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Market Analysis

December, 2020

  • 23 December 2020 11:00 pm

    Gold Rises After Two Declines

    After two consecutive declines this week, gold prices rose on Wednesday, supported by a decline by the US Dollar (USD) on the back of mixed economic data. Gold futures for February delivery rose by $7.80, or 0.4%, to finish at $1,878.10 per ounce. Meanwhile, Silver futures for March delivery added …

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  • 23 December 2020 10:30 pm

    US Natural Gas Storage Declines 4.1% in Week

    Natural gas storage in the United States declined last week by 152 billion standard cubic feet (bscf) to stand at a total of 3,574 bscf, declining by around 4.1%, according to data by the U.S. Energy Information Administration (EIA) on Wednesday. On an annual basis, natural gas inventories rose by …

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  • 23 December 2020 9:33 pm

    US Crude Oil Inventories Down 0.6 M Barrels

    Crude oil inventories in the United States declined by 600,000 barrels last week, as shown by the data of the US Energy Information Administration (EIA) on Wednesday. Meanwhile, gasoline inventories declined by 1.1 million barrels, and distillate stockpiles fell by 2.3 million barrels.

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  • 23 December 2020 9:24 pm

    US Consumer Sentiment Index Declines

    The United States consumer sentiment index, issued by the University of Michigan, declined to 80.7 in December from an initial reading of 81.4 earlier this month. It is worth noting that in November the index registered 76.9 points. The current conditions index increased to 90 from 87 last month. The …

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  • 23 December 2020 9:06 pm

    Brexit Trade Deal Could Be Imminent

    A Brexit trade deal could be imminent, with just eight days left until the end of the transition period, Reuters reported citing a senior European diplomat on Wednesday. However, according to another European diplomat, a no-deal Brexit remains a possibility. The European Union (EU) is reportedly making a final push, …

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  • 23 December 2020 8:03 pm

    US New Home Sales Drop in November

    New home sales in the United States declined during the month of November, data by the US Department of Commerce showed on Wednesday. New home sales decreased by 11% to a seasonally adjusted annual rate of 841,000 units last month. The October reading was revised to 945,000 units from a …

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  • 23 December 2020 6:40 pm

    US: Weekly Initial Jobless Claims Fall to 803K

    There were 803,000 initial claims for unemployment benefits in the US during the week ending December 19, the data published by the US Department of Labor (DOL) revealed on Wednesday.

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  • 23 December 2020 6:39 pm

    US: Durable Goods Orders Rise by 0.9% in November

    Durable Goods Orders in the United States expanded by 0.9%, or $2.2 billion, on a monthly basis to $244.2 billion in November, the US Census Bureau reported on Wednesday. This reading came in higher than analysts’ estimate for an increase of 0.6%.

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  • 23 December 2020 6:19 pm

    Gold Rises as The Dollar Falls After Trump Threatens Not to Sign The Stimulus

    Gold prices rose slightly on Wednesday, December 23, after US President Donald Trump threatened not to sign the pandemic relief bill, sparking a drop in the dollar. The spot price of gold was up 0.1% to $ 1860.81 an ounce, while US gold futures fell 0.3% to $ 1864.60 an …

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  • 23 December 2020 5:29 pm

    Chinese Gasoline Exports Fell in November And Imports of Liquefied Gas Rose to a Record High

    In November, data showed that China’s gasoline exports fell from record highs, while liquefied natural gas imports hit a new peak in light of increased demand at the start of the heating season. China’s General Administration of Customs said gasoline exports in November fell to 1.26 million tons from 1.84 …

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  • 23 December 2020 4:47 pm

    Currencies Overview: EUR and AUD Rallied as Trump’s Threat to Halt Stimulus is Ignored

    The euro resumed its rise towards the level of $1.22 and the dollar fell on Wednesday, December 23, as currency dealers did not stop much at US President Donald Trump’s threat not to approve a $ 892 billion aid package linked to Covid-19. Trump said the long-awaited stimulus package should …

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  • 23 December 2020 4:19 pm

    Pfizer/BioNTech to Supply US With 100 Million Additional Doses of COVID-19 Vaccine

    Pfizer and BioNTech announced on Wednesday that they will be supplying the US with 100 million additional doses of the COVID-19 vaccine, as reported by Reuters. All 200 million doses purchased by the US is expected to be delivered by July 31, 2021, the statement revealed.

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  • 23 December 2020 3:23 pm

    China Reduces Import Duties For 883 Items on Jan.1

    China’s Finance Ministry said the country will reduce import duties on 883 goods from January 1, including some aviation equipment, paper products and wood. The ministry said in a statement on its website that it would also reduce import duties for some information technology products, starting from July 1. The …

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