Market Update

The US Dollar (USD) is rising on Thursday against its Canadian counterpart (CAD) to new week highs, despite a recovery by crude oil prices, which did not provide the needed support to the Canadian Dollar. The USD/CAD pair is trading higher for the day by 0.60% at 1.3142. Earlier today, …

The budget deficit in the United States amounted to $284 billion in October, data showed on Thursday. October marks the beginning of a new fiscal year in the US, while last year a record $3.1 trillion deficit was recorded. This comes as the US government tries to face the impact …

Gold prices rose on Thursday, amid increased concerns about the rising number of Coronavirus cases in the United States. The US recorded a record 200,000 cases of COVID-19 in a single day, the highest on record. The rise of the yellow metal comes as the US Dollar (USD) is also …

The International Monetary Fund (IMF) has called upon the G20 countries to coordinate their efforts to face the impacts of the Coronavirus (COVID-19) crisis, Reuters reported. “If the G20 countries, move together, invest together at the same time, they would spend a third less to achieve the same output goal,” …

A partial lockdown in Germany this month could lead to weaker economic growth during the fourth quarter (Q4) of 2020, according to the German Finance Minister Olaf Scholz. The minister also said on Thursday that a government stimulus package could help offset the effect of the lockdown, Reuters reported. The …

Data by the United States Energy Information Administration (EIA) showed on Thursday that crude oil inventories in the US rose by 4.3 million barrels last week. The data comes against expectations a 3 million-barrel decline, according to a poll by S&P Global Platts. Gasoline inventories declined by 2.3 million barrels, …

European stocks ended Thursday lower, after hopes for the new vaccine against the Coronavirus disease (COVID-19) provided a much needed support for the market. In addition, data showed earlier today a decline in industrial production across the Eurozone during the month of September. The pan-European STOXX Europe 600 closed lower …

The Euro (EUR) is surging against a weakening British Pound (GBP), despite industrial production in the Eurozone declining during September and the UK’s GDP rebounding during the third quarter (Q3) of the year. The EUR/GBP pair is up by 0.88%, trading at 0.8986. The pair has been moving today in …

German biotech CureVac’s CEO, Franz-Werner Haas, said on Thursday that they are planning to produce 300-400 million doses of their coronavirus vaccine in 2021, as reported by Reuters.

Inflation in the US, as measured by the Consumer Price Index (CPI), was 0% in October, the report published by the US Bureau of Labor Statistics showed on Thursday. On a yearly basis, the CPI declined to 1.2% from 1.4% in September. Further details of the publication revealed that the …