Oil eases, gold under pressure
March 8, 2021SharePrint
Oil eases from high
Oil prices are pulling back slightly after gapping sharply higher on the open. After surging through USD70 for the first time since the pandemic started, Brent reached a peak of USD71.38 before easing lower. Meanwhile, WTI crude oil hit its highest level in over 2 years at just shy of USD68, before slipping back on a stronger US dollar. The dollar continues to receive support from higher US Treasury yields, with the 10-year and 30 year yields rising today.
The prospect of a solid economic rebound following the US senate approving the 1.9 trillion dollar Covid bill on the weekend, combined with rising political tensions in Saudi Arabia are underpinning the black gold. Attacks on Saudi Arabia’s oil industry are becoming more frequent, which is adding a risk premium to the price of oil. Let’s not forget that Sunday’s attack by Yemen’s Houthi forces on a Saudi oil facility is the second one this month
US dollar rallies on rising yields - MarketPulse
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Risky business - MarketPulse
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New Zealand dollar under pressure
March 8, 2021SharePrint
The New Zealand dollar is trading in negative territory in the Monday session. Currently, NZD/USD is trading at 0.7137, down 0.29% on the day.
New Zealand dollar on the defensive
The New Zealand dollar remains under pressure from its US counterpart. NZD has looked dreadful in the month of March, registering losses of 1.26 per cent. On Friday, the currency briefly fell below the round 71 level, the first time that has occurred since mid-January. If the downturn continues, we could see NZD in 70-territory later this week.
The primary drive behind the attractiveness of the US dollar has been the recent rise in US Treasury yields. The 10-year bond climbed to 1.60% earlier on Monday, while 30-year bonds rose to 2.31%. This was in response to the Senate passing a massive 1.9 trillion dollar stimulus package on Saturday. The Democrats, who control both houses of Congress, plan to send the bill to President Biden for his signatur
Equities pare early gains - MarketPulse
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