Market Update

World Health Organization (WHO) Director-General Dr Tedros Adhanom Ghebreyesus said earlier on Thursday that the coronavirus pandemic is not under control in most parts of the world and it is getting worse. “We know that when countries take a comprehensive approach, the COVID-19 outbreak can be brought under control,” Tedros …

The UK’s Department of Health and Social Care said this Thursday that cases identified by England’s test and trace system reached 14,892 people were identified as close contacts of positive COVID-19 cases. The department of Health added that “of these people, 70.8% were reached and asked to self-isolate.” “4,347 people …

EUR/GBP maintained its performance in the mid-European session and last seen hovering around its lowest level in three weeks, just above the mid-0.8900s. The pair came under fresh selling pressure on Thursday and expanded its recent retreat from three-month highs set on June 29. Positive sentiment around sterling was the …

The Euro stalled its advance on Dollar Thursday after facing technical resistance and as stock market futures dipped lower across in the US, although the single currency ready to return to June highs before the week is out.  Euro is currently trading at 1.1327, down 0.03% against the US dollar, …

Russia has no plans to hold any talks with Saudi Arabia at the present time before OPEC+ ministerial monitoring committee meeting next week’s. Market reaction Oil prices ignored that news and WTI crude was trading at the time of writing at $ 40.75, losing 0.25% on a daily basis. Brent …

British government borrowing is on course to surge to around 350 billion pounds ($442 billion) this year following the latest spending measures announced by finance minister Rishi Sunak, the Institute for Fiscal Studies estimated on Thursday. “Back in March, the government forecast a deficit of about 50 to 60 billion …

German exports rebounded less than expected in May, as data released on Thursday showed; demand remained weak despite the easing of lockdown measures that had been imposed to contain the spread of the virus. The Federal Statistical Office said that seasonally adjusted exports increased by 9% on a monthly basis …

US dollar weakened during early European trading on Thursday, as traders looking towards risky currencies amid expectations of strong economic growth, which reduced the demand for USD as a safe-haven currency. Concerns remain over the outbreak of Covid-19, which keeps the currency pairs in a narrow trading range. However, the …

China’s consumer price index (CPI), a main gauge of inflation, rose by 2.5% YoY in June, expanding 0.1 percentage points than May. The percentage was in line with a 2.5% rise tipped by a Reuters poll. Meanwhile, China’s producer price index (PPI), which measures costs for goods at the factory …

Gold fell in the Asian session on Thursday but remained above $ 1,800 for the third day in a row. Gold futures fell 0.04% at $ 1819.95 (3:22 GMT), the yellow metal managed to maintain gains of the previous four sessions. Covid-19 outbreaks and lockdowns resulted in investors going to …