Currencies
The dollar fell, as investors awaited clues on when the Federal Reserve will dial back monetary stimulus, while gold strengthened. The U.S. dollar fell, as investors awaited clues on when the Federal Reserve will dial back monetary stimulus. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. (source) Using the ratio of 1 trillion marks to the US dollar in July 1923, the equivalent price for one ounce of gold was 20 TRILLION German marks!
The dollar continues to be weak despite a recovery last Friday and this is helping the domestic currency to maintain a positive bias. The yen, often a haven for nervous investors, has lost more than 5% against the dollar this year. 87990cbe856818d5eddac44c7b1cdeb8 Advertisement Sponsored Offers Share By Julia-Ambra Verlaine Close May 6, 2021 5:30 am ET Some investors are betting on a slow, steady grind downward for the U.S. dollar.
Hedge funds and asset managers are scooping up derivatives that pay off when the dollar declines slowly or stays within a narrow range. The Antipodeans and sterling are trading with a slight downside bias, while the Canadian dollar rises to its best level since September 2017. Many expected the dollar to slide in 2021, as global growth outpaced the U.S. expansion.
The dollar continues to be weak despite a recovery last Friday and this is helping the domestic currency to maintain a positive bias. The yen, often a haven for nervous investors, has lost more than 5% against the dollar this year. 87990cbe856818d5eddac44c7b1cdeb8 Advertisement Sponsored Offers Share By Julia-Ambra Verlaine Close May 6, 2021 5:30 am ET Some investors are betting on a slow, steady grind downward for the U.S. dollar.
Hedge funds and asset managers are scooping up derivatives that pay off when the dollar declines slowly or stays within a narrow range. The Antipodeans and sterling are trading with a slight downside bias, while the Canadian dollar rises to its best level since September 2017. Many expected the dollar to slide in 2021, as global growth outpaced the U.S. expansion.
Metals
ArcelorMittal SA: The world’s largest steelmaker reported higher than expected first-quarter earnings after what it said was its strongest quarter in a decade. Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 47,119 per 10 grams. Roko Mijic, of Roko’s Basilisk fame in rationalist circles, suggested recently that Dogecoin could eventually become the crypto version of silver to Bitcoin’s gold. Gold is edging closer to $1800 again that held it back earlier this week.
S&P 500 futures pointed to little change at the open, the 10-year Treasury yield was at 1.573%, oil slipped and gold gained. IDBI Bank and Tata Steel were among the top buzzing stocks today. In addition to gold, he writes articles about inflation, interest rates, and the Federal Reserve. However, a fourteen-fold increase in the ratio of marks to gold was nothing compared to what was about to happen. gold.
S&P 500 futures pointed to little change at the open, the 10-year Treasury yield was at 1.573%, oil slipped and gold gained. IDBI Bank and Tata Steel were among the top buzzing stocks today. In addition to gold, he writes articles about inflation, interest rates, and the Federal Reserve. However, a fourteen-fold increase in the ratio of marks to gold was nothing compared to what was about to happen. gold.
Oil
So to recap: Norway reinvests its state-oil company s revenues back into said oil company, while also helping drive said oil company s energy transition strategy. Canadian Natural Resources profit tops estimates on oil price boost Canadian Natural Resources reported a better-than-expected quarterly profit, buoyed by higher oil prices as COVID-19 vaccine rollouts lifted demand. CRUDE OIL TECHNICAL ANALYSIS Crude oil prices have found their way back to trend-defining resistance in the $66-68 area.
OPEC s unprecedented production cuts and the impact of low oil prices on the debt-stricken shale oil industry in the US are leading to continuous stock draws. Canadian Natural Resources Ltd: The company reported a better-than-expected quarterly profit, buoyed by higher oil prices as COVID-19 vaccine rollouts lifted demand. Nevertheless, gasoline stocks rose by 737,000 bbl, compared to predictions of a 652,000 million bbl decrease. A Reuters poll had anticipated a draw of 2.35 million bbl in crude stocks and a 0.5 percentage points increase in refinery runs.
Last week a raft of oil majors released their first-quarter results, with companies like Royal Dutch Shell Plc showing a return to pre-pandemic profit levels. Last quarter, Equinor earned more from renewables than it did from oil and gas exploration and production.But Equinor s results are more than evidence of a successful renewable-energy strategy. While demand in the West as well as in China is recovering, the present wave of coronavirus cases has dealt a severe blow to Indian oil demand.
OPEC s unprecedented production cuts and the impact of low oil prices on the debt-stricken shale oil industry in the US are leading to continuous stock draws. Canadian Natural Resources Ltd: The company reported a better-than-expected quarterly profit, buoyed by higher oil prices as COVID-19 vaccine rollouts lifted demand. Nevertheless, gasoline stocks rose by 737,000 bbl, compared to predictions of a 652,000 million bbl decrease. A Reuters poll had anticipated a draw of 2.35 million bbl in crude stocks and a 0.5 percentage points increase in refinery runs.
Last week a raft of oil majors released their first-quarter results, with companies like Royal Dutch Shell Plc showing a return to pre-pandemic profit levels. Last quarter, Equinor earned more from renewables than it did from oil and gas exploration and production.But Equinor s results are more than evidence of a successful renewable-energy strategy. While demand in the West as well as in China is recovering, the present wave of coronavirus cases has dealt a severe blow to Indian oil demand.
United States
US futures are firmer, including the NASDAQ, which fell for the fourth consecutive session yesterday, its longest slide since last October. The US 10-year yield also fell for the fourth session in a row yesterday, the longest decline since last September, but is stable near 1.57%. This is a theme that has been observed recently, with several spot vessels opting to divert towards the US due to firmer flying demand. Expectations of an economic surge, particularly in the US, have even sparked concerns about inflation and rising interest rates.
In 2020, the Fed purchased Treasuries and other securities approximately equaling the massive federal deficit, but this year its stated policy is to purchase half as many.
Still, the prompt spot market remains supported by demand from recovering markets such as China, Australia, and the US West Coast. The new administration in Washington has delivered a record number of executive orders, mostly to reverse the course of Donald Trump’s policies. : There are folks who want to make the Fed’s liabilities legal tender. Fed Chairman Jerome Powell says the likes of Kimberly-Clark (KMB) hiking prices on Huggies is a temporary phenomenon, but he is already tightening monetary policy.
After earning a Finance MBA from New York University, he spent the 1980s on Wall Street as a Eurodollar trader, equity analyst and junk bond analyst.
In 2020, the Fed purchased Treasuries and other securities approximately equaling the massive federal deficit, but this year its stated policy is to purchase half as many.
Still, the prompt spot market remains supported by demand from recovering markets such as China, Australia, and the US West Coast. The new administration in Washington has delivered a record number of executive orders, mostly to reverse the course of Donald Trump’s policies. : There are folks who want to make the Fed’s liabilities legal tender. Fed Chairman Jerome Powell says the likes of Kimberly-Clark (KMB) hiking prices on Huggies is a temporary phenomenon, but he is already tightening monetary policy.
After earning a Finance MBA from New York University, he spent the 1980s on Wall Street as a Eurodollar trader, equity analyst and junk bond analyst.
China
China tensions | China announced that it was suspending a ministerial economic dialogue with Australia, in a largely symbolic move showing Beijing s growing frustration with Canberra. Beijing may step up efforts to encourage consumer boycotts of some “Western” brands. Beijing will halt the China-Australia Strategic Economic Dialogue, which hasn t convened since September 2017, after Australia canceled agreements between China s Belt and Road Initiative and Victoria state.
DR. BILL CONERLY USING DATA FROM INTERNATIONAL MONETARY FUND The recent efforts by Xi Jinping to control the economy more tightly will diminish future growth, according to Schuman. Besides being some rhetoric of displeasure, Beijing has suspended the formal economic dialogue with Australia. less President Xi Jinping of China is seen on a program from the CGTN.
DR. BILL CONERLY USING DATA FROM INTERNATIONAL MONETARY FUND The recent efforts by Xi Jinping to control the economy more tightly will diminish future growth, according to Schuman. Besides being some rhetoric of displeasure, Beijing has suspended the formal economic dialogue with Australia. less President Xi Jinping of China is seen on a program from the CGTN.
Europe
Jersey shore | The U.K. and French navies dispatched military patrol vessels to the isle of Jersey amid a deepening row over post-Brexit fishing rights. The EU denies it has suspended the ratification process (individual members and the EU Parliament), but the interest and ability to do so is clearly waning. Consider: The investment pact with the EU that was seven years in the making has not been ratified, and it might not be any time soon. Boris Johnson said a couple of days ago that he expects UK will end lockdown rules by the 21st of June.
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