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Market Analysis

November, 2020

  • 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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  • 6 November 2020 9:22 pm

    France Expects Better Trade Relations with Biden

    Bilateral trade between France and the United States could be better if the Democratic nominee Joe Biden wins the elections, according to the French Minister of Trade, Franck Riester. France would surely see an improvement in relations. We would be more aligned on matters of sustainable development and perhaps also …

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  • 6 November 2020 8:07 pm

    US Wholesale Inventories Rise in September

    Wholesale inventories in the United States increased more than initially estimated during the month of September, data showed on Friday. US wholesale inventories went up by 0.4% in September, in contrast to an initial estimate of a 0.1% decline. This also follows an increase of 0.5% in August, according to …

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  • 6 November 2020 7:30 pm

    Canada’s Ivey PMI Rises in October

    Canada’s Ivey Purchasing Managers Index (PMI) increased to a seasonally adjusted reading of 54.5 in October, from 54.3 in September, beating expectations of 51.5, data showed on Friday. This is the fifth consecutive month for the Canadian PMI, in which it maintained its level above 50. The employment index rose …

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  • 6 November 2020 6:03 pm

    US Election: Biden Takes The Lead in the Battleground State of Pennsylvania

    Former Vice President Joe Biden has taken a small lead in the battleground state of Pennsylvania against US President Donald Trump with 95% os the estimated votes tallied so far, Reuters reported, citing Edison Research. According to the latest figures, Biden has 49.4% and Trump has 49.3% in the state.

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  • 6 November 2020 5:41 pm

    Canada: Unemployment Rate Edges Lower to 8.9% in October

    Net Change in Employment in Canada rose by 83,600 in October, compared to analysts’ estimate of 100,000, and brought the Unemployment Rate down to 8.9% from 9% in September, Statistics Canada reported on Friday. This reading missed the market expectation of 8.8% by a small margin. Further details of the …

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  • 6 November 2020 5:33 pm

    NFP Rise by 638K in October

    Nonfarm Payrolls (NFP) in the US rose by 638,000 in October, the data published by the US Bureau of Labor Statistics showed on Friday. This reading followed September’s increase of 672,000 (revised from 661,000) and beat the market expectation of 600,000. Further details of the publication revealed that the Unemployment …

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