Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2020

• 25 July 2020 12:44 am

  WTO: Global Trade Was Hit by COVID-19

  

  A recent report by the World Trade Organization (WTO) showed that global trade was negatively impacted by the restrictions imposed against the coronavirus disease (COVID-19). The WTO previously estimated an 18% drop in trade around the world during the second quarter (Q2) of 2020. “Although the full impact of the …

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• 25 July 2020 12:31 am

  USD Maintains Losses with Rising Safe Haven Demand

  

  The US Dollar (USD) is trading lower against major currencies on Friday, with the market seeing rising demand for safe havens, in light of the escalating tensions between the US and China and the rising number of COVID-19 cases across many countries. The demand for safe haven, evident by gold …

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• 25 July 2020 12:12 am

  Oil Resumes Gains Despite Uncertainties

  

  Oil prices closed higher on Friday, ending a week of fluctuations due to a collection of upward and downward factors. From one side, demand seems to be in the recovery phase, hence, the recent OPEC+ agreement to raise output by 2 million barrels per day, in addition to other positive …

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• 24 July 2020 11:39 pm

  Gold Settles at New All-Time High

  

  Gold prices closed higher on Friday at a new record level, supported by increased demand for safe haven, which is driven by rising US-China tensions and the increasing number of COVID-19 cases in many countries. Today, gold futures for August were trading as high as $1,900 an ounce, but then …

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• 24 July 2020 10:28 pm

  US Oil Rigs Rise for First Time in Four Months

  

  Oil rigs in the United States increased by one rig last week to a total of 181 active rigs, according to data by Baker Hughes. This is the first increase in oil rigs since mid-March, with recent declines attributed to lower oil prices amidst decreased demand because of the COVID-19 …

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• 24 July 2020 9:16 pm

  European Stocks Down 1.5% for the Week

  

  European stocks closed lower on Friday on the back of rising tensions between the United States and China. Beijing has retaliated against a move by the US to close the Chinese consulate in Houston, Texas, and revoked the license of the US consulate in Chengdu. In addition, tech sector stocks …

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• 24 July 2020 8:42 pm

  US PMI Shows More Recovery Signs

  

  The flash US Composite PMI Output Index posted 50.0 in July, up from 47.9 signaling a stabilization in private sector output, according to data by IHS Markit. Data shows that private sector companies in the United States are showing stable business activity and recovering from the impacts of the COVID-19 …

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• 24 July 2020 8:14 pm

  UK Economy Showing Strong Recovery

  

  The headline seasonally adjusted UK Composite Output Index registered 57.1 in July, up from 47.7 in June, according to data by the IHS Markit and CIPS survey. The improvement in business conditions across the UK helped the private sector economy in restoring recovery signs against the COVID-19 crisis. The flash …

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• 24 July 2020 8:06 pm

  German PMI Rises in July

  

  The German economy maintained its move towards recovery during July, according to the latest flash purchasing manager’s index (PMI) data by IHS Markit. The headline Germany Composite Output Index rose sharply again in July, recovering further from a record low in April. The index recorded 55.5 in July, up from …

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• 24 July 2020 6:55 pm

  US New Home Sales Rise by 13.8%

  

  Data by the US Department of Commerce showed on Friday that new home sales in the United States increased by 13.8% to a seasonally adjusted annual rate of 776,000 units in June. Meanwhile, May’s revised reading stood at 682,000 units. On Wednesday, data by the National Association of Realtors showed …

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• 24 July 2020 4:30 pm

  Russian Central Bank Cuts Key Rate

  

  The Russian Central Bank cut its key interest rate to a record low of 4.25% on Friday and stated that it would consider the need for further monetary easing amid low inflation and a shrinking economy.  The 25bp cut was in line with the Reuters poll, with expectations to cut …

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• 24 July 2020 3:36 pm

  Gold is Approaching $ 1900

  

  Gold is trading near the level of $ 1900 an ounce approaching the highest level recorded in 9 years and got support from the increasing demand for the yellow metal as a safe haven, the weakening of the US dollar and continued increase of corona cases in the United States …

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• 24 July 2020 2:55 pm

  Wall Street Set to Open Lower

  

  US markets are set to open lower and remain under pressure until headlines about the tension between the United States and China improves and Congress may make progress in the upcoming stimulus package. The market’s focus was on domestic consumption risks after jobless claims rose last week. Dow Jones futures …

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