Open: New York Session | Forex, Metals, Oil, Agriculture May 17, 2021



Corn, coffee, wheat and soybeans.


The U.S. dollar also fell against a basket of rival currencies and made the yellow metal less expensive for investors using other currencies. The dollar index, which gauges the greenback’s strength against a basket of six currencies, was trading higher by 0.10 per cent at 90.40. The dollar edged lower against a basket of major currencies, while Bitcoin rallied from a three-month low in a volatile session. The U.S. dollar edged lower against a basket of major currencies, while Bitcoin rallied from a three-month low in a volatile session.
The dollar last traded at $1.2134 per euro and has support around $1.2179. Most of the Asian currencies are trading weaker against the dollar and could cap the appreciation bias, the note added. The euro was flat against the dollar, with 1 euro buying $1.21. The dollar crept up 0.1 per cent against the Chinese yuan to trade at 6.4424 ahead of industrial output and retail sales figures due mid-morning on Monday.
That could change but for now, if the dollar doesn’t fall, then this “inflation” will likely prove, to use the word of the year, transitory. On the currency front, the dollar was up the day of the CPI print and on the week as a whole.


Recently, a Kyrgyzstan court also imposed $3.1 billion fine on Kumtor Gold Company (KGC), which operates the gold mine, after ruling that the firm had violated environmental laws. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. In commodities, oil prices were little changed, trading in a tight range and gold rose to their highest level in more than three months.
Spot gold was up 0.6% while US gold futures jumped 0.7%. Gold prices jumped to their highest level since February 10 on lower U.S. Treasury yields and the resurgence of COVID-19 cases in several Asian countries. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic. In domestic markets, gold prices extended gains for the second consecutive session today tracking the global sentiment. DailyFX strategist Margaret Yang noted that the falling Treasury yields and the resurgence of coronavirus cases in the Asia-Pacific region lifted the demand for gold.
Gold prices are trading up by 0.7% at Rs 47,990 per 10 grams. Gold prices are trading up by 0.7% at Rs 48,021 per 10 grams.


COLUMN Global crude oil bulls are running past China, India bears: Russell Asia may be a late arrival to the impending crude oil party. Refinitiv Oil Research is Refinitiv Oil Research is tracking exports of Northwest European gasoline to the United States at 439,000 tons this week, aboard nine tankers. Brent crude futures, the global oil benchmark, were trading up 0.06 per cent at $68.75 per barrel. On the bright side, the arrival of summer driving season in the US and Europe, alongside a strong economic recovery in China, may lend support to oil prices.
“As people start to travel again, that directly impacts the demand for oil and gas,” said Jennifer Foster, co-chief investment officer for equities at Chilton Trust. less Crude oil prices were muted during the Asia-Pacific mid-day session after surging 2.6% on Friday. Still, oil prices remained exposed to the downside amid worries that the highly transmissible coronavirus variant first detected in India is spreading to other countries.
According to Baker Hughes, the US oil and gas rig count went up by 5 to 452 in the week to May 14, the highest since April 2020.
The oil rig count increased by 8 to 352, while natural gas rigs fell by 3 to 100, in their biggest weekly decline since July 2020. India s second COVID-19 wave continues to weigh on economic output and oil demand.

United States

The CPI is an upwardly biased measure of inflation, and the Fed focuses more on the personal consumption expenditure (PCE) deflator inflation. According to Dr V. K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the US inflation numbers and internally India’s Covid data are likely to impact the markets. BEFORE THE BELL Wall Street futures were trading lower with investors turning to earnings from retailers this week for hints on the strength in consumer spending.
Investors aren’t so sure, given the Fed’s stated willingness to tolerate higher inflation until they’re sure we’ve reached full employment. Markets are skeptical about the Fed’s resolve to maintain expansionary policies in the face of rising inflation. So far, Fed officials have said they expect any run-up in inflation to be transitory. The Fed expects inflation to temporarily increase before supply constraints ease, moderating price hikes. Nasdaq 100 (QQQ) The Nasdaq 100 may be the index to watch this week, especially since it failed on Friday to move past the 50-day moving average.
Most Fed officials have been reiterating the position that inflation is transitory. – a rethink about inflation could embolden doves at the Fed and soften the hawks.


President Xi Jinping said in March that education can’t be overly focused on test scores.


Meanwhile, the newly elected leader of the Democratic Unionist Party, Edwin Poots, said he ll try to strip away parts of the Brexit trade agreement covering Northern Ireland. French President Emmanuel Macron hosts a summit with African leaders tomorrow to discuss how to counter the pandemic s impact on economic development. Prime Minister Boris Johnson already announced these steps a week ago, but they were marred by concerns over the . Merkel urges EU to match more ambitious climate goal.