Daily Economic Reports

The United States Secretary of the Treasury, Janet Yellen, said on Tuesday that economic growth estimated by the Congressional Budget Office (CBO) are showing the strong need for passing the coronavirus rescue package proposed by President Joe Biden, Reuters reported. “Last year, the economy shrunk more than any other since …

The euro reached its lowest level in seven weeks against the US dollar, as fears of extending lockdown measures due to the outbreak of the Coronavirus pandemic led to a decline in sentiment towards the single currency. Data showed that retail sales in Germany, the largest economy in Europe, fell …

Silver futures rose on Monday and closed at a level not seen since 2013, on the back of strong demand that is attributed to retail traders on the social media platform Reddit. Reddit users through WallStreetBets were able to recently lead huge demand for stocks such as GameStop and AMC …

Silver rose for the third session in a row on Monday, February 1, rising as much as 7.4% near a six-month peak after posts on social media last week called for retail investors to flood the market. Spot silver reached its highest level since August 11 at $ 29.7 an …

The safe-haven dollar weakened on Monday, February 1 st as risk sentiment improved thanks to hopes that retail investors who targeted hedge funds last week turned their sights elsewhere. The US currency fell against most of its counterparts, as Asian stocks rose after four-day losses. The Australian dollar offered the …

The dollar won and risk-sensitive currencies fell, after an attack on indebted stocks by hedge funds in the United States dampened investor confidence and boosted demand for safe-haven currencies. Movements in the foreign exchange markets were moderate, as the dollar is still near trading levels it recorded in recent times, …

Japanese stocks fell for a second session, giving up early gains, as sales to investors to take profits and rebalance positions at the end of the month overshadowed a batch of technology companies that announced positive profits. Investors are growing concerned about more market turmoil as retail frenzy boosts market …

The U.S. Congress is expected to start procedures to pass the huge stimulus package proposed by President Joe Biden next week, Reuters reported citing leaders in the Democratic party. Both Senate Majority Leader Chuck Schumer and House Speaker Nancy Pelosi pointed to work on passing what the administration is calling …

The most prominent event on the US calendar today is the fourth-quarter GDP report due out at 13:30 GMT. Economists are expecting the preliminary figure to show 3.9% year-on-year growth in the October-December period, which indicates growth losing momentum by a large margin compared to the strong recovery in Q4 …

The United States Senate Majority Leader Chuck Schumer said on Tuesday that Democrats are ready to begin working to pass the new president rescue plan as early as next week without cooperation with the Republicans. The plan is being challenging by some Democrats as it will increase government debt. “In …