Oil prices scored high gains on Tuesday, supported by the commitment of major producers to output curbs. Members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, an alliance known as OPEC+ agreed last month on extending the output cuts during February, with Saudi Arabia vowing …
Read More »Gold Prices Decline and Silver Falls for Eight-Year High
Gold prices decline on Tuesday, as the U.S. Dollar (USD) rose across the board against major currencies. The yellow metal futures for April delivery lost $30.50, or 1.6%, to close at the level of $1,833.40 per ounce. Meanwhile, silver futures lost all of their Monday gains, which helped it rise …
Read More »CAD Scores High Gains as Oil Prices Rise
The Canadian Dollar (CAD) rose on Tuesday against major currencies on Tuesday, supported by the rise of crude oil prices to their highest level in a bout to a year. Today, the CAD topped the G10 currencies performance against the U.S. Dollar (USD). The CAD is up against its U.S. …
Read More »Bitcoin Could Exceed $500,000 on Corporate Purchases
Bitcoin could surge to new unprecedented highs, amid increased interest from institutional investors. The world’s largest cryptocurrency in terms of market capitalization could go as high as $535,000 if corporate buyers convert 10% of their cash reserves to Bitcoin, according to a recent report by Ark Invest cited by CoinTelegraph. …
Read More »European Stocks Close Tuesday on Higher Note
European stocks rose on Tuesday, supported by an improved sentiment towards the rollout of vaccines and economic recovery from the Coronavirus pandemic. The STOXX Europe 600 index finished higher by 1.3%, with travel and leisure stocks leading the gains. The French CAC40 closed higher by 1.86%, while the German index …
Read More »USD Rises Across the Board
The U.S. Dollar (USD) is maintaining its upward trend on Tuesday, after declining earlier in the European session. The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is up by 0.27% at 91.23. The index has been moving today in a range …
Read More »Fed’s Kaplan: Asset Purchases Helped GameStop Trading Frenzy
President of the Federal Reserve Bank Dallas Robert Kaplan suggested on Tuesday that the Fed’s huge bond-buying program could be one of the reasons behind the recent trading frenzy by Reddit users in stocks such as GameStop, Reuters reported. “Some of the current situation you are seeing — one of …
Read More »Wall Street Opens with Strong Gains
The New York Stock Exchange (NYSE) opened higher Tuesday, supported by improved investors’ sentiment and large anticipation in Wall Street for the release of financial results by Amazon and Alphabet. In addition, the market remains supported by the prospects of increased government stimulus by the Biden administration. The Dow Jones …
Read More »Pfizer Expects to Generate About $ 15 Billion in Sales This Year From Corona Vaccine
Pfizer expects to generate about $ 15 billion in sales this year from the COVID-19 vaccine it developed with its German partner BioNTech. The company achieved sales of the vaccine valued at $ 154 million in the fourth quarter, and the company expects adjusted full-year earnings of $ 3.10 per …
Read More »Currencies Overview: Euro is at Its Lowest Level in 7 Weeks With Gloomy Outlook
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 …
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