The yellow metal opened the current session with a bullish bias within a gradually bullish path. Technically speaking, the current moves are witnessing stability above 1901 resistance level, Fib 61.80%, as seen on the 240-minute chart. We find that the RSI above 50 on short time frames with positive signals …
Read More »Euro is Looking For New Signals
The EUR’s movements were tilted to the positive side during the previous trading session, and we remained neutral in the previous report due to the conflicting technical signals. Technically, looking at the chart, we find that the 50-day moving average has returned to hold the price with positive signals from …
Read More »Square Buys $50 Million in Bitcoin
Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million which represents about 1% of Square’s total assets as of the end Q2 of 2020. “Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which …
Read More »US Weekly Initial Jobless Claims Decline to 840K
There were 840,000 initial claims for unemployment benefits in the US during the week ending October 3rd, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 849,000 (revised from 837,000) and came in slightly worse than the market expectation …
Read More »Highlights from BoC’s Governor Speech
Highlights of the speech of the BoC Governor Tiff Macklem on Thursday as follows “We came into the pandemic with a number of vulnerabilities; it seems certain we will exit pandemic with higher levels of government debt.”“Our policy path will eventually have an impact on financial system vulnerabilities; lower-interest-rate environment …
Read More »OPEC Oil Outlook Report to 2045: The Pandemic Has Caused The Largest Decline in Oil Demand in History
OPEC’s report on oil outlook up to 2045 revealed that the Corona pandemic caused the largest decline in oil demand in history, and that the global economy will shrink by about 4% this year, while the report confirmed that oil will remain the largest component of the energy mix in …
Read More »Strike in The Norwegian Oil Sector Will Affect 966,000 Barrels Per Day of Oil Equivalent
The Norwegian Oil and Gas Union said Thursday (October 8th) that the current shutdown in production due to the ongoing strike in the oil and gas sector will increase to 966,000 barrels of oil equivalent per day by October 14 unless a solution to the crisis is found for the …
Read More »BOE Financial Policy Committee Statement Highlights
Following the conclusion of the Bank of England (BOE) Financial Policy Committee (FPC) meeting on Thursday, the central bank released a statement, with the key points found below. The UK authorities and financial sector have measures in place to limit disruption to financial services at the end of the transition …
Read More »Germany’s Exports Increase in August Boosts Hopes For a Strong Recovery
German exports increased for the fourth month in a row and more than expected in August, boosting hopes of a strong recovery for Europe’s largest economy in Q3 after the shock of the Corona pandemic earlier this year. The Federal Statistics Office said exports, adjusted for seasonal factors, rose 2.4% …
Read More »France’s Central Bank: The Economy Expanded 16% in Q3
France’s central bank said Thursday that the country’s economy expanded 16% in Q3, after an unprecedented 13.8% decline in the previous three months, confirming earlier forecasts. The second-largest economy in the eurozone fell sharply into recession in Q2 after imposing a set of strict lockdown measures in Europe to limit …
Read More »