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Market Analysis

December, 2020

  • 23 December 2020 3:20 pm

    Oil Retreating Due to a Sudden increase in US Inventories and Trump’s threat to stimulate

    Oil prices fell by more than 1% Wednesday, December 23, after a sector report showed an unexpected increase in US crude oil inventories, while US President Donald Trump shocked the markets after he threatened not to sign a long-awaited aid package linked to Covid-19. Brent crude futures fell 71 cents, …

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  • 23 December 2020 2:13 pm

    Trump Urges Congress to Amend ‘Wasteful’ Coronavirus Aid Bill

    US President Trump has urged Congress to amend a $900bn coronavirus relief package to more than triple its stimulus payments to Americans. In a video message posted on Twitter, he said the package “really is a disgrace”, full of “wasteful” items. “It’s called the Covid relief bill, but it has almost …

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  • 23 December 2020 2:00 pm

    European Stocks Rise on Hopes of a Trade Deal Linked to Brexit

    European stocks rallied on Wednesday, December 23, as investors encouraged a report indicating the possibility of signing a trade deal later in the day for the post-Brexit phase, amid concerns about the long-awaited passage of a coronavirus-related aid package in the United States. The European Stoxx600 index rose 0.4% after …

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  • 23 December 2020 1:15 pm

    Gold Rising Despite Trump’s Threat on Stimulus And With US Dollar Weakening

    Gold prices rose on Wednesday, December 23, supported by the dollar’s decline and continued optimism about the stimulus package in the United States even after President Donald Trump threatened not to sign the aid package linked to the pandemic. Spot gold rose 0.3% to $1864.29 an ounce by 07:05 GMT, …

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  • 23 December 2020 12:37 pm

    API: A Sudden Rise in US Crude Stocks Last Week

    Data from the American Petroleum Institute on Tuesday showed that US inventories of crude oil rose in the latest week. Crude stocks rose 2.7 million barrels over the week ending December 18 to about 497.7 million, while analysts’ expectations in a Reuters poll indicated a decline of 3.2 million barrels. …

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  • 23 December 2020 3:38 am

    UK and Canada Reach Free Trade Arrangement

    The United Kingdom (UK) and Canada have agreed transitional measures to maintain the flow of goods between the two countries starting from January 1, 2021, the British Department of International Trade announced on Tuesday. The new agreement will allow the continuity of free trade, without tariffs, between the two countries …

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  • 23 December 2020 1:02 am

    Oil Finished Lower for Second Day in Row

    Oil prices declined for the second day in a row, amid concerns about a new variant of the novel Coronavirus and the rise of the US Dollar (USD). Brent crude futures for February delivery lost 83 cents, or 1.6%, to close at $50.08 per barrel. Meanwhile, the West Texas Intermediate …

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  • 22 December 2020 11:36 pm

    EU Making Final Push for Brexit Agreement

    The European Union (EU) is reportedly making a final push, in trade talks with the United Kingdom (UK), for an agreement for the post-Brexit stage. Fishing rights remain the issue where the biggest disagreement lies, Reuters has reported citing the EU’s chief negotiator. “We are really in a crucial moment. …

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  • 22 December 2020 11:24 pm

    EUR/USD Declines as the Greenback Rises

    The US Dollar (USD) is rising against the Euro (EUR) during Tuesday’s trading session, supported by strong demand for the greenback. The EUR/USD pair is trading lower by 0.67% at 1.2162. It has been moving today in a range between 1.2156 and 1.2257, after closing yesterday at 1.2244. The International …

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  • 22 December 2020 11:09 pm

    USD Maintains Rising Streak

    The US Dollar (USD) is rising across the board on Tuesday, supported by improved demand on concerns about the Coronavirus. The Dollar Index (DXY), which measures the USD performance against a basket of six major international currencies, is up by 0.67% at 90.65. The index has been moving today in …

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  • 22 December 2020 11:02 pm

    Gold Closes Lower for Second Day in Row

    Gold prices plunged on Tuesday, falling for the second consecutive session for the first time in about two weeks. Moreover, the yellow metal futures saw their biggest decline since the beginning of the month, amid a positive performance by the US Dollar (USD). Gold futures for February delivery decreased by …

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  • 22 December 2020 9:10 pm

    US Existing Homes Sales Fall in November

    Existing homes sales in the United States decreased for the first time in six months during November, data showed on Tuesday. Sales of previously owned homes fell by 2.5% last month, after reaching its highest level in about 15 years during October, to an annualized rate of 6.69 million units, …

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  • 22 December 2020 8:00 pm

    US Consumer Confidence Declines in December

    Consumer confidence in the United States declined for the second month in a raw in December, reaching its lowest level since August, amid a new wave of the Coronavirus pandemic. The consumer confidence index plunged to 88.6 in December from a revised reading of 92.9 in November, according to data …

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