Open: New York Session | Forex, Metals, Oil, Agriculture June 07, 2021

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


Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


The US Dollar is heading higher tracing yields higher as attention turns to US CPI data later in the week. Lower interest rates weigh on the dollar and yield, and boost gold’s appeal. In international markets, gold prices moved lower, hurt by a stronger US dollar. less Gold prices fell on Monday as the U.S. dollar recovered. The DXY US Dollar index also climbed modestly to 90.17, exerting downward pressure on gold. The dollar gained, while gold prices slipped.
The U.S. dollar gained, while gold prices slipped. Looking ahead, Euro area GDP data and the ECB interest rate decision dominate the economic docket this week. The Swiss franc, the euro and the British pound depreciated 0.1%, 0.2% and 0.2% respectively against the U.S. dollar. Practically speaking, Friday‘s moves in the dollar, some commodities and precious metals, reversed a great chunk of the preceding day‘s bigger swings.


Amid muted global cues, gold prices in India edged lower today On MCX, gold futures were down 0.1% to Rs 48,953 per 10 grams. I would be adding slowly and would not be overly excited to build up a huge position right away because of the inherent volatility of gold markets in general. Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 48,865 per 10 grams. Gold prices are trading down by 0.1% at Rs 48,973 per 10 grams. Gold prices are trading down by 0.3% at Rs 48,833 per 10 grams.
NCDEX cuts transaction fees on futures trade Gold prices pulled back slightly during Monday’s Asia-Pacific trade after rising over 1% on Friday. That being said, if we were to break down below the previous uptrend line, that probably would send gold much lower. He is an analyst at which is a website aimed at offering quality analysis of gold prices. Spot gold is currently trading at $1,883.71 per ounce as of 0701 GMT. less Gold is looking at the possible support as the price is turning lower.


Oil prices haven’t topped that milestone since 2014, when a gush of U.S. crude depressed energy markets. Iran and global powers will enter a fifth round of talks on June 10 in Vienna that could include Washington lifting economic sanctions on Iranian oil exports. Iran is expected to have its fifth round of talks on June 10th in Vienna which could possibly result in the US lifting economic sanctions on Iranian oil exports. Source: Google Looking ahead, traders will eye this week’s API and EIA crude oil reports for clues about the supply-demand relationship.
Oil prices fell, pressured by the prospect of higher Iranian exports. Refinitiv Oil Research is tracking exports of Northwest European gasoline to the United States at 260,000 tons this week, aboard seven medium range tankers. “Everyone’s been looking at it,” Adam Webb, chief investment officer of trading firm Blue Creek Capital Management LLC, said of $100 call options for oil delivered in December 2022.
They have scooped up call options tied to Brent and West Texas Intermediate crude-oil prices reaching $100 by the end of next year. ICE Brent futures closed at $71.89/bbl on June 04, up 3.2% for the week, while West Texas Intermediate (WTI) futures closed at $69.62/bbl, up 4.1% for week. June CFR naphtha-Brent cracks were $0.12 higher at -$0.53/bbl; 3Q ’21 traded $0.00 higher at -$0.91/bbl while the 2H Cal ’21 declined $0.05 at -$0.97/bbl.

United States

Meanwhile, US inflation readings will also be closely monitored by traders for clues about rising price levels and their ramifications for Fed monetary policy. She also added that a “slightly higher” interest rate environment would be a “plus” for the US, reigniting fears about tapering Fed stimulus. Nasdaq Futures are trading down by 30 points (down 0.2%) while Dow Futures are trading down by 33 points (down 0.1%). The Fed has said that it wants to see “substantial further progress” in the labor market, and this report might not do the trick.
CNN and the Washington Post have said the Trump administration had secretly tried to obtain the phone records of some of their reporters over work they did in 2017. The market mood is mixed following the US NFP miss on Friday and after China exports surged but also missed expectations. Image Source: Pixabay In May, the non-farm payroll sector of the US economy added 559k new jobs, vs. the median consensus that called for 650k.
He is an avid market watcher having followed capital markets in the US and India since 1993. Furthermore, the probability of the US economy re-entering recession territory as soon as the first half of 2022 is now extremely low.
The Fed‘s forward guidance maneuver can continue, and inflation trades breathed a sigh of relief.


As part of President Xi Jinping s drive to eliminate China s net emissions by 2060, the nation plans to start cutting coal consumption from 2026.


Most seem to expect the ECB to affirm its current pace of bond buying at this week’s meeting. Since the UK left the EU, relations have deteriorated between the two sides with both accusing the other of acting in bad faith over the Northern Ireland protocol. U.K. Prime Minister Boris Johnson risks his first parliamentary defeat with a backbench rebellion over a planned cut to overseas aid. 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.
GBP/USD trades lower on Monday, failing to extend Friday’s gains as COVID and Brexit concerns return (FXB,UUP). Underpinning the ECB s decision on Thursday will be new economic forecasts, which are likely to emphasize the volatility of incoming data. Angela Merkel’s CDU scored a convincing win with some 36% of the vote, more than expected and more than in the last election in 2016. GBP/USD trades under pressure amid rising COVID cases & Brexit concerns.
Main focus: Europe, Eurozone, Germany and ECB.