Open: New York Session | Forex, Metals, Oil, Agriculture May 12, 2021

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


Soybean oil, the second-most consumed oil, is up 150% in the past year, and sunflower oil prices from Ukraine have more than doubled. Lebanon’s central bank supplies dollars to importers of petroleum, wheat and medicines at a preferential exchange rate, effectively subsidizing them. A startup brews coffee without beans.


The steepest losses are seen in the Australian dollar (-0.40%) and the New Zealand dollar (-0.51%). less Inflation is coming – perhaps, but it could already be well in the dollar’s price, resulting in traders selling the greenback and potentially sending EUR/USD to new highs. “Most Asian currencies are trading weaker against the dollar and could weigh on sentiments,” Reliance Securities said in a research note. The euro was flat against the dollar, with 1 euro buying $1.21.
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. The foreign exchange market has turned quiet as the dollar consolidates its recent losses. We did initially see the US dollar strengthened a little bit during the trading session, but that was reversed very quickly (GLD, UDN). By the time of writing, the dollar was trading in positive territory against major currencies. Gold prices slipped on Wednesday as the U.S. dollar and Treasury yields rebounded.
The dollar index was up 0.1%, making gold more expensive for other currency holders.


Gold prices for the latest contract on MCX are trading on a flat note today at Rs 47,597 per 10 grams. Gold prices are trading down by 0.3% at Rs 47,494 per 10 grams. Gold prices are trading up by 0.04% at Rs 47,615 per 10 grams. Spot gold is currently trading at $1,833.08 per ounce as of 0751 GMT. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. Even with the recent volatility in prices, gold remains among the best-performing commodities this year to combat the fallout from the coronavirus pandemic.
As you can see, barring just two years – 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years. BEFORE THE BELL Futures for Canada’s main stock index were little changed, as gains in oil were capped by a fall in gold prices. On the Multi-Commodity Exchange (MCX), June gold contracts were trading lower by 0.6% at Rs 47,640 for 10 grams.
If they drop again, that could be good for gold, but at the end of the day only time will tell.


The American Petroleum Institute, late Tuesday, said crude oil inventories fell 2.533 million barrels for the week ending May 7. According to a US oil and gas agency, commercial crude stocks in the country fell by 2.53 million bbl in the week ending the 7th May. The International Energy Agency said the oil supply glut created by Covid-19 has cleared, even as demand is hit by the resurgence of the virus in India. While gasoline supplies are running out in some regions, processors are being forced to reduce run rates, cutting crude oil demand.
While the immediate catalyst for the rise is supply issues arising from the continued disruption of operations at Colonial Pipeline, crude oil is up more than 35% this year. US East Coast gasoline inventories are around 4 million bbl higher than levels at the same time in 2019. “The outlook for demand remains fragile,” Toril Bosoni, head of the IEA’s oil markets and industry division, said in a Bloomberg television interview.
Still, gasoline stocks rose by 5.64 million bbl, compared to projection of a 600,000 bbl decrease. Brent crude futures, the global oil benchmark, was trading up 0.01 per cent at USD 68.56 per barrel.
Meanwhile, international oil benchmark Brent crude was trading 0.36 per cent lower at $68.30 per barrel.

United States

The fact that the market is a bit apprehensive of rising inflation is reflected in the US 10-year yield rising above 1.6 per cent, he said. Traders are also eyeing US inflation figures today for clues about the Fed’s take on rising price levels. In US stock markets, Wall Street indices fell for a second straight day overnight, although tech shares finished well above their session lows following bargain-hunting. Image Source: Pixabay The considerable increase in China’s producer prices and from Dallas Fed President Robert Kaplan has been the latest to fuel speculation of inflation rearing its head.
She survived one attempt to remove her after that vote, but she has continued to criticize Trump and assail his repeated false election claims. The combination of improving expectations for the US economic outlook and hotter inflation has lifted energy stocks sharply this year. The US currency slipped to a more than two-month low in the previous session after worries about rising inflation threatened to erode its value.
Both Fed officials and many large investors remain confident that the bout of inflation will be temporary. Cheney said yesterday Trump and his loyalists are undermining democracy and risk inciting violence by pushing their allegations. She warned anew in a House floor speech Tuesday that the GOP’s embrace of Trump and his repeated unfounded election claims is damaging the party and the country.


The EU has frozen the ratification of an investment agreement with Beijing after officials were sanctioned in a clash over alleged human rights abuses. It’s half-baked and needs to be tweaked, but Beijing is going in the right direction.


“Today, for the first time since the pandemic hit, we see optimism prevailing over uncertainty,” Paolo Gentiloni, EU Commissioner for the economy, said at a press conference. Futures prices of emission allowances in the EU’s trading system are soaring Source: Bloomberg This carbon price must eventually go much higher yet. A senior EU diplomat said the move was directly linked to support for the Navalny-related measures. Total output by the EU’s 27 member states is now expected to reach its pre-pandemic size by the end of this year, earlier than initially thought.
Better yet, the EU, as part of its quest to become carbon neutral by 2050, will expand this emissions trading system. But politicians from the country’s three main groups have failed to agree on the changes, effectively halting Sarajevo’s efforts to advance its EU accession path. In further good news, disruptions in post-Brexit U.K. goods trade subsided further in March. That assumes most remaining curbs on public life are removed by June 21, as Prime Minister Boris Johnson’s government plans.
The government of Prime Minister Boris Johnson held off on the announcement till May 7, after elections were over. Before the MoU can be implemented, all 27 EU members must sign off and that formal procedure hasn’t yet started.