Open: New York Session | Forex, Metals, Oil, Agriculture June 11, 2021

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

Agriculture

Dry weather is threatening yields at a time when Americans are embarking on summer travels, burning up corn-based ethanol that s mixed into gasoline.

Currencies

The British pound depreciated 0.1% against the U.S. dollar, with 1 pound buying $1.42 whereas the Swiss franc and the euro strengthened 0.1% against the dollar. The index so far survives above the 90.00 neighbourhood, which has emerged as a tough barrier for dollar bears. Gold prices aiming higher as Treasury yields and the US Dollar weakened on Thursday. Gold prices fell while the dollar gained. Gold prices fell while the U.S. dollar gained. “We think the selloff in dollar rates will be slower and more gradual once we hit 2% for the 10-year.
In Tokyo trading as of 10:03 am, the US Dollar Index was trading at 90.05.DXY, down 0.03%. He is also Chairman of SchiffGold, his precious metals dealer, Euro Pacific Asset Management, and Euro Pacific Bank, his brokerage firm for international clients. He is also … more Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital, an SEC-Registered Investment Adviser and a full service broker/dealer.
A financial professional for more than twenty years, he joined Euro Pacific in 1996 and served as its President until December 2010, when he became CEO.

Metals

In a recent Twitter thread, Gayed argued that market crashes and bear markets over the last few decades have been preceded by weakness in lumber relative to gold. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic. Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 49,165 per 10 grams. >> Fabrice Drouin Ristori on Twitter is an independent investment analyst and studies the gold and silver market and their future role in the international monetary system.
Gold prices are trading up by 0.2% at Rs 49,280 per 10 grams. Gold prices are trading up by 0.3% at Rs 49,357 per 10 grams. Nearly every major crash, correction, and bear markets has historically been preceded by weakness in Lumber relative to Gold. He is well known for combining technical, fundamental and sentiment analysis into one accurate conclusion about the gold market.
A fractal volume transaction analysis of the Silver market from March last year up to recent data shows a strong supply zone at US$27.50. Gold prices in India continued to struggle for the sixth day in a row, moving in a very narrow range.

Oil

Oil prices rose on expectations of a recovery in fuel demand in the United States, Europe and China as rising vaccination rates lead to an easing of pandemic curbs. Fuel oil inventories were off by 63,000 mt to 1.31 million mt, while gasoline stocks fell by 53,000 mt to 1.13 million mt. Photo: christian hartmann/Reuters Oil prices wavered early Friday, with Brent crude oil, the global benchmark, up 0.3% at $72.71 a barrel. At the same time, the world has finally burned off the glut of oil it built up when pandemic restrictions grounded flights and shut factories and restaurants last spring.
less Crude oil prices traded little changed over the past 24 hours. In addition, a few more factors are also positive for the rate path: Oil prices are higher than Norges Bank expected. The NOK (I-44) is broadly in line with Norges Bank’s view but weaker than oil prices suggest, telling that the risk premia on the NOK is somewhat higher. Both benchmarks hit fresh multiyear highs on Wednesday, with optimism about resurgent demand having held Brent prices above $70 a barrel in recent weeks.
Refinitiv Oil Research recorded a trickle of jet cargoes from the East of Suez, despite stocks remaining above their seasonal averages (see Refinitiv East to Europe Jet Imports Report).
Earthquakes on Record-Breaking Pace in U.S. Shale, Study Finds Producers are pumping massive amounts of dirty water from their oil and gas wells back underground.

United States

They were among the $8.6 billion worth of fixed-income ETFs that the Fed purchased as the pandemic descended last year, effectively freezing credit markets. In US stock markets, Wall Street indices closed at record high as inflation figures exceeded expectations. less Analysts say that that volatility was attributed largely to the US inflation data which was unexpectedly higher. Nasdaq Futures are trading up by 8 points (up 0.1%) while Dow Futures are trading down by 7 points (flat).
The best thing the Fed has done, the most effective, is that they stayed consistent around the transitory narrative, he said. Which you would think would be a cause for concern given the Fed’s 2% inflation mandate. Much is made of the Fed’s activity in the Treasury market, but the central bank only holds around 25% of the total. Photo: Ting Shen for The Wall Street Journal To be sure, many analysts are expecting Treasury yields to tick up as U.S. economic growth and inflation pick up.
The report comes the day after a Wall Street Journal analysis showed that more people have died from Covid-19 already this year than in all of 2020. Since leaving Wall Street I’ve dedicated my financial career towards studying this situation and helping people understand what’s actually happening.

Europe

In their first face-to-face meeting, Biden and U.K. Prime Minister Boris Johnson were eager to re-establish the special Anglo-American relationship, even though Johnson described the term as cliched. The ECB’s forward guidance on growth and inflation was revised higher, while the current loose monetary policy will continue in the short term. Next week, the European Union will start approving member nations’ spending plans as part of the bloc’s €673 billion pandemic recovery package.
Under the surface though, simmering tensions related to the U.K. s split from the European Union threaten to sour the mood at the seaside venue. But these are crowded areas: In 2019, the EU already cleared €3.2 billion for developing batteries, three-quarters of which went to “core” countries. Merkel s successor at the helm of the conservatives, Armin Laschet, will continue the energy transition, Kemfert said. The Pentagon’s research money may have fostered the internet, but EU “cohesion” funds spent in the South failed to boost productivity.
Airlines Want to Scrap EU s Compensation Rules They had to pay more than $12 billion in refunds during lockdowns last year. After 16 years under the leadership of Angela Merkel, Germany votes for a new chancellor at the end of September. Photo: Alberto Sibaja/Zuma Press To be sure, the EU’s green agenda has provided a welcome backdoor for some vertical bets.

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