Open: New York Session | Forex, Metals, Oil, Agriculture August 14, 2020



In a separate report, USDA said weekly export sales of soybeans through Aug. 6 totaled 2.13 million tonnes, the most since November 2016. In April, Luckin Coffee Inc., an upstart Chinese rival to Starbucks Corp., said employees had fabricated more than $300 million in sales. When a U.K. coffee shop began offering a vegan sausage roll, for example, it drove more growth in traditional meat products than it did in the vegan sausage roll. Raw sugar futures on ICE closed higher at a new five-month peak on Thursday as funds extended long positions amid some positive fundamental news.
So coffee and Coca-Colas are excluded from Core Inflation, but Budweiser and Jack Daniels aren’t.


The linking to the US dollar is done because the dollar serves as the world’s reserve currency and denominates about 60% of the monetary reserves of the entire world. Gold prices fell as a rally in U.S. treasuries and a steady dollar prompted a sell-off in bullion following a steep retreat from record peaks. Gold prices fell as a rally in U.S. treasuries and a steady U.S. dollar prompted a sell-off in bullion following a steep retreat from record peaks.
Well, let’s assume that the US dollar (along with all other currencies) now not pegged to a gold standard, and as such a fiat currency won’t survive. As the week gets set to close out, currencies are consolidating gains against the US Dollar, while US stocks retain their bid tone just off recent record highs. The euro closed 0.26% higher over the dollar yesterday as the eurozone continued to show further signs of economic recovery. On top of that, the local currency has twice been devalued against the dollar this year, risking losses when the money is repatriated.
This year is a year of trouble inside many countries and change for the US dollar bullish index ETF (NYESARCA: UUP). Wary Nigeria | Bond investors in Nigeria may be left stranded as the central bank halts dollar sales to foreigners. Opinion China may dismiss U.S. sanctions, but its banks can’t as the dollar reigns supreme, Nisha Gopalan writes for Bloomberg Opinion.


Gold 7 days Gold 14 days Gold 1 month Gold 1 month Gold 3 months Gold 6 months Norges Bank will keep the key rate on hold next week. The country’s biggest gold producer forecast gold output to be between 1.95 million ounces and 2.15 million ounces next year, down from the 2.2 million ounces produced in 2020. Hong-Kong listed Rusal, the world’s largest aluminium producer outside China, said that it expected global aluminium prices to continue to remain at depressed levels in 2020.
Even with the correction in prices, gold and silver remain among the best performing commodities this year to combat the fallout from the coronavirus pandemic. The world’s top producer of the metal churned out 3.10 million tonnes of primary aluminium last month, up 3.1% from a year earlier, the National Bureau of Statistics said. Last week, gold had hit a record high of Rs 56,191 in Indian markets amid a global rally. Investors locked in profits fueled by the recent rally in Johannesburg gold stocks as the price of bullion surged to a record.
Analysts are expecting iron ore prices to remain elevated, coming in at least above $100 per ton for the rest of this year. Gold had tumbled on Tuesday this week, then swung in a wide arc on Wednesday, as last-week’s rally likely spurred some technical selling and profit-taking. Gold prices are trading down by 0.8% at Rs 52,521 per 10 grams.


For the third quarter (the current quarter as I type this) this year, OPEC expects demand for its oil to average 26.74 million barrels per day. With global demand expected to average 97.63 million barrels per day, translating to 29.29 million barrels per day from OPEC just to maintain balance. BEFORE THE BELL Canada’s main stock index futures fell, as oil prices weakened following uncertainty around its demand recovery due to the COVID-19 pandemic. Credit Suisse raises target price to $53 from $50, citing positive industry conditions with upward revisions for U.S. crop, improving vegetable oil demand and strong grain exports to China.
On Thursday, the IEA said reduced air travel this year would result in global oil consumption reducing by 8.1 million bpd.
During the month of July, all OPEC nations reported some change in oil production relative to the month before. Oil slipped over demand recovery fears and rising supply. Others saw very small drops, like Iran with its 11 thousand barrel per day decline and Nigeria with its 9 thousand barrel per day drop. Fuel oil inventories however, dipped by 136,000 mt to 1.22 million mt.
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United States

For bond investors, it is critical to understand the movement in the US Treasury bond markets in the global context of currency-hedged, investment-grade interest rates. less The US Index saw a slight progression as the weekly unemployment claims drop below one million for the first time since March. Smaller banks say Ameribor reflects the cost of funds in trading in financial markets for banks that aren’t among the Fed’s exclusive counterparties—also known as primary dealers.
In particular as the front end may keep performing in relative terms due to a low for loooooooooooong forward guidance by the ECB and the Fed. Asked by CBS News’ Catherine Herridge why black Americans continued to die in the hands of police, the US president responded by saying “so are white people”. Since the Fed’s massive interventions, they may have been saying more about its grip on nominal rates, according to Bank of America s Bruno Braizinha and Olivia Lima.
The Fed is widely expected to formalize its commitment to keeping interest rates floored at its next meeting. Risk appetite may reverse in the coming days as the US-China trade talks are expected to resume. The admission came less than a year after it went public on Nasdaq, and the company has since been delisted. Under a plan recommended last week by the Trump administration, these Chinese firms would have to comply with U.S. audit requirements by 2022 or give up their American listings.


Shifting to a government-run digital payment system would help combat money laundering, gambling and terrorism financing, the PBOC has said. The PBOC has been doing research into a digital currency since 2014. Chinese Vice Premier Liu He, President Xi Jinping’s chief trade negotiator with Washington, is expected to bring up concerns over the executive orders against the WeChat and TikTok apps. Concern about Beijing’s espionage has turned eyes to TikTok’s treasure trove of information on our children.


Boris Johnson has for the first time committed himself to an independent inquiry into the handling of the coronavirus pandemic in the UK. The demarche was based on a statement by the EU s top foreign policy official, Josep Borrell, in which he condemned the U.S. for what he called intimidation tactics. UK chief negotiator David Frost said on Thursday that a Brexit agreement can be reached with the European Union in September, adding further positive sentiment.
But Apple’s integration has also sparked a probe by the European Union into whether it inhibits competition by only allowing its own apps to use iPhones’ NFC. Sharing the full story, not just the headlines Download now “I consider Boris Johnson’s pronouncements to be a provocation,” she added.