Archives of “May 7, 2021” day

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PBOC sets USD/ CNY central rate at 6.4678

  
  Analysis

The People’s Bank of China sets the onshore yuan (CNY) reference rate for the trading session ahead.

  • USD/CNY is permitted to trade plus or minus 2% from this daily reference rate.
  • CNH is the offshore yuan. USD/CNH has no restrictions on its trading range.

 

  • Reuters estimate from their survey was 6.4685, Bloomberg 6.4651 …. (A rate that’s significantly stronger or weaker than expected is typically considered a signal from the PBOC)

Coronavirus- Japan to extend state of emergency and add further prefectures

  
  Analysis

 The current state of emergency in effect for Tokyo, Osaka, Kyoto and Hyogo will be extended to May 31

Aichi and Fukuoka prefectures will be added to state of emergency declarations
Japan’s economy minister Nishimura says the government will seek the extension and additions. He is trying to soften the blow of further restrictions in Japan.
  • He will continue with the request that bars, karaoke venues serving alcohol, will stay closed.
  • Ask people to continue to avoid unnecessary trips outside
The vaccination rollout in Japan is one of the developed world’s slowest.
 The current state of emergency in effect for Tokyo, Osaka, Kyoto and Hyogo will be extended to May 31

Futures – The CME has lowered margins for gold, silver, platinum

  
  Analysis
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Chicago Mercantile Exchange Group has lowered initial and maintenance Performance Bonds (margins) for

  • COMEX 100 GOLD FUTURES (GC)
  • E-MINI GOLD FUTURES (QO)
  • COMEX 5000 SILVER FUTURES (SI)
  • COMEX MINY SILVER FUTURES (QI)
  • PLATINUM FUTURES NYMEX (PL)
and other contracts but highlighting those above here.
New bond requirements will be effective after the close of business on Friday, May 7, 2021.

ICYMI – Australian government backs down from its 5 year jail threat for arrivals from India

  
Analysis, COVID-19

Due to the exponential surge in COVID-19 cases in India the Australian government placed a temporary ban on flights from the country.

A defensible public health precaation that was unfortunately accompanied by a disgusting and disgraceful threat to jail anyone arriving from the country for 5 years, along with a heavy monetary fine. The jail threat applied to anyone arriving from India, including Australian citizens wanting to return home.
Overnight the Australian government backed down on this act of malice, removing the threats.
Flights from India will reopen from May 15 and passengers will not be thrown into the slammer.
The Australian Prime Minister Scott Morrison:
Due to the exponential surge in COVID-19 cases in India the Australian government placed a temporary ban on flights from the country.

The Dow industrial average closes at another record high

  
Analysis, US Market
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NASDAQ snaps four days losing streak.

The US stocks rallied into the close with the Dow ending the session at a new record and at the highs of the day. The index is closing up 315.76 points for the fourth higher close in as many days. The NASDAQ index is also closing higher for the first time in five trading days.
A snapshot of the final numbers are showing:
  • Dow industrial average rose 318.19 points or 0.93% at 34548.53. The high reached 34561.29
  • S&P index rose 33.51 points or 0.8% at 4201.10. The high reached 4202.80
  • Nasdaq index closed up 50.42 points or 0.37% at 13632.84. The high reached 13635.74
The Russell index eked out a tiny gain by closing up 0.05 points or 0.002% at 2241.42.
At the lows:
  • Dow was down -45.28 points or -0.13%
  • S&P was down -20.09 points or -0.48%
  • Nasdaq was down -143.03 points or -1.05%
  • Russell 2000 index traded down -42.37 points or -1.89%
The major indices snatch victory from the jaws of defeat today.  Tomorrow the nonfarm payroll report (and other employment statistics) will be released at 8:30 AM ET.

NASDAQ snaps four days losing streak.

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