Open: New York Session | Forex, Metals, Oil, Agriculture March 23, 2021

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


The exports included 14 million tonnes of wheat, 15.43 million tonnes of corn and 4.05 million tonnes of barley, the data showed. Raw sugar futures closed down for the fourth consecutive session on Monday, hitting the lowest price since Jan. 12, weighed by a mostly negative macroeconomic outlook for agricultural commodities. Producers of sugar and sunflower oil agreed to reduce prices with retail chains until the end of March. MARKET NEWS U.S. corn futures edged higher, as strong Chinese demand for U.S. supplies and concerns over the weather in South America supported gains.
Touchless coffee machines.


The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.42 per cent to 92.12. Today’s worst performing currencies are the New Zealand dollar (-1.22%) and the Australian dollar (-0.77%) as risk aversion sets in. This was somewhat offset by US Dollar gains against its Canadian Dollar peer. On the other hand, slipping below the 8-day simple moving average may motivate US Dollar bears to have another look at last week’s lows around the 90.30-price level.
Additional spending means a hotter economy and also elevated debt issuance – and a potential rise in yields makes the dollar more attractive. This might bring the negatively-sloped 200-day simple moving average into focus as a potential topside objective for US Dollar bulls. At the interbank forex market, the rupee opened flat at 72.37 a dollar. Commentary from key Federal Reserve personnel could weigh on the direction of Treasury yields and the US Dollar.
The US dollar retreated against major currencies as the 10-year UST yield fell to 1.67% and continues to decline on Tuesday. A slightly risk off mood is supporting the safe haven US Dollar.


In news from the commodity space, domestic gold prices fell for the second day in a row amid weak global cues. () Try calling a gold coin dealer and see what kinds of premiums they charge you – that is if they even have any gold coins to sell. Gold prices in India fell for the second day in a row amid weak global cues. On MCX, gold futures fell 0.2% to Rs 44,795 per 10 grams while silver declined 0.5% to Rs 66,013 per kg. Gold prices for the latest contract on MCX are trading down by 0.3% at Rs 44,920 per 10 grams.
Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic. Right now, stocks keep ticking higher, yet the price of gold recently hit a 10-month low. Gold prices are trading down by 0.2% at Rs 44,800 per 10 grams. Obviously, the price of gold will have strong moves higher and lower, but over time, that is generally perceived to be the value.
It allows investors to add gold or gold-related assets at low prices.


Crude oil prices fell on worries that the slow pace in vaccination programme and the risk of new lockdowns in Europe may hamper economic growth. Prices last month hit all-time highs, as global demand soared for oilseeds to make vegetable oil and animal feed. The flurry of deals underscores the Canadian energy sector’s desire to grow to benefit from the rebound in oil prices as global fuel demand picks up. Meanwhile, global oil benchmark Brent crude futures fell 3.03 per cent to $62.66 per barrel.
BEFORE THE BELL Futures for Canada s main stock index edged lower as oil prices fell on demand concerns.
The IEA expects oil demand improvement in OECD countries of 6.3 million bpd this year after a drop of 11.8 million bpd in 2020. California Resources filed for Chapter 11 bankruptcy protection in July last year after defaulting on interest payments following a slump in oil prices. Oil remains depressed for a second straight session amid concerns that rising COVID cases in Europe will hit demand. However, easing crude oil prices and positive equities lent some support to the local unit and restricted the fall.
“However, a sharp fall was prevented on a rise in risk appetite in the domestic markets and softening of crude oil prices.

United States

In his prepared testimony Powell said that while the economic recovery is progressing well, it is still far from complete and so the Fed will continue to provide support. US stock futures are trading lower today indicating a negative opening for Wall Street indices with Dow Futures trading down by 134 points (down 0.4%). “We suggested the market might come to understand the Fed’s new average inflation targeting policy following its March meeting. Treasury yields rose on expectations of higher inflation and monetary policy tightening by the US Federal Reserve.
Nasdaq Futures are trading down 51 points (down 0.4%) while Dow Futures are trading down 74 points (down 0.2%) The rupee is trading at 72.29 against the US$. Asian share markets ended on a mixed note tracking Wall Street as bond yields eased, allaying concerns around rising inflation. “They went really big “Cecchini noted the Fed instituted a massive monetary stimulus program, cutting rates almost to zero, and unveiled plans for massive asset purchases.
The market can force the Fed to cut rates by cratering, but it can’t force the Fed to hike rates. On the flip side, the Fed and chair Jerome Powell are sticking to the ‘transitory inflation’ theme, but inflation is like a fire, you have to put it out. The Fed’s raised GDP and inflation outlook didn’t change its zero percent interest rate policy.


It sounded like a big move, but it won t disrupt business in Xinjiang, a key part not just of the Chinese economy but the global supply chain. Today, Baidu finally came back home,” he told a ceremony in Beijing.


Seperately, the European Commission’s chief vaccine negotiator Sandra Gallina said the European Union will use all available means to secure COVID-19 vaccine produced by AstraZeneca. The bad news is that the row with the U.K over vaccine supplies continues, though diplomatic efforts for an amicable settlement are under way. Moreover, despite an improving political climate The British government is trying to calm EU officials with overtures regarding the distribution of AstraZeneca’s doses.
In Germany Angela Merkel extended their lockdown by 3 weeks, followed by the introduction of even tougher restrictions during the Easter holiday. ECB Action | The ECB finally delivered on its promise to boost the pace of emergency bond-buying to combat the economic threat from higher yields. Merkel Imposes Radical Easter Lockdown Germany tries to defuse a third wave. less “” – that is how German Chancellor Angela Merkel has described the spread of the British variant in Europe’s largest country.
UK Prime Minister Boris Johnson’s moves come after Brussels threatened an export ban. Interestingly, import prices from the EU have increased substantially at the same time.
U.K.’s Boris Johnson says the EU does not want “blockades.