Open: New York Session | Forex, Metals, Oil, Agriculture December 16, 2020

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


Mish on Coffee and Sugar Exchange less BRICS (Brasilia, Russia, India, China, and South Africa) was organized in 2006 by four economies from the top 10. MARKET NEWS U.S. soybeans edged higher as strong demand from U.S. processors pushed prices to a more than two-week high.


Even as the dollar index is hinting at a further weakness in the dollar, which is good for the rupee, traders need to wait for INR to breach 73.50. The dollar languished near 2-1/2-year lows as progress toward a massive U.S. government spending bill and COVID-19 relief measures whetted risk appetite, sapping demand for the safest assets. FOREX: Strong euro zone survey figures and hopes of progress on Brexit negotiations pushed the euro above $1.22 versus the U.S. dollar for the first time since April 2018.
BL Research BureauThe rupee (INR) posted a marginal loss last session as it ended at 73.64 versus 73.57 against the dollar (USD) on Tuesday. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading 0.03 per cent lower at 90.44. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. Other investments in the banking industry include $5 billion in Goldman Sachs preferred stock, which generated a multi-billion dollar profit.
The international diversification of ETFs such as VNQI also create the potential to generate excess returns from a bear market in the U.S dollar. On Tuesday, the Indian rupee depreciated by eight paise to settle at 73.63 against the US dollar. Buy Barclays Euro Green Bond index in spread to the total Barclays Corporate Bond Index.


In global markets, gold prices were muted today as a rally in global equity markets took some shine off the yellow metal. Copper prices advanced as market sentiment was boosted by solid manufacturing data from top consumer China and the roll-out of COVID-19 vaccines in some major economies. Following an overnight rally in global markets, gold prices edged higher in India. Markets that are sensitive to the conditions in the sector, especially industrial metals like steel and copper, may begin to reflect that.
Gold prices are trading up 0.4% at Rs 49,635 per 10 grams. In his writing and research, Sumner specializes in monetary policy, the role of the international gold market in the Great Depression, and the history of macroeconomic thought. In the previous session, gold had jumped Rs 530 or 1.1% per 10 grams. We also discuss silver, crude oil, USDJPY breakdown potential and whether tonight’s FOMC meeting could disappoint expectations for more easing.
Hopes of the rollout of more US stimulus have supported the recent bounce in gold and silver. On MCX, February gold futures gained 0.3% to Rs 49,571.


By the way, Oil Search, despite its ASX listing, produces oil & gas only in Papua New Guinea (for now). Thus it may be more reasonable to assume a lower long-term distribution, such as $1.30 per unit in a mid-to-high $40s WTI oil scenario. With its EBITDA expected to trend downwards at this oil price, there may be further drop-down transactions to boost its ownership stake in certain DevCos. Interior Department from opening the Arctic National Wildlife Refuge (ANWR) to oil and gas exploration before President Donald Trump leaves office next month.
Its Brent crude oil prices. However, as time goes on, OMP’s capex requirements are expected to increase, while its EBITDA may see some declines at mid-to-high $40s WTI oil. However, it’s also focused on massively scaling up TCO, a large legacy oil position, at the cost of $45.2 billion. Source: Oasis Petroleum These forecasts were based on WTI oil averaging $44.54 per barrel from 2021 to 2023. Refinitiv Oil Research believe transatlantic flows of diesel remain constrained by poor paper returns as Northwest Europe grapples with high imports from East of Suez and Russia.
Chevron – NY Times Chevron is one of the world’s largest oil producers with operations and assets distributed across the world.

United States

Yes, the Fed will earn interest on the bonds it purchases, but it will pay interest on the bank reserves that it injects into the economy. U.S REITs are far more expensive than their international peers and are subject to negative economic factors such as declining rent growth and potentially rising interest rates. This is because a large permanent increase in the stock of zero interest currency would likely cause the Fed to overshoot its 2% inflation target.
Traders said some depreciation could be expected during the day as market participants await the conclusion of the US Fed meeting. So let’s assume that the deficit is financed by issuing Treasury debt, and the Fed buys the debt with interest-bearing bank reserves. Nasdaq Futures are trading up by 18 points (up 0.1%) while Dow Futures are trading down by 32 points (down 0.1%). In that case, there is not likely to be much Fed profit to offset the interest burden on the Treasury. Meanwhile, the Fed plans to keep its interest rate near zero through at least 2023.
Treasury Secretary Steven Mnuchin, who spoke to Mrs. Pelosi earlier Tuesday for more than an hour, will also call into the meeting, Mrs. Pelosi’s spokesman said on Twitter. The company is still down over 80% from its price in 2017 and the prospects for the U.S and European auto industries are still unclear.


Rainbow Digital Commercial operates its businesses in many locations in China, including Guangdong, Fujian, Jiangxi, Beijing, and Chengdu.


The concern among European competitors is that LSE may not be subject to Europe’s MiFID II market rules after Brexit, handing it an unfair advantage, according to Bloomberg. Importantly, an over 14% exposure to the British equities makes EFA’s price performance dependent on the gyrations of the pound sterling, and, hence, on the outcomes of Brexit. The LSE planned acquisition of Refinitiv has created strife to be adjudicated by the EU Directorate General for Competition.
ECB curve spread control is coming.