Market Update

The United States Senate confirmed on Thursday one of President Donald Trump’s picks to the Federal Reserve’s board of governors, the Wall Street Journal reported. Christopher Waller, Research Director at the Federal Reserve Bank of St. Louis, was confirmed to a term that extends until January 2030. A total of …

Oil prices rose on Thursday, despite media reports about an agreement within the OPEC+ alliance to raise production starting from January. OPEC+ is set to hold monthly meetings starting January to assess market conditions and decide on further production adjustments for the following month. Brent crude futures for February delivery …

Gold prices rose on Thursday, supported by the decline of the US Dollar (USD) on mixed economic data. Gold futures for February delivery added around $11, or 0.6%, to close at $1,841.10 per ounce. The rise of the yellow metal comes following a recent strong correction wave and monthly losses …

The OPEC+ alliance have on Thursday reportedly agreed to a small rise in crude oil output starting next January by 500,000 barrels per day, Reuters reported. However, major producers are yet to agree on the broader output policy for the rest of 2021. Producers hope that economic recovery from the …

Data by the United States Energy Information Administration (EIA) showed on Thursday that natural gas inventories declined by 1 billion cubic feet for the week ended November 27. The decline is way below that expected by market experts. Natural gas inventories amounted to a total of 3.939 trillion cubic feet, …

Economic activity in the United States services sector grew in November for the sixth consecutive month. Data by the Institute for Supply Management (ISM) Services Business Survey showed that the Services PMI registered 55.9%, declining by 0.7% compared to the October reading of 56.6%. However, the reading represents a sixth …

European stocks closed Thursday on a mixed note amid increased uncertainty surrounding Brexit trade talks. The STOXX Europe 600 index closed marginally higher, adding about 0.30 points. Meanwhile, the UK’s FTSE100 finished higher by 0.42%, while the French CAC40 decreased by 0.16%. Similarly, the German DAX fell by 0.45%.

The US Dollar (USD) is declining again against major currencies on Tuesday, showing a mixed performance on mixed economic data. The dollar index (DXY) is down by 0.60% at 90.75, after moving in a range between 90.56 and 91.09, after closing yesterday at 91.12.

There were 712,000 initial claims for unemployment benefits in the US during the week ending November 28, the data published by the US Department of Labor (DOL) showed on Thursday. This reading followed last week’s print of 787,000 and came in better than the market expectation of 775,000.

The dollar fell Thursday, December 3, to its lowest level in two and a half years against a basket of currencies, as investors bet that more economic stimulus from Washington and expected to start distributing vaccines for Covid-19 will support high-risk assets. While US lawmakers have failed to reach an …