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Market Analysis

December, 2020

  • 3 December 2020 1:17 am

    Trump Could Run for President Again in 2024 – Reuters

    The President of the United States, Donald Trump, could be preparing another campaign to run for the presidency in 2024, Reuters reported on Wednesday. Trump, who is yet to concede his loss in the recent elections to President-elect Joe Biden, reportedly told an assembled group earlier that “we are trying …

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  • 3 December 2020 1:04 am

    Oil Settles Higher Awaiting OPEC Decision

    Oil prices closed higher on Wednesday, amid anticipation for the OPEC+ alliance decision on production cuts. Brent crude futures for February delivery rose by 83 cents, or 1.8%, to finish at $48.25 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude futures for January delivery gained 73 cents, or 1.6%, …

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  • 3 December 2020 12:25 am

    Gold Rises for Second Day in Row

    Gold prices rose for the second consecutive session, supported by positive news about a new stimulus package in the United States. Gold futures for February delivery gained $11.30, or 0.6%, and closed at $1,830.20 per ounce. The back-to-back gains come after a strong correction wave for the yellow metal, and …

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  • 3 December 2020 12:01 am

    Fed’s Williams: Recovery is Slowing Without Stimulus

    The President of the Federal Reserve Bank of New York, John Williams, said on Wednesday that the US economy was showing a better than expected recovery pace until recently, Reuters reported. However, growth has slowed due to the absence of economic stimulus. “We are still in a very deep recession.”“One …

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  • 2 December 2020 11:01 pm

    European Stocks Returns to Losses

    European stocks closed lower on Wednesday, but in the UK stocks closed higher on news about the approval of a Coronavirus vaccine. The STOXX Europe 600 index finished lower by 0.1%. The French index CAC40 edged up by 0.03%, while the German DAX decline by 0.52%. Last month was the …

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  • 2 December 2020 9:17 pm

    DXY Declines After Fluctuating

    After rising earlier in the day, the US Dollar (USD) is declining across the board of Wednesday. The Dollar Index (DXY), which measures the USD performance against a basket of six major international currencies, is down by 0.15% at 91.18. The index has been moving throughout the day in a …

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  • 2 December 2020 8:44 pm

    Dollar Drops to Its Lowest Price in Two And a Half Years

    The dollar tumbled to a new level, its lowest in two and a half years, on Wednesday, under the weight of renewed expectations for a US fiscal stimulus. The market’s appetite for risk increased, bringing the dollar to its lowest level since April 2018, due to a proposed economic stimulus …

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  • 2 December 2020 8:01 pm

    EIA: US Crude Inventories Declined And Fuel Surged Last Week

    US inventories of crude oil decreased while gasoline and distillate inventories rose, the US Energy Information Administration said Wednesday. Crude stocks fell by 679,000 barrels over the week ending November 27 to 488 million barrels, while analysts in a Reuters poll expected a drop of 2.4 million barrels. Crude stocks …

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  • 2 December 2020 7:10 pm

    Canada Labor Productivity Fell 10.3% in 3Q

    Canadian labor productivity plunged by 10.3% in the third quarter, where working hours rebounded faster than production business. This was the largest quarterly decline recorded. Labor productivity declined 10.3% on a seasonally-adjusted basis in the third quarter, Statistics Canada said Wednesday, following 10%-plus gain in the previous three-month period. In …

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  • 2 December 2020 6:08 pm

    US: ADP Employment Change Arrives at +307K in November

    Employment in the US’ private sector increased by 307,000 in November, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday.  This reading followed October’s increase of 404,000 (revised from 365,000) and missed the market expectation of 410,000.

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  • 2 December 2020 5:38 pm

    Gold Rises to a Week High on The Back of The Dollar’s Decline And Hopes of US Stimulus

    Gold rose Wednesday, December 2, to its highest level in more than a week, supported by the dollar’s decline, while signs of progress in discussions on a new US stimulus package to mitigate the repercussions of the Covid-19 pandemic boosted the appetite for the precious metal as a hedge against …

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  • 2 December 2020 4:33 pm

    Biden’s Comments On The Trade Deal Halted Losses in The Dollar And Reinforced The Decline of Chinese Yuan

    The dollar settled near its lowest level in two and a half years Wednesday, December 2, as investors assess the prospects for further fiscal stimulus in the United States, while riskier currencies held onto their gains as investor confidence improved. The Chinese yuan lost some of its gains in Asian …

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  • 2 December 2020 4:01 pm

    Euro Area Unemployment Rate Declines to 8.4% in October

    The seasonally-adjusted Unemployment Rate in the euro area ticked down to 8.4% in October from 8.5% in September, the data published by the Eurostat showed on Wednesday. This reading came in line with analysts’ estimates.

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