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Market Analysis

November, 2020

  • 13 November 2020 12:36 pm

    Gold Supported by Virus Fears But Heading For The Worst Week Since September

    Gold prices stabilized in a narrow range today, Friday, supported by concerns about the economic consequences resulting from the escalation of Covid-19 cases, but the yellow metal is heading towards its first weekly loss since September, as it boosted hopes for a vaccine for high-risk assets earlier this week. With …

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  • 13 November 2020 12:10 pm

    Nikkei Index Ends 8-Session Winning Streak

    The Nikkei index closed in the Tokyo Stock Exchange lower today, Friday, ending gains that continued for eight consecutive sessions, as investor sentiment was undermined by fears due to a new rise in new cases of the emerging coronavirus inside and outside Japan. The benchmark Nikkei index fell 0.53% to …

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  • 13 November 2020 2:17 am

    Powell: Coming Months Could be Challenging

    The Chairman of the United States Federal Reserve, Jerome Powell, said on Thursday that economic recovery in the US has been faster and stronger than expected, but it is slowing a bit, which is understandable. The recovery remains uneven and incomplete, according to Powell’s remarks to the European Central Bank …

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  • 13 November 2020 1:41 am

    Oil Prices Mixed on Unexpected Inventories Buildup

    Oil prices showed a mixed performance on Thursday, after data showed a surprise increase in crude inventories in the United States. In addition, concerns about the rising number of Coronavirus cases pressured crude prices despite commitment from the OPEC+ alliance to maintain output curbs. Brent crude futures for January delivery …

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  • 12 November 2020 11:34 pm

    USD/CAD Reaching New Week Highs

    The US Dollar (USD) is rising on Thursday against its Canadian counterpart (CAD) to new week highs, despite a recovery by crude oil prices, which did not provide the needed support to the Canadian Dollar. The USD/CAD pair is trading higher for the day by 0.60% at 1.3142. Earlier today, …

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  • 12 November 2020 11:30 pm

    US Budget Deficit Records $284 B in October

    The budget deficit in the United States amounted to $284 billion in October, data showed on Thursday. October marks the beginning of a new fiscal year in the US, while last year a record $3.1 trillion deficit was recorded. This comes as the US government tries to face the impact …

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  • 12 November 2020 11:21 pm

    Gold Settles Higher as COVID-19 Cases Surge

    Gold prices rose on Thursday, amid increased concerns about the rising number of Coronavirus cases in the United States. The US recorded a record 200,000 cases of COVID-19 in a single day, the highest on record. The rise of the yellow metal comes as the US Dollar (USD) is also …

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  • 12 November 2020 11:13 pm

    IMF Calls for Better Cooperation Between G20

    The International Monetary Fund (IMF) has called upon the G20 countries to coordinate their efforts to face the impacts of the Coronavirus (COVID-19) crisis, Reuters reported. “If the G20 countries, move together, invest together at the same time, they would spend a third less to achieve the same output goal,” …

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  • 12 November 2020 10:58 pm

    Germany Facing Weaker Q4 Growth Due to Lockdown

    A partial lockdown in Germany this month could lead to weaker economic growth during the fourth quarter (Q4) of 2020, according to the German Finance Minister Olaf Scholz. The minister also said on Thursday that a government stimulus package could help offset the effect of the lockdown, Reuters reported. The …

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  • 12 November 2020 10:54 pm

    US Oil Inventories Rise Unexpectedly

    Data by the United States Energy Information Administration (EIA) showed on Thursday that crude oil inventories in the US rose by 4.3 million barrels last week. The data comes against expectations a 3 million-barrel decline, according to a poll by S&P Global Platts. Gasoline inventories declined by 2.3 million barrels, …

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  • 12 November 2020 9:28 pm

    European Stocks Finish Lower Following Data

    European stocks ended Thursday lower, after hopes for the new vaccine against the Coronavirus disease (COVID-19) provided a much needed support for the market. In addition, data showed earlier today a decline in industrial production across the Eurozone during the month of September. The pan-European STOXX Europe 600 closed lower …

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  • 12 November 2020 7:40 pm

    EUR/GBP Surges Despite Positive GDP Data in UK

    The Euro (EUR) is surging against a weakening British Pound (GBP), despite industrial production in the Eurozone declining during September and the UK’s GDP rebounding during the third quarter (Q3) of the year. The EUR/GBP pair is up by 0.88%, trading at 0.8986. The pair has been moving today in …

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  • 12 November 2020 6:40 pm

    CureVac Planning to Produce 300-400 Million Vaccine Doses in 2021

    German biotech CureVac’s CEO, Franz-Werner Haas, said on Thursday that they are planning to produce 300-400 million doses of their coronavirus vaccine in 2021, as reported by Reuters.

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