|Day's range||58.42 - 58.98|
Of the additional $200-billion purchase of U.S. goods over the next two years (keeping 2017 imports as the base level), $52.4 billion will likely come from the energy sector.
Malaysia has raised its export tax for crude palm oil to 6% for February, the Malaysian Palm Oil Board said on Friday, citing the national customs department. The world's second-largest producer and exporter of palm oil calculated a reference price of 2,907.63 ringgit per tonne for next month. Malaysia had set the export tax for January at 5%, raising it after placing a tax-free exemption on crude palm oil from May to December 2019 in a move to boost palm oil exports and expand into new markets.
The British pound is steady, but could receive a boost if retail sales delivers a solid gain (release on Friday at 9:30 GMT). The story of the week has been the Chinese yuan, which has climbed to a 7-month high against the U.S. dollar.
(Bloomberg) -- Germany could close its last coal-fired power plant long before a 2038 deadline as the dirtiest fossil fuel gets squeezed out of the energy mix by clean electricity.A plan struck on Thursday by Chancellor Angela Merkel to compensate regions and companies for the exit anticipates some of the most polluting plants running down the clock to the final date. But a cocktail of rising renewables, halted investments and soaring carbon emission costs will probably hasten the exit, according to economists and analysts.Solar, wind and other forms of renewables already have become Germany’s biggest source of electricity and will cut deeper into coal’s share in the next few years. The government forecasts that green power will make up about 80% of the electricity mix by 2038, compared with just over 40% now. Higher carbon prices may gut profit for whatever plants are still able to run.“The political message in the agreement is that the government is willing to pay for coal to be taken out of the market,” said Goetz Reichert, an expert on EU climate and energy policy at the Centre for European Policy in Freiburg, Germany. But the market has already been saying that for some time and coal power will be priced out anyway by cheaper clean energy, he said.Coal and lignite are Germany’s only native energy commodities, and the country has enjoyed a two-century love affair with fossil fuel. Merkel’s plan is an attempt for a civilized break up, something that’s been complicated by protests at mines and coal plants across the country. It’s not clear that Merkel’s plan will appease protesters who have disrupted operations at sites including RWE AG’s Hambach mine.“Sorry, a coal exit by 2038 isn’t good enough,” Luisa Neubauer, a leading German climate activist from the Fridays for Future movement, wrote on Twitter. She added that the government plan is little too late given the urgency of climate change.Germany’s coal exit could offer a model for how countries such as China and India make ahead-of-time closures of recently built plants and how they compensate workers. The payout to the many thousands of coal workers who will lose their jobs could reach almost 5 billion euros by 2043.“This plan brings together social and climate justice,” said Michael Vissiliadis, head of the IGBCE mining union.Echoing the U.S. trend where renewables are beating coal-fired power production despite President Donald Trump’s support for the fuel, the markets are already moving faster than lawmakers. Burning coal at German and European utilities slumped last year. Because capital markets are limiting funds for fossil fuel projects, the price of energy commodities may stay relatively high, Michele Della Vigna, commodity equity business unit leader in EMEA at Goldman Sachs Group Inc., said in a podcast. That will limit the risk of stranded assets and encourage consumers to make cleaner choices, he said. Even though German utilities own their lignite supply with mines in close proximity the plants, Gas prices, which emits half as much carbon dioxide as coal at power plants, are near their lowest in a decade because of a global glut.Because of the projected jump in renewables squeezing out coal anyway, energy economists say that the utilities may not have done that badly after all by securing billion-euro deals with the government.“This is expensive,” said Claudia Kemfert, economist at the DIW school in Berlin. “Especially since coal-fired power stations are hardly worth anything today, but compensation must flow.”(Updates with Goldman Sachs comment on commodity prices in 10th paragraph.)\--With assistance from Mathew Carr.To contact the reporters on this story: William Wilkes in Frankfurt at firstname.lastname@example.org;Brian Parkin in Berlin at email@example.com;Birgit Jennen in Berlin at firstname.lastname@example.orgTo contact the editors responsible for this story: Reed Landberg at email@example.com, Lars Paulsson, Jonathan TironeFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The gold markets pulled back slightly during the trading session on Thursday, as we continue to chop back and forth. One thing that should be noticed though is that we have formed a couple of hammers on the way down.
The British pound rallied a bit during the trading session on Thursday in order to break above the gap that had formed at the beginning of the week. Now that that gap has been filled, it becomes a question as to whether or not it will hold.
The British pound broke higher during the trading session on Thursday, as we have cleared a little bit of resistance in the form of the ¥143.50 level.
The Euro rallied a bit during the trading session on Thursday but giveback quite a bit of the gains to show a sluggish reluctance to break towards the top of the overall range.
The Australian dollar has broken higher during the trading session on Thursday, as we continue to show strength based upon the market hanging above the 200 day EMA for the last four days again.
Oil prices edged higher on Friday but were little changed on the week as sluggish economic growth in China, the world's biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-U.S. trade deal. "A well-expected fourth-quarter China GDP rate (6%) provided little clue for oil price trading on Friday morning, and mounting downward economic pressure will perhaps limit oil's upside in the mid to long-term," said Margaret Yang, market analyst at CMC Markets. Oil rose on Thursday after China and the United States signed their Phase 1 trade accord.
India's move to restrict palm oil imports from Malaysia will create a huge challenge for the world's second biggest producer of the edible oil as India has been its top market for the past five years. India, the world's largest buyer of edible oils, last week restricted imports of refined palm oil and effectively halted all palm oil purchases from Malaysia in retaliation for criticism by the Malaysian prime minister of India's policy towards Kashmir.
Microsoft has promised to remove as much carbon as it has put into the atmosphere by 2050 – a goal critics say is undermined by the tech-giant’s ongoing contracts with some of the largest contributors to greenhouse gas emissions in the world.The pledge – one of the most ambitious to be undertaken by a Fortune 500 company – includes the creation of a “Climate Innovation Fund”, which will invest $1bn (£760m) over the next four years to speed up the development of carbon removal technology.
Japanese companies overwhelmingly feel Japan should shift away from its dependence on coal for power generation even though a third of firms say this would harm their business, a Reuters poll found, further evidence that the government is out of step with the global fight against climate change. The monthly Reuters Corporate Survey may augment global pressure on Tokyo to temper its support for coal-fired power stations and the export of Japan's coal technology, as extreme weather conditions from bushfires in Australia to floods in Venice focus attention on climate change. Japan is in the crosshairs as it seeks both to be recognised as a leader in the climate-change debate but also supports the use of what is widely regarded as a dirty fuel.
(Bloomberg) -- Some buyers of Venezuelan crude oil have halted purchases after the country started demanding payment of port fees in its failed cryptocurrency.Exports of at least 1 million barrels of oil were put on hold after the government announced this week that certain maritime fees, currently paid in euros, must be paid in Petros starting Monday, according to people with knowledge of the situation. Buyers worry the payment may be in violation of sanctions after the U.S. targeted the cryptocurrency, calling it a “scam.”The oil-rich nation launched the Petro two years ago as a way to navigate wide-reaching U.S. sanctions that have cut off Venezuela from international capital markets. Although banners with the Petro symbol adorn government buildings in downtown Caracas, it’s largely ignored by Venezuelans who don’t know how or where to buy it. It’s backed by the country’s oil reserves, the world’s largest.The move to require payments in Petros is an attempt to boost the crypto and help Venezuelan President Nicolas Maduro’s reduce his country’s dependence on foreign currencies. It comes as crude exports are starting to recover from U.S. sanctions on Venezuela and its oil company, Petroleos de Venezuela SA. Oil exports rebounded in December, surpassing the 1 million-barrel-a-day mark for the first time since February.Crude buyers typically use shipping agencies based in Venezuela to pay port fees. Although buyers are not directly involved, at least one company last year included a clause prohibiting shipping agents from using money transfers to buy digital currencies in Venezuela after the Petro was sanctioned in March 2018, according to a document seen by Bloomberg.Most companies taking Venezuelan crude no longer pay cash. Instead, they engage in swap transactions, where they take crude oil in exchange for gasoline or diesel. Others, like Eni SpA and Repsol SA, get oil in payment for old debts.To contact the reporter on this story: Lucia Kassai in Houston at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Mike Jeffers, Catherine TraywickFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Crossing to the strong side of the angle at 9149.25 will put the March E-mini NASDAQ-100 Index in an extremely bullish position.
Based on the early price action and the current price at 1.1135, the direction of the EUR/USD into the close is likely to be determined by trader reaction to a pair of Gann angles at 1.1129 and 1.1125.
India's federal investigating agency has filed a case against the country's biggest coal importer and trader Adani Enterprises Ltd and several government officials for alleged criminal conspiracy in a coal supply deal in 2010, a report filed by the agency said on Thursday. The Central Bureau of Investigation (CBI) has charged past officials of National Cooperative Consumers' Federation of India Ltd (NCCF), a government cooperative body, with conduct "unbecoming of public servants and in criminal conspiracy" by giving undue favour to Adani Enterprises in a six million tonne coal supply contract awarded in 2010, the CBI report said. NCCF did not immediately reply to an email seeking comment.
We're definitely into long term investing, but some companies are simply bad investments over any time frame. We don't...