Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2020

• 7 August 2020 11:44 am

  Saudi Arabia and Iraq Confirm Full Commitment to OPEC+ agreement

  

  Iraqi News Agency said on Friday that Saudi Arabia and Iraq have confirmed their full commitment to the OPEC + agreement. Iraq had said on Thursday that it would implement additional cuts to its oil production by about 400,000 barrels per day in August to compensate for excess production in …

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• 7 August 2020 11:39 am

  Crude Oil Futures Lower During Asian Session

  

  According to the New York Mercantile Exchange, crude oil futures for September were traded at $41.98 a barrel, up 0.07%. It was previously traded higher at $42.22 a barrel. Crude oil may find support at $39.58 and resistance at $43.52. The dollar index, which measures the performance of the greenback …

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• 7 August 2020 11:32 am

  FX Option Expiries for Aug 7 NY Cut

  

  FX option expiries for Aug 7 NY cut at 10:00 Eastern Time, via DTCC, can be found below. – EUR/USD: EUR amounts 1.1750 517m1.1850 1.1bn1.1900 1.5bn1.1925 594m1.2000 568m – GBP/USD: GBP amounts         1.3000 425m  – USD/JPY: USD amounts          104.25 388m104.50 400m105.00 481m105.50 792m105.80 750m106.00 485m107.00 668m – USD/CAD: USD amounts         1.3180 …

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• 7 August 2020 2:46 am

  Daily Recap: Thursday, August 6, 2020

  

  On Thursday, the USD continued its downward trend after briefly rising supported by positive employment data. Meanwhile, gold continues to make new historic levels, however, the stock market did not plummet on the rising demand for safe havens, as the Nasdaq broke its all time high closing level for the …

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• 7 August 2020 2:32 am

  Nasdaq Registers New Record High

  

  Wall Street closed higher on Thursday with the Nasdaq closing at a new all-time high, supported by a decline in the US jobless claims last week and anticipating a new stimulus package to be approved by Congress. The Dow Jones Industrial Average gained 185.5 points, or 0.68%, and settled at …

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• 7 August 2020 1:58 am

  Oil Prices Settle Lower Over Recovery Concerns

  

  Oil prices declined on Thursday, amid rising concerns about the prospects of economic recovery from the impacts of the COVID-19 pandemic. In addition, an increase in US natural gas inventories further pushed the worries for the recovery of the demand for energy. Brent crude futures for October delivery declined by …

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• 7 August 2020 1:49 am

  Gold Settles Near $2,070 per Ounce

  

  Gold prices rose on Thursday for the fifth consecutive session, amidst an increase in demand for safe havens and the US Dollar (USD) returning to losses after briefly attempting recovery. Gold futures gained $20.10 or 1.2% to settle at $2,069.40 per ounce. Markets are still anticipating a deal in the …

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• 6 August 2020 10:38 pm

  DXY Returns to Negative Territory

  

  The US Dollar (USD) returned to the downward trend on Thursday, after showing signs of recovery today supported by the decline in the number of jobless claims in the United States last week. The Dollar index (DXY), which measures the USD performance against a basket of six major international currencies, …

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• 6 August 2020 9:49 pm

  Fed’s Kaplan Rules Out Negative Rates

  

  President of the Federal Reserve Bank of Dallas, Robert Kaplan, has ruled out adopting negative interest rates in the near future, expecting strong economic growth during the second half of 2020. However, the Dallas Fed president expects rates to stay low for the foreseeable future, until progress is achieved on …

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• 6 August 2020 9:17 pm

  Barkin Hopeful Jobless Claims Could Further Decline

  

  President of the Federal Reserve Bank of Richmond, Thomas Barkin, has expressed his hopes that jobless claims will continue to decline. Recently, Reuters quoted Barkin as saying that the US economy faces the risk of a larger downturn than previously expected if congress does not provide the needed support through …

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• 6 August 2020 9:09 pm

  European Stocks Close Lower

  

  European stocks closed lower on Thursday as uncertainties persist regarding economic recovery in the continent after the Bank of England (BoE) monetary policy committee’s statement noted that “although recent developments suggest a less weak starting point for the Committee’s latest projections, it is unclear how informative they are about how …

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• 6 August 2020 7:23 pm

  GBP Rises Following BoE Statement

  

  The British Pound (GBP) is rising across the board after the Bank of England (BoE) has decided to maintain interest rates and keep its monetary policy unchanged. The UK central bank has also vowed to adapt its policy to the market conditions, revealing that negative rates remain a possibility. The …

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• 6 August 2020 6:09 pm

  Saudi Arabia Announces Crude Selling Prices For September

  

  A document obtained by Reuters appeared that the giant Saudi National Oil Company Aramco announced on Thursday the official selling prices for the month of September for its light Arab crude. Saudi Arabia set the official selling price for its Arab Light crude to Asia at a premium of $ …

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