Noor Trends News, Technical Analysis, Educational Tools and Recommendations

December, 2020

• 4 December 2020 1:12 am

  Oil Closes Higher Despite OPEC+ Move

  

  Oil prices rose on Thursday, despite media reports about an agreement within the OPEC+ alliance to raise production starting from January. OPEC+ is set to hold monthly meetings starting January to assess market conditions and decide on further production adjustments for the following month. Brent crude futures for February delivery …

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• 4 December 2020 12:16 am

  Gold Rises on USD Woes

  

  Gold prices rose on Thursday, supported by the decline of the US Dollar (USD) on mixed economic data. Gold futures for February delivery added around $11, or 0.6%, to close at $1,841.10 per ounce. The rise of the yellow metal comes following a recent strong correction wave and monthly losses …

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• 4 December 2020 12:13 am

  OPEC+ to Reduce Output Cuts in January

  

  The OPEC+ alliance have on Thursday reportedly agreed to a small rise in crude oil output starting next January by 500,000 barrels per day, Reuters reported. However, major producers are yet to agree on the broader output policy for the rest of 2021. Producers hope that economic recovery from the …

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• 3 December 2020 10:14 pm

  Natural Gas Stockpiles Decline Less than Expected

  

  Data by the United States Energy Information Administration (EIA) showed on Thursday that natural gas inventories declined by 1 billion cubic feet for the week ended November 27. The decline is way below that expected by market experts. Natural gas inventories amounted to a total of 3.939 trillion cubic feet, …

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• 3 December 2020 9:43 pm

  ISM Services PMI Maintains Expansion

  

  Economic activity in the United States services sector grew in November for the sixth consecutive month. Data by the Institute for Supply Management (ISM) Services Business Survey showed that the Services PMI registered 55.9%, declining by 0.7% compared to the October reading of 56.6%. However, the reading represents a sixth …

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• 3 December 2020 9:36 pm

  European Stocks Finish on Mixed Note

  

  European stocks closed Thursday on a mixed note amid increased uncertainty surrounding Brexit trade talks. The STOXX Europe 600 index closed marginally higher, adding about 0.30 points. Meanwhile, the UK’s FTSE100 finished higher by 0.42%, while the French CAC40 decreased by 0.16%. Similarly, the German DAX fell by 0.45%.

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• 3 December 2020 7:28 pm

  USD Declines Across the Board

  

  The US Dollar (USD) is declining again against major currencies on Tuesday, showing a mixed performance on mixed economic data. The dollar index (DXY) is down by 0.60% at 90.75, after moving in a range between 90.56 and 91.09, after closing yesterday at 91.12.

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• 3 December 2020 5:44 pm

  US: Weekly Initial Jobless Claims Dropped to 712K

  

  There were 712,000 initial claims for unemployment benefits in the US during the week ending November 28, the data published by the US Department of Labor (DOL) showed on Thursday. This reading followed last week’s print of 787,000 and came in better than the market expectation of 775,000.

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• 3 December 2020 5:23 pm

  Dollar Falling to Its Lowest Level in Two And a Half Years Due to Hopes of Vaccine And Stimulus

  

  The dollar fell Thursday, December 3, to its lowest level in two and a half years against a basket of currencies, as investors bet that more economic stimulus from Washington and expected to start distributing vaccines for Covid-19 will support high-risk assets. While US lawmakers have failed to reach an …

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• 3 December 2020 4:13 pm

  US: Record Number of Coronavirus deaths

  

  The number of Coronavirus deaths in the United States rose by 3,157 yesterday to record the largest number since the start of the pandemic. 20,070 people tested positive for Corona, as California broke a new record of daily infections. Meanwhile, the US Center for Disease Control has cut the quarantine …

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• 3 December 2020 4:06 pm

  Turkey: Annual Inflation Jumps to 14%, Its Highest Level in More Than a Year

  

  Annual inflation in Turkey jumped higher than expected, registering 14.03% in November, the highest level since August 2019 due to the drop in the lira, which remains on the pressures urging monetary policy tightening after a big interest rate hike last month. On a monthly basis, consumer prices increased 2.30% …

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• 3 December 2020 4:03 pm

  Retail Sales in Eurozone Rose More Than Expected in October

  

  Retail Sales both in the Eurozone and the European Union increased by 1.5% on a monthly basis in October, the data published by the Eurostat showed on Thursday. This reading followed September’s contraction of 1.7% and beat the market expectation of +0.8%.

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• 3 December 2020 4:02 pm

  Oil Rises as OPEC+ Resumes Talks to Extend Production Cuts

  

  Oil prices rose Thursday, December 3, after a dispute erupted between two producers, including Saudi Arabia and Russia, over the need to extend the deadline for record production cuts that began during the first wave of the Covid-19 pandemic. Brent crude rose 21 cents, or 0.4%, to $48.46 a barrel …

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