The Turkish Lira (TRY) declined on Tuesday to another record low, with expectations the USD/TRY pair could now reach an unprecedented 8.5 or 9 levels. The Turkish currency’s losses since the beginning of the year against the US Dollar (USD) have now reached 20%. The USD/TRY is higher for the …
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Oil Gains Amidst Geopolitical Tempest and Shifting Demand Forecasts
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Fresh Deadline Drama: Senate Poised to Avert Shutdown
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PPI Shadowed: GBP/USD Wobbles Amid GDP Shock and Surging US Inflation Fears
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Gold Shatters $3,000 Barrier: Historic Safe-Haven Surge Amid Global Uncertainty
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Bristol Myers Squibb Gains Expanded EU Approval for CAR-T Therapy Breyanzi
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Gold Prices Hold Near Record Highs Amid Trade Tensions, Rate Cut Expectations
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Market Analysis
October, 2020
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28 October 2020 2:08 am
NYSE Declines as COVID-19 Cases Rise
The New York Stock Exchange (NYSE) closed on Tuesday mostly lower, amid concerns about another wave of the Coronavirus pandemic, while tech stocks registered a good performance. The Dow Jones Industrial Average declined by 222.2 points, or 0.8%, and closed at 27,463.2 points. The S&P 500 index fell by 10.29, …
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28 October 2020 1:01 am
US Treasury Yields Decline amid COVID-19 Worries
Treasury yields in the United States declined on Tuesday, amid rising concerns about another wave of the Coronavirus (COVID-19) pandemic, as well as the upcoming elections and the anticipated stimulus package. Return on the 10-year Treasury note declined by 2.3 basis points to 0.778%. The 30-year bond yield decreased by …
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27 October 2020 11:37 pm
Oil Prices Rise on Storm Zeta News
Oil prices rose on Tuesday as weather conditions are expected to once again affect production in the Gulf of Mexico, On the other hand, a gloomy outlook for global demand amid another surge in COVID-19 cases limited crude gains. Brent crude futures for December delivery increased by 74 cents, or …
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27 October 2020 11:03 pm
Gold Settles at Week-High
Gold prices closed higher on Tuesday, as the US Dollar (USD) declined across the board amid selling pressures, while demand for safe havens remained high amid worries about another wave of the COVID-19 pandemic. Gold futures for December delivery rose by $6.20, or 0.3%, and finished at $1,911.90 per ounce. …
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27 October 2020 10:58 pm
ECB to Lower Inflation Expectations – Goldman Sachs
Goldman Sachs expects the board of the European Central Bank (ECB) to lower their inflation projections for 2020-2021. This comes in light of the large downside surprise in August inflation and the appreciation of the Euro (EUR). As for inflation expectations for 2022, they are forecasted to remain unchanged. Moreover, …
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27 October 2020 9:25 pm
European Bond Yields Decline on COVID-19 Concerns
Bond yields in the Eurozone declined on Tuesday, as German yields fell to its lowest level in a week, amid increased demand for safe havens due to the rising number of COVID-19 cases. This comes ahead of the upcoming meeting by the European Central Bank (ECB). In Germany, the return …
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27 October 2020 9:05 pm
USD Declines on Selling Pressures
The US Dollar declined on Tuesday amid selling pressures for profit making and concerns about the rising number of COVID-19 cases. The Dollar Index (DXY), which measures the performance of the USD against a basket of six international currencies, is down by 0.22% at 92.84. The index has been moving …
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27 October 2020 9:01 pm
Pfizer Not Ready to Announce Vaccine Results
The CEO of Pfizer said on Tuesday that the pharmaceuticals company is yet to confirm progress on the making of a COVID-19 vaccine. The confirmation could take a week or more, Reuters reported. “In case of a conclusive readout, positive or negative, we will inform the public as soon as …
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27 October 2020 8:38 pm
European Stocks Maintain Downward Trend
European stock markets closed lower on Tuesday, due to the surge in the number of COVID-19 cases amid a second wave of the pandemic. The STOXX Europe 600 index fell by 0.75%, while the UK’s FTSE100 finished lower by 0.85%. Germany’s DAX plummeted by 0.78%, while the French CAC40 index …
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27 October 2020 7:10 pm
BoE Expected to Expand Asset Purchases
The Bank of England (BoE) is expected to expand its huge bond-buying stimulus program next week, for the third time since the beginning of the Coronavirus (COVID-19) pandemic, Reuters reported. The asset purchase program is set to be increased by GBP 100 billion to a total of GBP 845 billion, …
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27 October 2020 6:20 pm
US CB Consumer Confidence Index Edges Lower in October
Consumer confidence in the US weakened sharply in October with the Conference Board’s Consumer Confidence Index edging lower to 100.9 from 101.3 (revised from 101.8) in September. This reading came in worse than Reuters’ estimate of 102. Further details of the publication showed that the Consumer President Situation Index climbed …
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27 October 2020 5:35 pm
US: Durable Goods Orders Rise by 1.9% in September
Durable Goods Orders in the United States expanded by 19% on a monthly basis in September. The reading was well above the 0.5% rise anticipated and the 0.4% growth recorded in the previous month. Excluding transportation, new orders increased by 0.8% as against 0.4% anticipated, and the previous month’s upwardly …
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