Market Update

Today, Friday, the euro is heading towards recording its best weekly performance in a month and breaching large previous resistance levels as investors flock to bet that the US dollar will decline further as the world begins emerging from the Covid-19 pandemic. And the single European currency is up 1.5% …

Gold prices stabilized today, Friday, and is heading towards achieving its first weekly gain in 4 weeks, as the dollar retreated due to growing hopes for an American stimulus, and before the release NFP due at a later time. Today. The gold spot was little changed at $1840.75 an ounce, …

European stocks rose on Friday, as energy stocks pushed the leading companies ’index in London to a nine-month high, while Bionics fell after Pfizer cut its target to distribute their Covid-19 vaccines. Britain’s FTSE 100 index gained 0.5% as energy shares advanced after a settlement was reached among OPEC+ members …

Data on Friday showed that German industrial goods orders increased more than expected on a monthly basis in October, raising hopes that the manufacturing sector in Europe’s largest economy started the fourth quarter of the year with a strong performance. Data published by the Federal Statistics Office show that orders …

The Japanese Nikkei index closed lower today, Friday, to retreat from near its highest level in 29 and a half years, as the risk appetite was negatively affected after the US drugmaker Pfizer said it had lowered the goal of distributing its anti-virus vaccine. The Nikkei index fell 0.22% to …

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, …