Market Update

Crude oil inventories in the United States declined by 3.8 million barrels last week, according to data by the US Energy Information Administration (EIA) on Thursday. The decline exceeds that expected by market experts of around 2.3 million barrels, and it comes after an increase of 500,000 barrels in the …

Gold prices returned to gains on Thursday, amid increased demand for safe havens amid uncertainty. The rise in the yellow metal prices came despite the US Dollar’s (USD) gains. Gold futures for December delivery rose by $1.60, or 0.08%, and settled at $1,908.90 per ounce. Since the beginning of the …

President of the Federal Reserve Bank of Richmond, Thomas Barkin, said on Thursday that spending could increase due to higher confidence in the economy, but that it would take longer for the labor market to recover, Reuters reported. “You’ve got a lot of companies that have chosen, even though they’re …

The British Pound (GBP) declined against the US Dollar (USD) on Thursday, with the USD showing some strength across the board. Meanwhile, the GBP is impacted by Brexit uncertainty, as well as worries about the second wave of the COVID-19 pandemic and new lockdowns imposed by the British government. The …

President of the Federal Reserve Bank of San Francisco, Mary Daly, said on Thursday that in order for the monetary policy objective of achieving economic recovery, extra stimulus by the government is needed, Reuters reported. “These two things need to come together or else we will have an incomplete solution,”

The President of the United States, Donald Trump, said on Thursday that he could support a new stimulus package worth more than the $1.8 trillion he offered last week, which was rejected by the Democrats. This comes after the US Treasury Secretary, Steven Mnuchin, said he does not expect a …

European stocks saw huge losses on Thursday, amid increasing concerns about the second wave of COVID-19 across the old continent. The Stoxx Europe 600 index closed lower by 2.10% at 362.83 points, its worst daily performance in more than three weeks. The German DAX index finished lower by about 2.5%, …

The Turkish Lira (TRY) hit another record low on Thursday as the USD/TRY pair reached 7.95, getting close to an unprecedented level of 8. Ankara’s monetary policy has been heavily criticized as it is failing to stop the local currency’s wounds. USD/TRY is currently trading at 7.9323, up by 0.28% …

The European Central Bank (ECB) is expected not to expand emergency stimulus despite the increasing number of Coronavirus (COVID-19) cases, which is set to lead to renewed lockdowns. Nonetheless, the ECB is not expected to expand its bond purchases this month, according to a recent report by Bloomberg. It is …

President of the European Central Bank (ECB), Christine Lagarde, said on Thursday that financial stability risks are rising in the Eurozone due to an increase in debt levels, Reuters reported. “The euro area economy will continue to be supported by very accommodative monetary and fiscal policies along with an expected …