Oil rigs in the United States increased by one rig last week to a total of 181 active rigs, according to data by Baker Hughes. This is the first increase in oil rigs since mid-March, with recent declines attributed to lower oil prices amidst decreased demand because of the COVID-19 …
Read More »Gold rallies after US labour data
Spot gold is up 1.16%, trading at $238460, and gold futures are up 1.20%, trading at $2394.45 at the…
Semi-Annual Policy Report: Fed needs greater confidence before moving to rate cuts
In its Semi-Annual Monetary Policy Report published on Friday, the Federal Reserve (Fed) noted that …
US Stock Futures Flat Ahead of Crucial Nonfarm Payrolls Report
U.S. stock index futures remained mostly unchanged on Friday as markets reopened after the July 4 ho…
Bitcoin Plummets to 4-Month Low Amid Mt Gox, Political Turmoil
Bitcoin’s price took a nosedive on Friday, sinking to a four-month low as concerns over the im…
Bitcoin Plummets to 4-Month Low Amid Mt Gox, Political Turmoil
Bitcoin’s price took a nosedive on Friday, sinking to a four-month low as concerns over the im…
Gold Prices Continue Climb on Rate Cut Expectations, Awaiting Payrolls Data
Gold prices continued their upward trajectory in Asian trading on Friday, building on recent gains a…
Asian Stocks Mixed Amid EU-China Trade Tensions, Samsung Boosts South Korea
Asian stock markets presented a mixed picture on Friday. Chinese stocks declined due to new European…
What do markets expect from US NFP data?
The most important US labour data will be released later on Friday, amid expectations of a significa…
DXY Declines On US Holiday
The US dollar is facing further scrutiny in the wake of the depressing ADP and ISM Services PMI read…
Sterling Surges ahead of UK elections, NFP data
The Pound Sterling has strengthened against the US dollar as the US labour market loses momentum. In…
Market Analysis
July, 2020
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24 July 2020 9:16 pm
European Stocks Down 1.5% for the Week
European stocks closed lower on Friday on the back of rising tensions between the United States and China. Beijing has retaliated against a move by the US to close the Chinese consulate in Houston, Texas, and revoked the license of the US consulate in Chengdu. In addition, tech sector stocks …
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24 July 2020 8:42 pm
US PMI Shows More Recovery Signs
The flash US Composite PMI Output Index posted 50.0 in July, up from 47.9 signaling a stabilization in private sector output, according to data by IHS Markit. Data shows that private sector companies in the United States are showing stable business activity and recovering from the impacts of the COVID-19 …
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24 July 2020 8:14 pm
UK Economy Showing Strong Recovery
The headline seasonally adjusted UK Composite Output Index registered 57.1 in July, up from 47.7 in June, according to data by the IHS Markit and CIPS survey. The improvement in business conditions across the UK helped the private sector economy in restoring recovery signs against the COVID-19 crisis. The flash …
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24 July 2020 8:06 pm
German PMI Rises in July
The German economy maintained its move towards recovery during July, according to the latest flash purchasing manager’s index (PMI) data by IHS Markit. The headline Germany Composite Output Index rose sharply again in July, recovering further from a record low in April. The index recorded 55.5 in July, up from …
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24 July 2020 6:55 pm
US New Home Sales Rise by 13.8%
Data by the US Department of Commerce showed on Friday that new home sales in the United States increased by 13.8% to a seasonally adjusted annual rate of 776,000 units in June. Meanwhile, May’s revised reading stood at 682,000 units. On Wednesday, data by the National Association of Realtors showed …
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24 July 2020 4:30 pm
Russian Central Bank Cuts Key Rate
The Russian Central Bank cut its key interest rate to a record low of 4.25% on Friday and stated that it would consider the need for further monetary easing amid low inflation and a shrinking economy. The 25bp cut was in line with the Reuters poll, with expectations to cut …
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24 July 2020 3:36 pm
Gold is Approaching $ 1900
Gold is trading near the level of $ 1900 an ounce approaching the highest level recorded in 9 years and got support from the increasing demand for the yellow metal as a safe haven, the weakening of the US dollar and continued increase of corona cases in the United States …
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24 July 2020 2:55 pm
Wall Street Set to Open Lower
US markets are set to open lower and remain under pressure until headlines about the tension between the United States and China improves and Congress may make progress in the upcoming stimulus package. The market’s focus was on domestic consumption risks after jobless claims rose last week. Dow Jones futures …
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24 July 2020 1:55 pm
Eurozone PMI Expands in July
The Eurozone Manufacturing PMI arrived at 51.1 in July, compared to 50.0 expected, while the Eurozone Services Purchasing Managers’ Index reached 55.1 in July, compared to 51.0 expected. The Eurozone manufacturing sector witnessed an upturn this month, the latest manufacturing activity survey from IHS/Markit research showed on Friday. Eurozone manufacturing …
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24 July 2020 1:17 pm
French Business Activity Rebounded
Data from HIS Markit showed that French business activity rebounded much more than expected in July with a rebound in the post-lockdowns service sector gained momentum. IHS Markit reported that the preliminary PMI jumped to 57.6 from 51.7 in June, its highest level since January 2018. It came above analysts’ expectations …
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24 July 2020 12:22 pm
China Orders U.S. to Shut Chengdu Consulate
China ordered the United States to close its consulate in the city of Chengdu on Friday, in response to the US request to close the Chinese consulate in Houston with the deterioration of relations between the largest economies in the world. The Chengdu Consulate in southwest China’s Sichuan Province is …
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24 July 2020 11:24 am
Dollar Lower, Oil Higher
Oil prices rose on Friday on the weakness of the US dollar, although concerns about the increasing numbers of COVID-19 cases and tensions between the United States and China have capped price movements. The US dollar fell to a 22-month low on the US dollar index, which measures the strength …
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