZeneca vaccine and provide financial aid for vaccine production. It clawed its way back above that level Sunday night as the Nasdaq rallied on Friday, but it is still in big danger of going down again. The UK, the US and other countries have offered aid – also of self-interest, as falling demand from Asia could hurt the global recovery.
Its request that the US allows the export of the vaccine’s raw material was rebuffed on the grounds that the US had a responsibility to look after Americans first.
The Capital Spectator has been quoted by a range of news organizations, including The Wall Street Journal, Reuters and others. Since then, the energy demand outlook was brightened by robust economic data from the US and China.

China

Adding to their optimism, governments including the Biden administration and Beijing see a role for nuclear power in global efforts to mitigate climate change. But China is notorious both for environmental pollution (as any visitor to Beijing in winter can attest), and governance issues.

Europe

Suppliers delivery times for factories fell to the lowest level since the survey started in May 2007.U.K.The Flash U.K. Composite Output Index surged in April amid looser pandemic restrictions. The EU and the UK are reportedly negotiating a quid pro quo deal on dealing with trade in Northern Ireland. Post-Brexit trade order | The U.K. and Australia have agreed to most of a free-trade agreement, with a deal between the countries now expected in June. By now, I have built up excellent skills and experience in analyzing macroeconomic and political developments in Europe, the Eurozone and Germany, including ECB watching.
His feature articles have been published on: FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. EU Eyes New Pollution-Cutting Trading System for Cars, Buildings European Union leaders will gather in Brussels for a special session on May 25. The U.K. and the EU want to cut emissions 68% and 55% below 1990 levels.
For sterling, Johnson’s Brexit actions matter more and they are pound-positive (FXB, UDN). Main focus: Europe, Eurozone, Germany and ECB.

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