Open: New York Session | Forex, Metals, Oil, Agriculture March 26, 2021



Machinery producer Caterpillar is facing shipment delays and the blockage is also curbing shipments of robusta coffee — the type used to make Nescafe. Raw and white sugar futures on ICE closed sharply lower on Thursday as rising COVID-19 cases in Europe prompted a broad-based selloff in wider financial markets. Containers of robusta coffee the type used in Nescafe are held up in the disruption to maritime traffic caused by the lodged vessel, the Ever Given.
The longer-than-expected closure of one of the world’s most important maritime routes will disrupt global supply chains for everything from grain to cars to coffee. Which European clothing chain was the target of a Chinese boycott campaign after saying it wouldn t use cotton from Xinjiang province?


The dollar was in the green, buoyed by hopes over improving U.S. economic data, while gold prices steadied. The U.S. dollar was in the green, buoyed by hopes over improving U.S. economic data, while gold prices steadied. Against the euro, the dollar fell to $1.1781 but was still near its strongest level since November last year. The US dollar also continues to rise on the back of positive data and has already renewed its highs on March 9. News feed for 2021.03.26: Technical indicators of the currency pair: The sterling stood out from all the group 10 currency pairs that declined against the dollar.
less Gold spent the week in a downward trend, testing the U$1720-25 level regularly, mainly as the Dollar Index strengthened. Weakening of the euro against the dollar resulted from a sharp decline in the EURGBP cross pair. The dollar index against a basket of six major currencies stood at 92.788, close to a four-month high. The decline was powered by a surge in the US Dollar, as investors flocked to the safe-haven greenback due to growing concerns around the globe.
While the pound may beat the euro, it may succumb to the dollar.


We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Perth and soon Dubai. Gold prices today declined in Indian markets, tracking softer global rates. In an initial response asset prices plummeted, the gold price declined more than 12%. Silver is priced far lower than gold so it is easier for new investors to jump in with only 1,000 euros.
As new investors, they were always more likely to invest in lower-priced silver than the seemingly more expensive gold. But could last week’s rise, the best year to date, be a turning point for gold? Note that earlier this month, gold prices had dropped to nearly one-year lows of Rs 44,150. With that in mind, what are some risks that crude oil and gold prices face heading into the weekend? Gold prices are trading down by 0.3% at Rs 44,555 per 10 grams. Gold prices have lagged, however.


less Crude oil prices fell on Thursday, giving up a decent chunk of gains from Wednesday as a blockage at Suez Canal increased concerns about global supply distribution. “Expectations that the blockage of the Suez Canal may last for weeks raised fears of supply tightness in oil markets,” said Nissan Securities researcher Yasushi Osada. Brent crude futures, the global oil benchmark, rose 0.79 per cent to $62.44 per barrel. It is estimated that about 2 million barrels of crude oil are being withheld each day the container ship remains stuck on the sandbank.
Crude oil prices remain at risk in the near-term given that WTI has managed to confirm a break under rising support from November. Asian buyers instead took cheaper oil from storage while refinery maintenance has reduced demand, industry sources said. Crude oil is in an impulsive rally from April 2020 Lows and in Elliott Wave theory, an impulse must consist of five waves, which looks to be unfinished.
less Today we will talk about Crude oil, its price action from a technical point of view, and wave structure from the Elliott Wave perspective.
But oil was still headed for a third consecutive weekly loss, with the outlook for demand dented by fresh coronavirus lockdowns in Europe. Emilio Jos Heredia Collado admitted to a multiyear conspiracy to manipulate the fuel oil market, the U.S. Department of Justice said.

United States

A soft core PCE reading, the Fed’s preferred gauge of inflation, may also cool the bond market further. While the Fed is “hands off” long bond yields, the ECB argues that it is better at reading tea leaves than the market. BEFORE THE BELL Wall Street futures edged higher as investors awaited a reading on inflation data later in the day. Wall Street futures edged higher as investors awaited a reading on U.S. inflation data later in the day. Should the Fed cause a tantrum, the USD is a buy and should risk assets drop due to higher real rates, the USD is a buy.
Still, Wall Street has turned its back on the company as short interest in the company stood at roughly 10.9 million shares on March 15, according to Refinitiv data. Traders will look to data on US personal consumption due later on Friday for further hints about the US economy. Nasdaq Futures are trading up 89 points (up 0.7%) while Dow Futures are trading up 118 points (up 0.4%) The rupee is trading at 72.4 against the US$.
While yields have picked up of late, and there has been much excitement over how far the Fed would allow yields to rise, the basic Fedspeak is clear. Carriers’ loyalty programs are increasingly attracting Wall Street’s attention, as recently disclosed bond documents have shown them to be even more profitable than previously thought.


China announced retaliatory sanctions on nine British individuals and four entities for maliciously spreading lies and disinformation about its Xinjiang region. The original statement by H&M on its Xinjiang policy highlighted by, among others, the microblog account of the Communist Party Youth League, is months old. Courtesy of Worldometers Tensions also remain high between Washington and Beijing, as President Joe Biden looks to stamp his authority on the trans-Pacific relationship.
That’s particularly true because not all online criticism originally comes from Beijing itself.


The EU gets tough on AstraZeneca, Biden gave his first press conference since taking office, Suez ships consider taking the scenic route and stock futures rise. Elsewhere, Angela Merkel signaled that Germany would declare France a high-incidence virus area, requiring a negative test for anyone entering from the country. Figures presented by von der Leyen showed the EU has exported more vaccine shots since December than it has administered. If we were to choose between the markets and the ECB in terms of reading tea leaves, we would always err on the side of the markets.
The surge of outrage comes days after the European Union, for the first time since Tiananmen, sanctioned China over human rights. When the wolf comes in at the door, love creeps out of the window, or so the saying goes, and the video summit of EU leaders was no exception. ECB aims at equal amounts in GROSS terms per week in the PEPP. Italian Prime Minister Mario Draghi urged EU nations to take action against pharma companies responsible for delays, Bloomberg reports.
That includes the U.K., which is looking for post-Brexit ballast to its financial sector and plans to build on the final EU list.
The European Union s attempt to protect the environment by developing a complicated, wide-ranging definition of green investments has run into yet more problems.