Open: New York Session | Forex, Metals, Oil, Agriculture August 25, 2021

A member of the National Guard plays a trumpet during a flag rai

Currencies

Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. While the US dollar is trading at its resistance levels, it indicates that price swings in the forex and commodity markets prevail in the short term. The U.S. dollar strengthened amid fears of Delta coronavirus variant derailing a global economic recovery, while gold slipped. Long term, we remain bearish on the US dollar and bullish on gold and silver, but short-term corrections could destroy investor’s expectations.
In global markets, gold prices fell today as the US dollar inched higher. less Gold prices edged lower on Wednesday as the U.S. dollar and risk appetite improved. The divergence between federal debt and the ability to pay for it accelerated during the subprime crisis and is accelerating again due to pandemic-related multi-trillion-dollar deficits. With Europe being the main theme of my professional life, obviously something to say on the euro crisis.
In 2008, I joined ING and immediately had to put my experience on Europe, the Euro and policy-making into practice.

Metals

We have labeled the previous week as the “wait and watch” week in order to better understand the next move in gold and silver prices. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. The broad ranges of 1700-1900 in gold and 22-30 in silver remain active, and it is pointless to look deeper into the details until these broad ranges are broken. Gold prices are trading down by 0.5% at Rs 47,355 per 10 grams.
Gold prices are trading down 0.5% at Rs 47,393 per 10 grams. On MCX, gold futures fell 0.6% to Rs 47,360 per 10 grams after rising for four days. Unsplash Spot gold is currently trading at $1,794.80 per ounce as of 0801 GMT. Gold prices fell sharply in Indian markets today after a run-up over the past few sessions. Meanwhile, silver prices are trading down by 0.7% at Rs 63,052 per kg. Spot gold fell 0.4% to US$ 1,796 per ounce.

Oil

But if the members want to follow the science and show credible ambition, they have to stop insuring new oil and gas projects. Premiums from insuring new oil and gas projects amounted to about $1.7 billion in 2018, which equals just 0.1% of all property and casualty premiums. State Oil Companies Take Their First Ungainly Steps Toward Climate Neutrality Nationalized fossil fuel businesses are arms of the state and can t bend as far. BEFORE THE BELL Futures tracking Canada’s main stock index rose to hover near record highs, helped by firmer oil prices and upbeat earnings from Canadian lenders.
These companies must buy crude oil and produce gasoline and other fuels to sell. You might have noticed that as crude oil fell, the price of gasoline has not. Yet governments still plan to expand oil production by 20% over the next two decades. Locked in emissions from oil refineries may have already made some climate goals unreachable. As soon as the number of COVID cases starts to drop, oil prices will move quickly higher.
State-backed oil producers take a few wobbly steps in the general direction of net zero.

United States

The market will be monitoring Fed Chair Jerome Powell’s speech at the annual economic symposium in Wyoming to see if he will give a tapering timeline. This is no small debate since the US housing market is essentially the economy, mortgage debt comprises 75% of all household debt AND shelter is 33% of the CPI. US S&P 500 and NASDAQ set new record highs, and Asia Pacific markets moved higher, though there was profit-taking in Hong Kong on Chinese tech names.
Even when tapering begins it will only slow the Fed’s balance sheet growth, since they’ll still be buying bonds albeit at a slower rate.
Wall Street futures traded with slighter gains, with investors focus set on Fed chair Powell’s speech at the Jackson Hole symposium scheduled later this week. All three major US stock indexes advanced higher, with the S&P500 index and the Nasdaq closing at all-time closing highs. COVID concerns and indecision over what the Fed could say at this week’s Jackson Hole Symposium is boosting safe haven flows into the greenback. A weaker than forecast reading could further cool Fed tapering expectations ahead of the Jackson Hole Symposium on Thursday and Friday.
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. A decade passed since the 2008-09 Great Financial Crisis before any meaningful reduction in the Fed’s balance sheet occurred.

China

The fear of missing out may be greater than the fear of Beijing’s moves. The SEC has modified the disclosures needed for Chinese IPOs in part because of Beijing’s recent actions. It set a record high in mid-February, a few months after Beijing stopped the Ant IPO.

Europe

less Covid results in its increased use in EU, US China’s loss is India’s gain at least in terms of tufted mats shipments exports during 2020-21. 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. Main focus: Europe, Eurozone, Germany and ECB.

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