A lawsuit by the President of the United States, Donald Trump, to block the enforcement of the release of tax records has been dismissed by a court ruling on Thursday. The verdict was built on the logic that the case could provide undue expansion of presidential immunity, Reuters reported. Trump …
Read More »Mark Carney Takes the Helm: Canada’s New PM Faces Trump and Global Trade Challenges
Newly-appointed Canadian Prime Minister Mark Carney officially assumed office on Friday morning, suc…
Oil Gains Amidst Geopolitical Tempest and Shifting Demand Forecasts
Despite a week dominated by fluctuating geopolitical tensions and evolving economic forecasts, oil p…
Fresh Deadline Drama: Senate Poised to Avert Shutdown
Funding Bill on the Brink of PassageThe Senate is set for a pivotal test vote this afternoon on the …
PPI Shadowed: GBP/USD Wobbles Amid GDP Shock and Surging US Inflation Fears
The Pound Sterling (GBP) faced renewed pressure against the US Dollar (USD) this week, with GBP/USD …
Changpeng Zhao Denies Ties of Trump Family Ties and Binance Amid Controversy
Changpeng Zhao (CZ), the founder and former CEO of Binance, the globe’s largest cryptocurrency…
Gold Shatters $3,000 Barrier: Historic Safe-Haven Surge Amid Global Uncertainty
In a landmark moment, gold prices surged past the $3,000 per ounce threshold on Friday, marking an a…
Bristol Myers Squibb Gains Expanded EU Approval for CAR-T Therapy Breyanzi
The European Commission has granted Bristol Myers Squibb (NYSE: BMY) an expanded approval for its CA…
Forex Market Overview: Yen Weakens, Pound Slips, Dollar Recovers
The Japanese yen weakened on Friday after concluding union wage negotiations, while the British poun…
Oil Prices Rebound as Ukraine Conflict Persists, Trade War Concerns Loom
Oil prices bounced back on Friday, recovering some of the previous session’s losses, as the Uk…
Gold Prices Hold Near Record Highs Amid Trade Tensions, Rate Cut Expectations
Gold prices remained steady at all-time highs in Asian trading on Friday, driven by escalating U.S.-…
Market Analysis
August, 2020
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20 August 2020 8:19 pm
U.S. Treasury Yields Down Following Unemployment Data
The U.S. Treasury yields declined on Thursday, following the release of unemployment data. The number of people applying for jobless claims in the United States rose above one million once more, reaching 1.1 million last week, according to the U.S. Department of Labor. The yield on the benchmark 10-year Treasury …
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20 August 2020 8:11 pm
European Stocks Close Lower on Negative Expectations
European stocks closed lower on Thursday, following expectations by the US Federal Reserve that the COVID-19 will weigh heavily on economic activity on the short-term. The pan-continental STOXX Europe 600 settled lower by 1%. The UK’s FTSE100 also declined by 1.61%, while the French index CAC40 finished lower by 1.33%. …
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20 August 2020 7:54 pm
Kudlow: US Still Engaged with China on Trade Deal
White House economic adviser and the Director of the National Economic Council, Larry Kudlow, said on Thursday that the Trump administration is still engaged in the first phase of the trade deal between the United States and China, Reuters reported. The Trump administration is also pleased with the agreement’s progress …
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20 August 2020 7:47 pm
Airbnb Files for IPO on NYSE
Airbnb, the short-term home and room rental company, has confidentially filed on Wednesday for an initial public offering (IPO), Reuters reported. A recent report by the Wall Street Journal suggested that the company could go public on the New York Stock Exchange (NYSE) as early as before the end of …
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20 August 2020 7:42 pm
US Natural Gas Storage Rises in Week
Natural gas storage inventories in the United States increased last week, data showed on Thursday. According to the US Energy Information Administration (EIA), natural gas stockpiles rose during the week ended on August 14 by 43 billion cubic feet, in line with market expectations. Natural gas futures did not change …
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20 August 2020 6:18 pm
OPEC + Needs to Contend With a Daily Surplus of More Than 2M Barrels
An internal OPEC + report seen by Reuters showed that some members of the group of oil-producing countries will need to reduce production by an additional amount of 2.31 million barrels per day to compensate for the recent excess supplies. The report said that the surplus recorded in the period …
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20 August 2020 5:48 pm
Philly Fed Manufacturing Index Declines to 17.2
The headline Diffusion Index of the Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey dropped to 17.2 in July from 24.1 in June. This print came in worse than the market expectation of 21.
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20 August 2020 5:45 pm
1.1 million Americans Applied For Unemployment Benefits
There were 1,106,000 Initial Claims for unemployment benefits in the US during the week ending August 15th, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 971,000 (revised from 963,000) and came in worse than the market expectation of …
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20 August 2020 5:44 pm
Canada: ADP Employment Change Arrives at +1.15 million
Employment in Canada increased by 1,149,800 from June to July, the monthly data published by the ADP Research Institue revealed on Thursday. Meanwhile, June’s reading of +1,042,900 got revised down to -1,764,600. “The job market posted employment growth in July as businesses started to reopen,” said Ahu Yildirmaz, vice president and …
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20 August 2020 5:06 pm
CBRT Leaves One-Week Repo Rate Unchanged
The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it left its policy (one-week repo) rate unchanged at 8.25%. With the initial market reaction, the USD/TRY pair fluctuated wildly. After dropping below 7.2700, USD/TRY rose sharply and was last seen gaining 0.55% on the day at …
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20 August 2020 4:45 pm
US And China Will Hold Trade Talks in The Coming Days
The United States and China have agreed to return to the negotiating table in the coming days to review progress on the “phase one” trade agreement, according to the Chinese Ministry of Commerce. The ministry said the two sides would hold a “discussion by phone.” This comes after the talks …
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20 August 2020 3:52 pm
US Dollar Rising From its Lowest Level in Two Years
The dollar rose Thursday, August 20, from its lowest level in two years, after a record less inclined to monetary easing than expected from the US Federal Reserve, which led to an appetite for buying the US currency, which recorded the highest increase in one day since June. The dollar …
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