Market Update

The Chairman of the US Federal Reserve, Jerome Powell, said on Wednesday that the rise in COVID-19 cases across many states and preventive measures to contain the virus outbreak are affecting the economic recovery. “We have seen some signs in recent weeks that the increase in virus cases and the …

Oil prices rose on Wednesday, after data showed a huge decline in US crude inventories last week. The weekly report by the US Energy Information Administration (EIA) showed earlier that crude oil inventories in the US fell by 10.6 million barrels during the week ended July 24. This marked the …

Gold prices continued its rising rally for the ninth consecutive session and closed at yet another new all-time high. The Federal Reserve’s monetary policy statement did not provide any support for the US Dollar, which remains near its lowest level in two years. The Dollar index (DXY) is down by …

European stocks continued to show mixed performance on Wednesday, as markets anticipate the statement of the US Federal Reserve. The pan-continental STOXX Europe 600 Index rose marginally by 0.022% to 367.76. Similarly, FTSE100 added 0.036%, while CAC40 closed higher by 0.60%. Meanwhile, DAX plunged by 0.10% and IBEX35 fell by …

The US Dollar (USD) declined on Wednesday to its lowest level in about two years, as the Federal Reserve is expected to announce later today its monetary policy decision of maintaining interest rates near 0% for the foreseeable future. The Dollar index (DXY), which measures the USD’s performance against a …

Wholesale inventories in the United States declined by 2% during June, against market expectations of a 0.5% decline. Meanwhile, retail inventories fell by 2.6%, below market estimates of a 2.7% decline.

The Pending Home Sales Index in the United States rose by 16.6% to 116.1 in June, according to data released by the National Association of Realtors on Wednesday. Pending home sales also increased by 6.3% on an annual basis.

Data released by the US Bureau of Statistics and the Bureau of Economic Analysis on Wednesday showed that the United States’ international trade deficit decreased by $ 4.6 billion to $ 70.6 billion in June. “Exports of goods for June were $ 102.6 billion, $ 12.5 billion more than May …

Data from the American Petroleum Institute showed that American oil inventories witnessed a sharp decline last week, contrary to market expectations, as US oil inventories recorded a decrease of 6.8 million barrels over the week ending July 24 to 531 million barrels, while analysts’ expectations indicated that an increase of …

It is expected that the American oil refineries will announce the worst results for the second quarter in ten years, with production exceeding the demand, while the lockdown measures aimed at containing the pandemic of the Covid-19 Virus caused a severe decline in travel in the summer. According to Reuters. …