Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2020

• 3 November 2020 10:55 am

  US: ISM Manufacturing PMI Jumps to 59.3 in October

  

  The business activity in the US’ manufacturing sector expanded at an impressive pace in October with the ISM Manufacturing PMI jumping to 59.4 from 55.4 in September. This reading beat analysts’ estimate of 55.8 by a wide margin. Further details of the publication revealed that the Prices Paid Index rose …

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• 3 November 2020 10:24 am

  RBA Cuts Interest Rate to 0.10% From 0.25%

  

  The Reserve Bank of Australia cut the interest rate to 0.10%, in line with expectations from 0.25%. The bank cut its target for a three-year bond yield to 0.1% following the monthly board meeting and indicated its intention to purchase $ 100 billion in long-term government debt.

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• 3 November 2020 1:06 am

  Oil Posts First Gain in Four Days

  

  Oil prices rose for the first time in four sessions, supported by expectations that the OPEC+ alliance will continue the current output cuts for longer than previously estimated. Brent crude futures for January delivery rose by $1.03, or 2.7%, to close at $38.97 per barrel. Meanwhile, the West Texas Intermediate …

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• 2 November 2020 11:37 pm

  Gold Finishes Higher for Second Day

  

  Gold prices rose on Monday for the second consecutive session, amid increasing uncertainty about the second wave of the COVID-19 pandemic and the US elections. The yellow metal futures for December delivery closed higher by $12.60, or 0.7%, at $1,892.50 per ounce. This comes after gold futures recorded an 0.8% …

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• 2 November 2020 10:10 pm

  Eurozone’s Economy Expected to Contract by 2.3% in Q4

  

  The Eurozone gross domestic product (GDP) is expected to shrink by 2.3% during the fourth quarter (Q4) of 2020, according to recent forecasts by Goldman Sachs. The bank has lowered its expectations for the European bloc, after it previously estimated a contraction of 2.2%. Meanwhile, Q1 of 2021 is expected …

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• 2 November 2020 9:42 pm

  European Stocks Settle Higher on Economic Data

  

  European stocks closed higher on Monday, opening both the week and the month with a positive performance, supported by strong economic data. The Stoxx Europe 600 rose by 1.53% to close at 347.59 points. Meanwhile, the UK’s FTSE100 added 1.39%, while the French CAC40 and the German DAX finished higher …

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• 2 November 2020 9:37 pm

  Russian Ruble Hits Record Lows

  

  The Russian Ruble (RUB) declined on Monday against the US Dollar (USD) and the Euro (EUR), on the back of falling oil prices, and rising uncertainty about the new wave of the COVID-19 pandemic and the US elections. Year to date, the RUB has lost 23% against the USD and …

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• 2 November 2020 9:28 pm

  GBP Declines Ahead of New Lockdown

  

  The British Pound (GBP) declined on Monday as the United Kingdom (UK) prepares to enter into a new lockdown to curb the spread of the Coronavirus (COVID-19) pandemic. The GBP is down by 0.34% against the Euro (EUR), with the GBP/EUR pair trading at 1.1085. Meanwhile, the Sterling losses came …

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• 2 November 2020 8:41 pm

  USD Rises Ahead of US Elections

  

  The US Dollar (USD) is rising across the board, supported by positive economic data ahead of tomorrow’s elections. The Dollar index (DXY), which measures the performance of the USD against a basket of six major international currencies, is up by 0.12% at 94.15. The index has been moving today in …

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• 2 November 2020 8:37 pm

  USD/CHF at Two-Month High

  

  The US Dollar (USD) is keeping its upward trend against the Swiss Franc (CHF) on Monday for the sixth consecutive session, rising to its highest level in about two months. The USD/CHF pair is trading higher for the day by 0.36% at 0.9203. The last time the pair was seen …

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• 2 November 2020 6:43 pm

  Finland Calls for Reviewing ECB Strategy

  

  The Governor of the Bank of Finland, Olli Rehn, said on Monday that the European Central Bank (ECB) needs to continuously review its strategy. “I would consider it a good idea that going forward we would review the ECB’s monetary policy strategy regularly, for instance every five years.”“We have detached …

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• 2 November 2020 6:29 pm

  Russian Oil Companies Looking at Possible Extent of Production Cuts Q1 2021

  

  Interfax news agency reported, citing sources, that senior managers of Russian oil companies discussed with Energy Minister Alexander Novak a possible extension of the current oil production cuts to include the first quarter of 2021. Interfax, citing a source, said that oil companies favor an extension of the existing cuts …

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• 2 November 2020 6:01 pm

  Goldman Sachs Cuts Its European Growth Forecast For Q4 2020

  

  US investment bank Goldman Sachs sharply cut its economic forecast for Europe in Q4 of the year after a jump in COVID-19 cases prompted major countries to announce partial closures in November. The bank said it expected real GDP in the euro area to shrink 2.3% in Q4, a major …

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