Open: New York Session | Forex, Metals, Oil, Agriculture May 19, 2021



Mish on Coffee and Sugar Exchange less Asian share markets fell today as uncertainties over inflation prompted investors to reduce exposure to riskier assets. Over two decades ago Jay got his start at the Kansas City Board of Trade in the Wheat Futures pit.


The euro was up 0.1% against the U.S. dollar, with 1 euro buying $1.22 whereas the Swiss franc and the British pound were broadly flat against the U.S. dollar. The Canadian dollar is faring the best of dollar bloc. Also read: Rupee rises 5 paise to 73.24 against US dollar in early tradeThe annual rate of inflation under ‘Fuel and Power’ category was recorded at 20.94 per cent. Outlook The rupee seemed to have brushed off the high inflation numbers and also the FPI outflows as it continued to move up on the back of weakening dollar.
Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. less Gold prices inched higher on Wednesday on softer U.S. dollar and rising inflationary pressure. Keep in mind that gold is running on the back of a weakening US dollar and yields in the United States are dropping. The dollar rebounded, while gold edged lower. The U.S. dollar rebounded, while gold edged lower.
US Dollar weakness is failing to lift WTI EIA data is expected to show 1.68M versus -0.427M which could add downside pressure.


In 2002 when gold was $300 per ounce, MAM recommended to its investors to put 50% of their investment assets into physical gold stored outside the banking system. The Gold Analyst offers quality technical and fundamental analysis of the price of gold to help educate readers in their investment decisions. Gold prices are trading down by 0.1% at Rs 48,328 per 10 grams. Gold prices are trading down by 0.1% at Rs 48,355 per 10 grams. In international markets, gold prices were flat near a four-month high, ahead of the release of minutes from the US Federal Reserve’s last policy meeting.
Bitcoin following risk stocks lower, as inflation hedges like gold and silver rise. Despite positive global cues, gold prices in domestic markets dipped today for the second day in a row. Spot gold is currently trading at $1,867.70 per ounce as of 0801 GMT. The GoldSwitzerland Division was created to facilitate the buying and storage of physical gold and silver for private investors, companies, trusts and pension funds.
On MCX, gold futures fell 0.1% to Rs 48,250 per 10 grams.


Lower CapEx and an increasingly stringent climate policy have forced the oil majors to lower their growth plans or sort of watch demand, which is increasing. A Russian official said on Tuesday that US-Iran nuclear talks have made significant progress, sending oil prices sharply lower. BP PLC: BP and Eni said they had entered into talks to merge their oil and gas operations in Angola to form one of Africa’s largest energy companies. Brent crude futures, the global oil benchmark, were trading down 0.93 per cent at $68.07 per barrel.
less Crude oil prices extended lower during Wednesday’s APAC trade after falling 1.56% a day ago. Middle East fuel oil exports are currently assessed at 440,000 MT for the week ending May 16, down 230,000 MT week-on-week (w-o-w) as things stand. The sharp increase in the inflation is because of higher crude oil price according to the release. WTI crude oil looks to EIA data after progress in Vienna nuclear talks. Oil prices tumbled as surging coronavirus cases in Asia fueled demand concerns.
Refinitiv Oil Research was tracking over 860,000 tons of potential diesel and gasoil discharges on the route this week.

United States

BEFORE THE BELL Wall Street futures fell, along with world stocks, as markets feared that rising inflationary pressures might lead to early rise in U.S. interest rates. Wall Street futures fell, along with world stocks, as markets feared that rising inflationary pressures might lead to early rise in U.S. interest rates. The global market was tentative ahead of the announcement of Fed minutes, this was mirrored in the domestic market, though it is not expected to be hawkish.
Nasdaq Futures are trading down by 64 points (down 0.5%) while Dow Futures are trading down by 79 points (down 0.2%). Excluding items, the company earned 94 cents per share during the quarter, above Wall Street’s estimates of 67 cents per share. US stock futures are trading lower today, indicating a negative opening for Wall Street. Markets would also await the Fed meeting minutes for further cues, the note added. Forex traders believe upside for the American currency could remain capped amid expectations that the US interest rates will remain low.
Continued weakness in the greenback today suggests that market participants are not concerned that the Fed will start tapering soon. In US stock markets, Wall Street indices slid late in the session to end lower, unable to sustain gains made after bumper earnings from Walmart and Home Depot.


But even in the face of an outright economic contraction, the PBOC throughout 2020 didn’t even come close to its 2009-11 stance in currency. The PBOC said that financial and payment companies cannot price products in any digital currency and cannot issue crypto tokens. The PBOC’s activities merely confirm what top officials have already said repeatedly – this is it, as good as it’s going to get. The PBOC announcement was quickly followed by a joint statement by China’s Internet Finance Association, Banking Association, and Payments and Clearing Association.
Beijing s Covid-19 shots are a new soft-power lever in Africa, Asia, Latin America, and the Middle East. This group is led by Beijing-based Bank of China and Industrial Bank.


ECB warns of financial stability risks amid market exuberance. Judges also rejected the EU executive’s clearance of state aid for Portuguese carrier TAP, citing “an inadequate statement of reasons” by the Commission. British Prime Minister Boris Johnson is refocusing attention on his leveling up agenda by unveiling plans to modernize Britain s high streets and move government officials out of London. My Bloomberg Opinion colleague Therese Raphael speaks with the veteran British diplomat Peter Ricketts about post-Brexit U.K.6.
How do ECB chiefs invest their own cash?