Market Update

Gold prices surged on Tuesday, closing at a new record level due to increased demand on safe havens and a decline in US Treasury bond yields. Despite the US Dollar (USD) showing recovery signs on the back of positive economic data, the precious metal was over to continue its upward …

The global current account imbalances have narrowed in 2019 as international trade slowed, and the COVID-19 could further narrow it in 2020, the International Monetary Fund (IMF) said in a report on Tuesday, Reuters reported. However, commodity exporters and countries that depend on tourism are expected to register current account …

The Australian Dollar (AUD) is rising across the board against major currencies, supported by the recent decision and policy statement by the Reserve Bank of Australian (RBA). As expected, the RBA maintained its main rate at 0.25%, a historically low rate, which aims to curb the effects of the COVID-19 …

European stocks settled lower on Tuesday, as the STOXX Europe 600 index declined by 0.17% to 363.03. DAX declined by 0.36% and IBEX35 dropped by 0.67%, as the shares of Bayer fell by 2.4%. Meanwhile, FTSE100 closed higher by 0.05%, as BP gained 6.5% after disclosing its financial results for …

The Bank of England (BoE) is expected to reduce its key interest rate to 0% in November, as per a recent research report by the Bank of America, Bloomberg reported. The BoE plans a GBP 100 billion ($131 billion) extension to its asset purchase program until mid-2021. In addition, the …

The headline seasonally adjusted IHS Markit Canada Manufacturing Purchasing Managers’ Index (PMI) registered 52.9 in July, up from 47.8 in June. This is the first time for the index to pass the 50-point mark in five months, due to the impacts of the COVID-19 pandemic. An improving customer demand as …

Factory orders in the United States increased by 6.2% during June, data by the US Department of Commerce showed on Tuesday. The rise in factory orders last month came in higher that initially expected, largely thanks to an 86.2% rise in motor vehicle and parts orders. In addition, transportation equipment …

Electric Capital venture fund raised $110 million from university endowments and other nonprofits to invest in cryptocurrencies, Bloomberg reported. The company has started with investing $35 million in cryptocurrencies like Bitcoin and Ethereum and blockchain projects. However, it seems the focus this time will be directed towards other crypto assets. …

GBP / USD was marginally moving throughout the Asian session near 1.3080 and rose during European trading, but lost its strength after touching 1.3100 and came under intense downward pressure to reach 1.3023, recording losses of 0.37% during the day. Concerns about the second wave of Covid 19 and the …

U.S. President Trump said Covid 19’s outbreak is under control. At least 155,000 people have died in the United States amid an incomplete response to the public health crisis. The American President continues to press for the reopening of American schools. “They are dying, that’s true,” he said. “It is …