Agriculture
Traders sold 12.51 million tonnes of wheat, 9.73 million tonnes of corn and 3.78 million tonnes of barley, the data showed. A slightly smaller final US corn (CORN) crop of 14.425 bil bu is expected, off 82 million from November. US soybeans (SOYB) will be the market’s main focus as traders are expecting smaller US ending stocks & a lower S. American crop next week. CBOT corn futures are not as strong as they were at this point in 2011, though soybeans are close.
Coffee may speed its rally while cocoa may suffer more loss. Raw sugar futures climbed to a 3-1/2-year high on Wednesday, boosted by short-term supply tightness and broad-based strength in agricultural commodity markets. Soybean Export Council.
Coffee may speed its rally while cocoa may suffer more loss. Raw sugar futures climbed to a 3-1/2-year high on Wednesday, boosted by short-term supply tightness and broad-based strength in agricultural commodity markets. Soybean Export Council.
Currencies
The dollar index rose 0.1 per cent to 89.444 in Asian trade, but still lay close to its overnight low of 89.206, a level not seen since March 2018. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14 per cent to 89.40. The dollar fell 0.1 per cent to 103.145 yen, after dipping to 102.595 on Wednesday for the first time since March. The riskier Australian dollar slipped 0.1 per cent to 77.950 US cents after touching a nearly three-year high of 78.195 on Wednesday.
“The dollar will remain weaker against commodity currencies like the Aussie and emerging market currencies,” which benefit when risk sentiment is positive, he said. less The rupee appreciated 3 paise to 73.08 against the US dollar in opening trade on Thursday, tracking positive domestic equities and a weak American currency. The yuan was largely flat at 6.4596 per dollar after Chinese authorities signalled a desire for a slower pace of gains.
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. “People have been bearish on the dollar now for at least six or nine months,” said Minh Trang, senior FX trader at Silicon Valley Bank in Santa Clara, California. Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo, sees the dollar’s fortunes split with Democrats controlling both Houses.
“The dollar will remain weaker against commodity currencies like the Aussie and emerging market currencies,” which benefit when risk sentiment is positive, he said. less The rupee appreciated 3 paise to 73.08 against the US dollar in opening trade on Thursday, tracking positive domestic equities and a weak American currency. The yuan was largely flat at 6.4596 per dollar after Chinese authorities signalled a desire for a slower pace of gains.
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. “People have been bearish on the dollar now for at least six or nine months,” said Minh Trang, senior FX trader at Silicon Valley Bank in Santa Clara, California. Masafumi Yamamoto, chief currency strategist at Mizuho Securities in Tokyo, sees the dollar’s fortunes split with Democrats controlling both Houses.
Metals
Copper prices advanced to a near eight-year high, on hopes of further stimulus measures from the United States after Democrats won control of the Senate. S&P 500 futures pointed to a higher open, the 10-year Treasury yield was at 1.044%, oil held its gains and gold slipped. Gold may revisit its November low to complete a correction.
Oil
US crude oil inventories last week fell by 8.0 million bbl during the week ended Jan 1st as per the US EIA. The largest U.S. oil producer said the emissions from its product sales in 2019 were equivalent to 730 million metric tons of carbon dioxide, higher than rival oil majors. US crude oil production in 2020 fell to 11 million bpd from 12.9 million bpd. Northern Alberta’s oil sands account for roughly two thirds of crude output from Canada, which is the world’s fourth-largest oil producer.
Gasoline stocks rose 4.5 million bbl while distillate stocks increased 6.4 million bbl. Brent crude futures, the global oil benchmark, rose 0.77 per cent to $54.72 per barrel. Refinitiv Oil Research is tracking 280,000 tons of discharges aboard four vessels this week compared to just one discharge of 35,000 tons the week prior. REUTERS TECHNICAL ANALYSIS Q1 OUTLOOK 2021 – WANG TAO Crude, palm oil and base metals are expected to extend gains in next quarter.
Oil prices have moved higher in recent weeks whereas the choppy electricity prices have come down. The dip in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
Gasoline stocks rose 4.5 million bbl while distillate stocks increased 6.4 million bbl. Brent crude futures, the global oil benchmark, rose 0.77 per cent to $54.72 per barrel. Refinitiv Oil Research is tracking 280,000 tons of discharges aboard four vessels this week compared to just one discharge of 35,000 tons the week prior. REUTERS TECHNICAL ANALYSIS Q1 OUTLOOK 2021 – WANG TAO Crude, palm oil and base metals are expected to extend gains in next quarter.
Oil prices have moved higher in recent weeks whereas the choppy electricity prices have come down. The dip in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
United States
YouTube says it removed livestreams intended to incite violence, and also removed Trump’s video for misleading information about the election results. Kurt Wagner If you read one thing Trump supporters’ rage simmered online even before Wednesday’s violence in Washington. Trump used Twitter as well as other social media providers, including Facebook and Google’s YouTube, to urge supporters to protest in Washington on Wednesday. Currency markets were largely unperturbed by scenes of chaos in Washington as supporters of outgoing President Donald Trump stormed Capitol Hill.
The mob supporting President Donald Trump has failed in its coup attempt – and EUR/USDwill likely fall short of ending the broad rally.
After lengthy talks, many wondering if the US-China Phrase 1 trade deal would even be signed. That new cartel leader also agrees to cut back drug shipments to the US as part of the deal. Sure, Trump manipulated crowds and is a sore loser (whether he would have lost in different voting regimens isn’t the point, it’s settled by Court already). The Fed’s meeting minutes from the latest meeting showed some on the board are already eyeing additional monetary stimulus.
In Georgia, Democrats look set to win both seats and thus the majority in the Senate, paving the way for an even more accommodative fiscal policy in the US.
The mob supporting President Donald Trump has failed in its coup attempt – and EUR/USDwill likely fall short of ending the broad rally.
After lengthy talks, many wondering if the US-China Phrase 1 trade deal would even be signed. That new cartel leader also agrees to cut back drug shipments to the US as part of the deal. Sure, Trump manipulated crowds and is a sore loser (whether he would have lost in different voting regimens isn’t the point, it’s settled by Court already). The Fed’s meeting minutes from the latest meeting showed some on the board are already eyeing additional monetary stimulus.
In Georgia, Democrats look set to win both seats and thus the majority in the Senate, paving the way for an even more accommodative fiscal policy in the US.
China
The company got permission in Beijing last month to deploy five vehicles for road tests without safety drivers inside the cars, a first for the country.
Europe
While that is all fine and dandy, the preparedness among the different EU countries has shown a staggering dispersion. A Brexit deal prevented a more serious situation from emerging in January. The EU has started distributing the vaccine to its members. The EU approved use of Moderna’s vaccine yesterday.
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