Market Update

There was a state of caution Tuesday, hours before the polls open in the United States, as investors prepare for a possible wave of the volatility after the elections. The US dollar fell by 0.2% against a basket of currencies to trade at 93.831, and the dollar hit its highest …

Saudi Aramco, the world’s largest oil producer, said its third-quarter profit fell by 45% from last year’s level, largely due to lower crude oil prices and lower sales volumes. Aramco said in a statement today, Tuesday, that Aramco’s net profit amounted to 44.2 billion riyals (11.8 billion dollars), while sales …

Gold prices fell on Tuesday, November 3, as cautious investors awaited the outcome of the US election, as Democratic candidate Joe Biden is a narrow lead in opinion polls over incumbent Donald Trump. And gold fell in the spot market 0.1% to 1892.73 dollars an ounce by 05:33 GMT. There …

US construction spending rose less than expected in September, as a drop in spending on public projects overshadowed some of the private sector investment gains. The US Commerce Department said on Monday that spending on construction increased 0.3% in September. The ministry revised down data for August to show spending …

FX option expiries for Nov 3 NY cut at 10:00 Eastern Time, via DTCC, can be found below. EUR/USD: EUR amounts 1.1650 622m1.1725 585m GBP/USD: GBP amounts 1.2850 684m1.3000 456m USD/JPY: USD amounts 105.00 425m105.49 1.1bn AUD/USD: AUD amounts 0.7000 686m EUR/GBP: EUR amounts 0.9000 720m

The business activity in the US’ manufacturing sector expanded at an impressive pace in October with the ISM Manufacturing PMI jumping to 59.4 from 55.4 in September. This reading beat analysts’ estimate of 55.8 by a wide margin. Further details of the publication revealed that the Prices Paid Index rose …

The Reserve Bank of Australia cut the interest rate to 0.10%, in line with expectations from 0.25%. The bank cut its target for a three-year bond yield to 0.1% following the monthly board meeting and indicated its intention to purchase $ 100 billion in long-term government debt.

Oil prices rose for the first time in four sessions, supported by expectations that the OPEC+ alliance will continue the current output cuts for longer than previously estimated. Brent crude futures for January delivery rose by $1.03, or 2.7%, to close at $38.97 per barrel. Meanwhile, the West Texas Intermediate …

Gold prices rose on Monday for the second consecutive session, amid increasing uncertainty about the second wave of the COVID-19 pandemic and the US elections. The yellow metal futures for December delivery closed higher by $12.60, or 0.7%, at $1,892.50 per ounce. This comes after gold futures recorded an 0.8% …

The Eurozone gross domestic product (GDP) is expected to shrink by 2.3% during the fourth quarter (Q4) of 2020, according to recent forecasts by Goldman Sachs. The bank has lowered its expectations for the European bloc, after it previously estimated a contraction of 2.2%. Meanwhile, Q1 of 2021 is expected …