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Market Analysis

November, 2020

  • 9 November 2020 12:28 pm

    Gold Rises as US Dollar falls on Stimulus Hopes Following Biden’s Victory

    Gold prices rose Monday, November 9, to their highest level in nearly two months, driven by the weakening of the dollar and hopes for more stimulus measures due to the Corona virus, under President-elect Joe Biden. Spot gold increased 0.5% to $ 1960.99 an ounce by 05:18 GMT. Earlier in …

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  • 9 November 2020 12:11 pm

    Weekly Recap 2-6 Nov

    The headlines of the US election were dominating the markets past week with the intense competition between Trump and Biden, which Biden settled by a difference of votes, here are the highlights of the past week. The US Federal Reserve decided to keep interest rates near zero at 0.25% while …

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  • 9 November 2020 11:59 am

    Brent Crude Exceeds $ 40, After Increased Risk Appetite With Biden’s Victory

    Oil prices gained more than 2% on Monday, November 9, while Brent crude futures rose above $ 40 a barrel, after Joe Biden won the US presidency and boosted risk appetite, offsetting concerns about the impact of the worsening coronavirus pandemic on demand. Brent crude futures for January delivery rose …

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  • 7 November 2020 8:45 pm

    US Election: AP Call Elections For Biden

    Joe Biden has been elected the 46th President of the United States according to AP.  The former Vice-President has pulled ahead in Pennsylvania. The latest batch of votes from the Keystone State put Biden ahead by around 34,000 votes ahead of President Donald Trump.

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  • 7 November 2020 1:56 am

    Wall Street Mixed as it Records Weekly Gains

    The New York Stock Exchange (NYSE) failed to maintain its perfect record for the week, as the main indices in Wall Street mostly declined on Friday after rising for four consecutive sessions. The Dow Jones Industrial Average declined by 66.78 points, or 0.2%, and closed at 28,323.40 points, adding 6.9% …

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  • 7 November 2020 1:47 am

    US Treasury Yields Limit Weekly Decline

    Treasury yields in the United States increased on Friday, to limit their weekly decline. This comes after employment data by the US Department of Labor showed that economic recovery is continuing. Return on the 10-year Treasury note increased by 4.6 basis points to 0.821%, but declined for the week by …

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  • 7 November 2020 1:36 am

    Oil Loses Half of its Weekly Gains on Friday

    Oil prices declined on Friday, with growing concerns about the new wave of the Coronavirus pandemic. New lockdown and preventive measures announced by some countries are raising concerns about the recovery of the global demand for energy. Brent crude futures for January delivery declined by $1.48, or 3.6%, to finish …

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  • 7 November 2020 12:42 am

    Gold Closes at Highest Level in Seven Weeks

    Gold prices rose on Friday to their highest level in seven weeks, supported by the decline of the US Dollar (USD) amid the uncertainty surrounding the results of the United States presidential elections. Gold futures for December delivery gained $4.90, or 0.3%, to close at $1,951.70 per ounce. This is …

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  • 7 November 2020 12:38 am

    US Oil Rigs Rise for Fifth Week in Row

    Oil and natural gas rigs in the United States increased for the eighth consecutive week, according to Friday’s weekly report by Baker Hughes. This is the first time that oil rigs increased at this rate since June 2018, amid output cuts and price fluctuations. Oil and gas rigs rose by …

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  • 6 November 2020 10:22 pm

    USD at Lowest Level in Two Months

    The US Dollar (USD) continued to decline across the board on Friday, as the results of the US presidential elections are yet to be officially announced. The Dollar index (DXY), which measures the performance of the USD against a basket of six major international currencies, is down by 0.32% at …

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  • 6 November 2020 9:55 pm

    GBP/USD Nears Best Weekly Closing since September

    The British Pound (GBP) is close to ending the week at its best level since late September, supported by strong gains and the decline of the US Dollar (USD) amid elections uncertainty. The GBP/USD pair is trading higher by 0.02% at 1.3151. The pair has been moving in a range …

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  • 6 November 2020 9:41 pm

    CAD Rises to Best Level in Two Months

    The Canadian Dollar (CAD) reaffirmed its gains against the US Dollar (USD) on Friday, rising to its best level since the beginning of September. This comes despite employment data in Canada coming below expectations. The USD/CAD is trading lower for the day by 0.09% at 1.3033. The pair earlier reached …

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  • 6 November 2020 9:32 pm

    European Stocks Down but Rises for the Week

    European stocks closed lower on Friday, awaiting the results of the US presidential elections amid growing concerns and preventive measures against a new wave of the Coronavirus pandemic. The STOXX Europe 600 index finished lower by 0.20% or 0.72 points, at 366.40 points, rising by 6.9% for the week. The …

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