Open: New York Session | Forex, Metals, Oil, Agriculture May 25, 2021



While the Canadian dollar remains boosted by the country’s ongoing economic recovery, the US dollar continues to slide lower. The US dollar basket (DXY) is also trading just above a critical support level at 89.16 with a break below exposing levels last seen nearly three years ago. Gene comments on stock, bond, dollar, oil & gold markets, with a particular emphasis on monetary policy, technology issues and S&P intraday action. The dollar fell against a basket of currencies, while spot gold prices inched up.
The dollar sank to the lowest level since January as the comments helped calm investor nerves about tightening monetary policy. The euro also appreciated against the dollar as the yield on 10-year Treasuries slid to 1.594%. The U.S. dollar fell, while spot gold prices inched up. The Swiss franc, the euro and the British pound gained 0.3%, 0.2% and 0.2% respectively against the U.S. dollar. This week sees some high importance US data releases and these should be watched closely for any clues into the strength of the US economy and the US dollar.
Markets shrug-off renewed Brexit concerns surrounding the Northern Ireland (NI) Protocol, as broad US dollar weakness continues to underpin the cable.


Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 48,520 per 10 grams. The deal is expected to provide Algoma Steel with $306 million of capital, including a $100 million fully committed private placement with key investors, the statement added. Algoma Steel will become a publicly listed company as a result of the deal, with its shares traded on the Nasdaq stock market. Ero Copper Corp: CIBC raises price target to C$33.5 from C$28, saying COVID-19 economic recovery continued to support copper prices.
This sentiment continued on Thursday despite the gapped-down open with gold recovering to test the $1880 per ounce region. Gold prices are trading down by 0.2% at Rs 48,450 per 10 grams. less Anti-fiat gold prices spent most of Monday consolidating as the yellow metal’s upside momentum slowed. In the inflation narrative, gold could begin to overtake copper in performance. Gold has been in the spotlight as well during the general selloff in cryptocurrencies seen over the past couple of weeks.
Based in Limassol, Cyprus, CTRM provides seaborne transportation services for dry bulk cargo, including iron ore, coal, grains, and steel products.


US crude oil inventories likely fell 1.3 million bbl in the week to May 21 as per a Reuters poll of analysts. Gasoline inventories are estimated to have fallen by 0.8 million bbl while distillate inventories were seen down by 1.9 million bbl. Oil prices slipped as expectations of an early return of oil exporter Iran to international crude markets waned. I have worked in the areas of oil refining, natural gas production, synthetic fuels, ethanol production, butanol production, and various biomass to energy projects.
Meanwhile, international oil benchmark Brent crude was trading 0.25 per cent higher at $68.54 per barrel. I have over 20 years of international engineering experience in the chemicals, oil and gas, and renewable energy industries, and hold several patents related to my work. Cabot Oil & Gas Corp: Credit Suisse cuts target price to $19 from $20, following the company s unexpected merger with Climarex Energy. Shell is shrinking its refining and chemicals portfolio as part of a broader shift by oil majors to reduce hydrocarbon emissions and shift to lower-carbon fuels.
Booming North American demand for renewable diesel, a clean-burning road fuel that refiners can produce from canola oil and other feedstocks, has added to interest in the crop.
Canada is the biggest global producer and exporter of canola, a variant of rapeseed, that crushers process into oil and meal.

United States

First, the US stock market is almost certainly headed higher in the long run, making current prices look cheap in the future. less Asian stock markets are trading on a strong note today tracking Wall Street gains overnight. Because of the huge financial stimulus delivered by the Fed and then by the US Government, the US stock market divergence with the rest of the world increased exponentially. is lost in administrative fees, the cost of interest rate payments is almost non-existing when the Fed holds a large share of public debt.
Transitory Fed officials pushed back against the idea that higher inflation would last long enough to put pressure on the U.S. economic rebound. However, what followed was a strong bounce, which led to the US stock market indices making new all-time highs. Asian stock markets ended on a strong note today after tracking Wall Street gains overnight. BEFORE THE BELL Futures for Canada’s main stock index rose, tracking Wall Street futures, as inflation worries eased.
While the rise in the monthly net new client accounts at US brokerages is impressive, the US rise in the US stock market is not. In fact, a quick comparison between the S&P500 performance and the MSCI Word reflects that the US stock market has long outperformed its peers.


The second reason to smother bitcoin applies to mining particularly: The energy intensity of “mining” increasingly runs at odds with Beijing’s environmental goals. Capital outflows between 2014 and 2016 caused a drop in China’s foreign-exchange reserves by around $1 trillion, and Beijing has spent the years since narrowing any potential escape routes. The third reason is unlikely to be mentioned in press communiqués, but remains a core priority for Beijing.
President Xi Jinping spoke with Iranian President Hassan Rouhani yesterday to offer his support for Tehran s reasonable demands on nuclear matters. Friday’s statement is unlikely to be the last turn of the screw emanating from Beijing.


They argue that extraordinary times call upon extraordinary measures: ECB should either cancel the debts of member states or transform the debt into perpetual bonds with zero-coupon rates. EU leaders will discuss today how to distribute the burden of the bloc s plan to stem climate change. Furthermore, one could add other “dividends” such as interest paid on deposits (due to the negative deposit rate from the ECB), which could further brighten this calculation.
As with other EU programs, Eurosystem national central banks and the ECB purchase the public securities, which today aggregate to €1tn. By now, I have built up excellent skills and experience in analyzing macroeconomic and political developments in Europe, the Eurozone and Germany, including ECB watching. Companies in Switzerland are caught in a Brexit-like standoff with the European Union over a framework agreement. The ECB concurrently continues the Asset Purchase Programme (APP) with a monthly pace of €20bn.
I don t really see the incentive for the EU to compromise. Main focus: Europe, Eurozone, Germany and ECB.