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Market Analysis

November, 2020

  • 2 November 2020 10:10 pm

    Eurozone’s Economy Expected to Contract by 2.3% in Q4

    The Eurozone gross domestic product (GDP) is expected to shrink by 2.3% during the fourth quarter (Q4) of 2020, according to recent forecasts by Goldman Sachs. The bank has lowered its expectations for the European bloc, after it previously estimated a contraction of 2.2%. Meanwhile, Q1 of 2021 is expected …

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  • 2 November 2020 9:42 pm

    European Stocks Settle Higher on Economic Data

    European stocks closed higher on Monday, opening both the week and the month with a positive performance, supported by strong economic data. The Stoxx Europe 600 rose by 1.53% to close at 347.59 points. Meanwhile, the UK’s FTSE100 added 1.39%, while the French CAC40 and the German DAX finished higher …

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  • 2 November 2020 9:37 pm

    Russian Ruble Hits Record Lows

    The Russian Ruble (RUB) declined on Monday against the US Dollar (USD) and the Euro (EUR), on the back of falling oil prices, and rising uncertainty about the new wave of the COVID-19 pandemic and the US elections. Year to date, the RUB has lost 23% against the USD and …

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  • 2 November 2020 9:28 pm

    GBP Declines Ahead of New Lockdown

    The British Pound (GBP) declined on Monday as the United Kingdom (UK) prepares to enter into a new lockdown to curb the spread of the Coronavirus (COVID-19) pandemic. The GBP is down by 0.34% against the Euro (EUR), with the GBP/EUR pair trading at 1.1085. Meanwhile, the Sterling losses came …

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  • 2 November 2020 8:41 pm

    USD Rises Ahead of US Elections

    The US Dollar (USD) is rising across the board, supported by positive economic data ahead of tomorrow’s elections. The Dollar index (DXY), which measures the performance of the USD against a basket of six major international currencies, is up by 0.12% at 94.15. The index has been moving today in …

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  • 2 November 2020 8:37 pm

    USD/CHF at Two-Month High

    The US Dollar (USD) is keeping its upward trend against the Swiss Franc (CHF) on Monday for the sixth consecutive session, rising to its highest level in about two months. The USD/CHF pair is trading higher for the day by 0.36% at 0.9203. The last time the pair was seen …

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  • 2 November 2020 6:43 pm

    Finland Calls for Reviewing ECB Strategy

    The Governor of the Bank of Finland, Olli Rehn, said on Monday that the European Central Bank (ECB) needs to continuously review its strategy. “I would consider it a good idea that going forward we would review the ECB’s monetary policy strategy regularly, for instance every five years.”“We have detached …

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  • 2 November 2020 6:29 pm

    Russian Oil Companies Looking at Possible Extent of Production Cuts Q1 2021

    Interfax news agency reported, citing sources, that senior managers of Russian oil companies discussed with Energy Minister Alexander Novak a possible extension of the current oil production cuts to include the first quarter of 2021. Interfax, citing a source, said that oil companies favor an extension of the existing cuts …

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  • 2 November 2020 6:01 pm

    Goldman Sachs Cuts Its European Growth Forecast For Q4 2020

    US investment bank Goldman Sachs sharply cut its economic forecast for Europe in Q4 of the year after a jump in COVID-19 cases prompted major countries to announce partial closures in November. The bank said it expected real GDP in the euro area to shrink 2.3% in Q4, a major …

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  • 2 November 2020 5:01 pm

    Gold is Rising Amid a State of Caution Ahead of The US Elections

    Gold prices rose on Monday, November 2, as investors continued to worry about the US presidential elections and an increase in COVID-19 cases, as well as economic concerns exacerbated by renewed isolation measures in some countries. Spot gold rose 0.5% to $ 1886.66 an ounce by 10:18 GMT, while US …

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  • 2 November 2020 4:17 pm

    Volatility For Euro And Yen Increased to Highest Level Since April Ahead of US Elections

    Weekly fluctuations in the euro and the yen increased to their highest levels since the beginning of April, Monday, November 2, indicating concern among dealers ahead of the US presidential elections scheduled for Tuesday. The dollar rose as investors prepared for the presidential elections, while a rise in global coronavirus …

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  • 2 November 2020 3:37 pm

    Japanese Factory Activity Declined For The 18th Consecutive Month

    Japan

    Japanese factory activities declined for the eighteenth consecutive month in October, an unprecedented period due to weak production, new projects, and employment, but export orders grew for the first time in two years, in an encouraging indicator of the economy ravaged by the coronavirus pandemic. The world’s third-largest economy is …

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  • 2 November 2020 3:06 pm

    Strong Chinese Data Raises German stocks And London Drops on Lockdown Fears

    Most of the European markets started trading in November on a positive note, as the acceleration of Chinese factory activities helped ease concerns about a second wave of the outbreak of Covid-19 that caused the re-imposition of closures in major economies. The German DAX index, which is based on trade, …

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