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Market Analysis

August, 2020

  • 21 August 2020 9:50 pm

    EUR/USD Falls Following PMI Data

    The IHS Markit flash composite purchasing managers’ index (PMI) for the Eurozone declined in August, to 51.6 from 54.9 in July, reflecting the challenging road for recovery facing economic activity in the European bloc.   However, the index remained in the expansion territory above the neutral 50 reading. The data …

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  • 21 August 2020 8:39 pm

    US Oil Rigs Drops to Record Low

    Oil rigs in the United States decreased by three rigs during the week ending on 14 August, data by Baker Hughes showed on Friday. The US oil rig count declined to a new record low at a total of 244 rigs last week. The continuous decrease in active oil rigs …

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  • 21 August 2020 7:38 pm

    New House Prices in Canada Rise for Third Month

    New house prices in Canada increased for the third month in a row during July, data by Statistics Canada showed on Friday. The Canadian new house prices index increased last month by 0.4% on a monthly basis, and by 1.7% on an annual basis.

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  • 21 August 2020 7:34 pm

    Canadian Retail Sales Restore Pre-COVID Levels in June

    Canadian retailer sales increased during the month of June by 23% to CAD 53 billion, recovering to its level in February prior to the COVID-19 crisis, according to data by Statistics Canada. Retail sales rose across all types of stores, with clothing retailers leading the rise with a 142.3% growth. …

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  • 21 August 2020 6:54 pm

    US Existing Home Sales Achieve Record Monthly Increase

    Existing home sales in the United States grew by 24.7% to a seasonally adjusted annual rate of 5.86 million units in July, registering the second monthly consecutive monthly increase, as shown by data of the National Association of Realtors (NAR) on Friday. The June reading was revised to 4.70 million …

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  • 21 August 2020 6:41 pm

    Eurozone Consumer Sentiment Improves in August

    Consumer confidence in the Eurozone improved during August by 0.3 points, according to preliminary data by the European Commission on Friday. The consumer morale index recorded -14.7 this month, up from -15.0 in July. For the European Union (EU), the consumer confidence increased by 0.1 points to -15.5.

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  • 21 August 2020 6:01 pm

    US: Markit Manufacturing PMI Improves to 53.6

    The business activity in the US manufacturing sector is seen expanding at a robust pace in August with the IHS Markit’s advanced Manufacturing PMI rising from 50.9 in July to 53.6. This reading came in better than the market expectation of 51.9. Further details of the publication revealed that the …

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  • 21 August 2020 5:51 pm

    Oil Prices Rising as Producers Talk About Efforts to Cut Supplies

    OPEC

    Oil prices rose, and is on the path of achieving gains for the third week in a row, as it was strengthened by the efforts of major crude producers to cut production in light of concerns about the economic recovery from the Coronavirus pandemic. US West Texas Intermediate crude futures …

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  • 21 August 2020 5:03 pm

    British Public Debt Exceeds 2 Trillion Pounds For The First Time

    Britain’s public debt exceeded 2 trillion pounds ($ 2.65 trillion) for the first time, underscoring the challenge facing Finance Minister Rishi Sunak, who is under pressure to provide more emergency support for the economy ravaged by the coronavirus pandemic. Net debt in July, which excludes public banks, rose to £ …

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  • 21 August 2020 4:09 pm

    The Chinese President: We Will Strengthen Efforts to Make Progress in Major Technological Fields

    China State TV reported that President Xi Jinping said his country would strengthen its efforts to make progress in key technological fields. China Central Television reported that Xi said during an inspection tour of the flood-hit Anhui province that the authorities would implement more support measures to help companies, stabilize …

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  • 21 August 2020 3:20 pm

    Euro is winning as Dollar falters on Economic Concerns

    The euro rose as the dollar fell due to concerns about the strength of the US economic recovery after job data that came below expectations, while the Chinese yuan rose to its highest level in seven months as traders bet on China’s growth. Traders in the single European currency are …

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  • 21 August 2020 2:14 pm

    UK Retail Sales Rise in July Surpassing Pre-Covid Peak

    British retail sales rose above pre-coronavirus levels in July, the first full month that stores selling non-essential goods opened their doors since the country went into lockdown measures in March. The strong unexpected retail sales data reveals strength in consumer demand even as the rest of the economy struggles to …

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  • 21 August 2020 2:08 pm

    European Stocks Struggling

    European stocks stabilized ahead of data on corporate activities that may shed light on the pace of economic recovery in the continent, while the rise in the pound sterling pushed the British FTSE 100 index to decline. The Stoxx 600 index of European stocks rose 0.1%, as it is still …

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