Market Update

The dollar hit its lowest level in nearly a week on Wednesday, August 25th against major counterparts, as concerns eased that the highly contagious delta strain of the Coronavirus may derail the global economic recovery. Risk appetite has improved in global markets since the US Food and Drug Administration granted …

Oil prices rebounded on Wednesday, August 25, to catch a breath after a strong rally this week due to the loss of a quarter of Mexico’s production and evidence that China, the world’s largest importer of crude, has contained the latest outbreak of the Coronavirus. Brent crude futures fell 25 …

The New York Stock Exchange (NYSE) continued with a positive performance on Tuesday, with the S&P 500 and Nasdaq indices hitting new record highs. Wall Street is anticipating the upcoming speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole event. The Federal Reserve’s most recent meeting minutes showed …

Crude oil inventories in the United States declined by 1.6 million barrels last week, according to estimates by the American Petroleum Institute (API). Gasoline stockpiles decreased by 985,000 barrels, and distillate inventories fell by 245,000 barrels. The official weekly report by the Energy Information Administration (EIA) is due on Wednesday.

The Euro (EUR) rose against the U.S. Dollar (USD) for the third consecutive day, keeping the rising trend this week, rebounding from multi-month lows. The EUR/USD pair increased by 0.11% to settle at 1.1759. The pair will now target levels between 1.1775 and then 1.1800. Today saw the biggest daily …

Oil prices rose on Tuesday for the second consecutive session, recovering some of its recent losses, amid output disruptions in North America. Brent crude futures for October delivery closed higher by $2.30, or 3.35%, at $71.05 per barrel, to close at its highest level since August 12. Meanwhile, the West …

PayPal will soon allow its customers in the United Kingdom to hold, buy, and sell Bitcoin and other cryptocurrencies. Customers will be able to choose between Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. PayPal warned its customer base that crypto assets are considered volatile because of how much and how quickly …

Gold prices continued to rise on Tuesday, maintaining an upward trend for the third consecutive session, The yellow metal front-month futures added $2.40, or 0.13%, to finish $1,805.60 per ounce. This marked the biggest gain for gold futures since August 17 and the highest settlement value since August 4. Gold …

European stocks stalled on Tuesday, closing marginally lower, after rebounding for two consecutive sessions. Markets are anticipating tomorrow’s release of the IFO data in Germany, which includes important indicators for the business climate in the continent’s largest economy. The STOXX Europe 600 index slipped by 0.09 points or 0.02% to …

The Federal Reserve Bank of Richmond Survey of Manufacturing Activity’s composite index declined to a reading of 9 in August from 27 in July, data showed on Tuesday. The reading indicates a slowdown in manufacturing activity to its lowest level since June 2020. The shipments index also decreased to 6 …