The dollar tumbled to a new level, its lowest in two and a half years, on Wednesday, under the weight of renewed expectations for a US fiscal stimulus. The market’s appetite for risk increased, bringing the dollar to its lowest level since April 2018, due to a proposed economic stimulus …
Read More »EIA: US Crude Inventories Declined And Fuel Surged Last Week
US inventories of crude oil decreased while gasoline and distillate inventories rose, the US Energy Information Administration said Wednesday. Crude stocks fell by 679,000 barrels over the week ending November 27 to 488 million barrels, while analysts in a Reuters poll expected a drop of 2.4 million barrels. Crude stocks …
Read More »Canada Labor Productivity Fell 10.3% in 3Q
Canadian labor productivity plunged by 10.3% in the third quarter, where working hours rebounded faster than production business. This was the largest quarterly decline recorded. Labor productivity declined 10.3% on a seasonally-adjusted basis in the third quarter, Statistics Canada said Wednesday, following 10%-plus gain in the previous three-month period. In …
Read More »US: ADP Employment Change Arrives at +307K in November
Employment in the US’ private sector increased by 307,000 in November, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading followed October’s increase of 404,000 (revised from 365,000) and missed the market expectation of 410,000.
Read More »Gold Rises to a Week High on The Back of The Dollar’s Decline And Hopes of US Stimulus
Gold rose Wednesday, December 2, to its highest level in more than a week, supported by the dollar’s decline, while signs of progress in discussions on a new US stimulus package to mitigate the repercussions of the Covid-19 pandemic boosted the appetite for the precious metal as a hedge against …
Read More »Biden’s Comments On The Trade Deal Halted Losses in The Dollar And Reinforced The Decline of Chinese Yuan
The dollar settled near its lowest level in two and a half years Wednesday, December 2, as investors assess the prospects for further fiscal stimulus in the United States, while riskier currencies held onto their gains as investor confidence improved. The Chinese yuan lost some of its gains in Asian …
Read More »Euro Area Unemployment Rate Declines to 8.4% in October
The seasonally-adjusted Unemployment Rate in the euro area ticked down to 8.4% in October from 8.5% in September, the data published by the Eurostat showed on Wednesday. This reading came in line with analysts’ estimates.
Read More »German Retail Sales Rebound Before a Partial Close
German retail sales rebounded more than expected in October, data reported Wednesday, December 2, indicating that consumers supported overall growth in Europe’s largest economy ahead of partial lockdown measures to contain the second wave of the coronavirus pandemic. The Federal Statistics Office said retail sales rose 2.6% in October on …
Read More »Oil is Declining as Investors Welcome The Good News of The Vaccine
Oil prices fell in early transactions on Wednesday, December 2, but recovered some losses later after news indicating that Britain has become the first country in the world to agree to use a vaccine for Covid-19, which will start from next week. Prices fell earlier after an unexpected build-up in …
Read More »Gold Declining Amid Doubts About US Stimulus Package
Gold fell on Wednesday 2 December, as investors were cautiously dominated due to doubts about progress in the stimulus package in the United States, while reports of developments regarding the Covid-19 vaccine added pressure. Spot gold prices fell 0.3% to $ 1808.67 an ounce after an increase of more than …
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