President of the Federal Reserve Bank of San Francisco, Mary Daly, said on Thursday that in order for the monetary policy objective of achieving economic recovery, extra stimulus by the government is needed, Reuters reported. “These two things need to come together or else we will have an incomplete solution,”

The President of the United States, Donald Trump, said on Thursday that he could support a new stimulus package worth more than the $1.8 trillion he offered last week, which was rejected by the Democrats. This comes after the US Treasury Secretary, Steven Mnuchin, said he does not expect a …

European stocks saw huge losses on Thursday, amid increasing concerns about the second wave of COVID-19 across the old continent. The Stoxx Europe 600 index closed lower by 2.10% at 362.83 points, its worst daily performance in more than three weeks. The German DAX index finished lower by about 2.5%, …

The Turkish Lira (TRY) hit another record low on Thursday as the USD/TRY pair reached 7.95, getting close to an unprecedented level of 8. Ankara’s monetary policy has been heavily criticized as it is failing to stop the local currency’s wounds. USD/TRY is currently trading at 7.9323, up by 0.28% …

The European Central Bank (ECB) is expected not to expand emergency stimulus despite the increasing number of Coronavirus (COVID-19) cases, which is set to lead to renewed lockdowns. Nonetheless, the ECB is not expected to expand its bond purchases this month, according to a recent report by Bloomberg. It is …

President of the European Central Bank (ECB), Christine Lagarde, said on Thursday that financial stability risks are rising in the Eurozone due to an increase in debt levels, Reuters reported. “The euro area economy will continue to be supported by very accommodative monetary and fiscal policies along with an expected …

The main indices of Wall Street closed lower on Wednesday, due to mixed financial results by big banks, and worries about the second wave of the Coronavirus (COVID-19) pandemic. In addition, hopes for a new stimulus package were subdued after remarks by the US Treasury Secretary suggested that a new …

Oil prices maintained gains for the second consecutive session on Wednesday, amid commitment by OPEC+ leaders to output cuts. Brent futures for December delivery gained 87 cents, or 2.1%, to settle at $43.32 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude futures for November delivery finished higher by 84 …

Gold prices rose on Wednesday, supported by the decline of the US Dollar (USD), restoring the $1,900 per ounce level. Gold futures for December delivery increased by $12.70, or 0.7%, and settled at $1,907.30 per ounce. Meanwhile, silver futures for December delivery added 27 cents, or 1.1%, and closed at …

The increase in the number of new Coronavirus (COVID-19) cases in the United States led to more uncertainty to the economic outlook, according to the President of the Federal Reserve Bank of Richmond, Thomas Barkin. “An elevated case rate raises economic uncertainty and that affects businesses’ willingness to hire or …