Market Update

The plunge in eurozone business activity caused by lockdowns imposed to stop the spread of the coronavirus eased sharply last month as more businesses reopened and people ventured out, Reuters reported on Friday, citing a survey. Further details A June Reuters poll predicted the economy contracted an unprecedented 12.5% last …

Friday’s survey showed that the decline in business activities in Eurozone had receded sharply, the recent decline as a result of public isolation measures to halt the spread of Corona as more companies resume their activities. Nearly 11 million people worldwide have been infected with Covid-19, but the restrictions have …

August West Texas Intermediate crude futures fell nearly 1.50% during European session after facing a rejection near 40.50. WTI failed to sustain the higher levels but on track to record weekly gains. The growing fears of an increase in the numbers of cases with Covid 19 affected the market sentiment, …

Pound continued its losses against a basket of currencies for the second day in a row and fell against the US dollar on the corrective movments of and profit-taking, though, the Pound is about to make its first weekly gain in a month with Boris Johnson’s statement to expand spending …

US President Donald Trump tweeted on Friday: “There is a rise in Coronavirus cases because our testing is so massive and so good, far bigger and better than any other country,” adding that this is excellent news, but “even better news is that death, and the death rate, is down. …

Gold recorded stability and remained in a narrow trading range of five dollars on Friday, influenced by fears of a high number of Covid 19 cases and continued trade tensions between the United States and China as well as a higher-than-expected payroll report (NFP). There was little change in gold …

Addressing the German parliament on Friday, Germany’s Chancellor Angela Merkel said that they are preparing on every level for a no-deal Brexit. In previous remarks on Monday, Merkel warned that the European Union (EU) needs to be prepared for a situation in which a Brexit deal is not reached. The …

The June NFP report was stronger than expected, showing better results than what most economists estimated amid efforts to get the economy back to normal.  According to the Bureau of Labor Statistics, the US added 4.8 million jobs, and the unemployment rate came in at 11.1%, which according to BLS, …

The US dollar index traded on the positive side around the 97.30 regions by the end of the week. The index had risen for the second straight session on Friday, gaining some momentum and overcoming Covid-19 concerns. The demand for the dollar increased as risk aversion among traders returned despite …

Asian stocks rose to a four-month high on Friday in reaction to the report of strong payroll report (NFP) and growth in Chinese service activity, but the rise of Covid 19 cases in US has put limits on more risk appetite. China’s service sector activity expanded at its fastest pace …