The USD/CAD pair fell to 1.3573 during the European session, but then succeeded in making a slight bounce and gained 0.04% at the time of writing, reaching 1.3590 Good market sentiment that was seen in risk appetite and the rise of the leading European indicators, all made it difficult for …
Read More »Russian Energy Minister: Oil Market Could Face a Shortage in July
Russia’s Energy Minister Alexander Novak said on Thursday that the global oil market may strike a balance between supply and demand and may face a shortage of crude. Citing Reuters. He added that investments in the global energy sector will decrease by one third this year, noting that recovery in …
Read More »Eurozone Unemployment Rate Rises Less Than Expected in May
The Eurozone unemployment rate fell short of economists’ expectations in May, indicating that measures to protect jobs in the Eurozone have paid off. Although the unemployment rate in the Eurozone peaked for four-months high at 7.4%, data from Eurostat reported, economists’ expectations at 7.7%. The unemployment rate in April was …
Read More »EUR/USD Pushing Higher and Approaching 1.1300
The EUR/USD pair continues to trade with better sentiment for the second consecutive session, touching weekly highs near 1.13 levels The combination of hopes for a Covid 19 vaccine and headlines about Europe’s economic reopening has pushed traders toward riskier assets. In terms of data in the euro area, Spanish …
Read More »The US Dollar Index is Testing 97.00 Before US Data
The US dollar index continues to trade in defensive mode on Thursday. The index fell on data and Risk Trends on Wednesday, as sentiment improved with good news of approaching a vaccine for Covid-19 The better-than-expected US data as ISM Manufacturing rose to 52.6 for the month of June, in …
Read More »S&P 500 and Nasdaq Maintain Gains, Dow Closes Lower
The New York Stock Exchange (NYSE) closed higher on Wednesday, with investors growing optimistic about news of a potential vaccine for the coronavirus (COVID-19). The S&P 500 index gained 0.50%, and the NASDAQ Composite Index increased by 0.95%, while the Dow Jones Industrial Average closed lower by 0.3%. A COVID-19 …
Read More »USD Down as Safe Haven Demand Falters
The US Dollar (USD) declined on Wednesday against major currencies, with improved economic data in the United States and the UK has decreased the demand on the green currency as a safe haven. An increased risk appetite helped the AUD and NZD rise against the USD. The USD/JPY is now …
Read More »GBP Gains on USD Retreat
The British Pound (GBP) achieved gains on Wednesday, as demand for the USD as a safe haven faded despite positive economic data in the United States. GBP is up by 0.43% against the Euro, and by 0.60% against the USD. Earlier, data showed that the UK manufacturing sector is showing …
Read More »Fed Meeting Minutes Show Commitment to Facing COVID-19 Recession
Members of the US Federal Reserve Board have agreed to use all of the tools at their disposal to help push the economy out of recession, as shown by the meeting minutes of their most recent meeting, which took place on June 9-10. The US economy entered into a recession …
Read More »US Oil Inventories Down 7.2 M Barrels in Week
The United States crude oil inventories decreased by 7.195 million barrels during the week ended June 26, according to data by the US Energy Information Administration (EIA) released on Wednesday. This is the first decline in US oil inventories after three consecutive weekly increases. The decrease exceeded the expectations of …
Read More »