Market Update

Iraqi News Agency said on Friday that Saudi Arabia and Iraq have confirmed their full commitment to the OPEC + agreement. Iraq had said on Thursday that it would implement additional cuts to its oil production by about 400,000 barrels per day in August to compensate for excess production in …

According to the New York Mercantile Exchange, crude oil futures for September were traded at $41.98 a barrel, up 0.07%. It was previously traded higher at $42.22 a barrel. Crude oil may find support at $39.58 and resistance at $43.52. The dollar index, which measures the performance of the greenback …

FX option expiries for Aug 7 NY cut at 10:00 Eastern Time, via DTCC, can be found below. – EUR/USD: EUR amounts 1.1750 517m1.1850 1.1bn1.1900 1.5bn1.1925 594m1.2000 568m – GBP/USD: GBP amounts         1.3000 425m  – USD/JPY: USD amounts          104.25 388m104.50 400m105.00 481m105.50 792m105.80 750m106.00 485m107.00 668m – USD/CAD: USD amounts         1.3180 …

Wall Street closed higher on Thursday with the Nasdaq closing at a new all-time high, supported by a decline in the US jobless claims last week and anticipating a new stimulus package to be approved by Congress. The Dow Jones Industrial Average gained 185.5 points, or 0.68%, and settled at …

Oil prices declined on Thursday, amid rising concerns about the prospects of economic recovery from the impacts of the COVID-19 pandemic. In addition, an increase in US natural gas inventories further pushed the worries for the recovery of the demand for energy. Brent crude futures for October delivery declined by …

Gold prices rose on Thursday for the fifth consecutive session, amidst an increase in demand for safe havens and the US Dollar (USD) returning to losses after briefly attempting recovery. Gold futures gained $20.10 or 1.2% to settle at $2,069.40 per ounce. Markets are still anticipating a deal in the …

The US Dollar (USD) returned to the downward trend on Thursday, after showing signs of recovery today supported by the decline in the number of jobless claims in the United States last week. The Dollar index (DXY), which measures the USD performance against a basket of six major international currencies, …

President of the Federal Reserve Bank of Dallas, Robert Kaplan, has ruled out adopting negative interest rates in the near future, expecting strong economic growth during the second half of 2020. However, the Dallas Fed president expects rates to stay low for the foreseeable future, until progress is achieved on …

President of the Federal Reserve Bank of Richmond, Thomas Barkin, has expressed his hopes that jobless claims will continue to decline. Recently, Reuters quoted Barkin as saying that the US economy faces the risk of a larger downturn than previously expected if congress does not provide the needed support through …

European stocks closed lower on Thursday as uncertainties persist regarding economic recovery in the continent after the Bank of England (BoE) monetary policy committee’s statement noted that “although recent developments suggest a less weak starting point for the Committee’s latest projections, it is unclear how informative they are about how …