Nonfarm Payrolls (NFP) in the US rose by 1.8 million in July, the data published by the US Bureau of Labor Statistics showed on Friday. This reading beat the market expectation of 1.6 million by a small margin and followed June’s print of 4,791,000. Further details of the publication revealed …
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
-
7 August 2020 3:12 pm
Germany’s IFO: Industrial Production to Rise in The Next Three Months
laus Wohlrabe, Economist at Germany’s influential IFO institute, said on Friday, the industrial production is expected to increase in the coming three months. The German industrial sector is likely to continue to recover after the effects of the Covid-19 lockdowns. Wohlrabe noted: “The industrial sector is continuing to work its …
Read More » -
7 August 2020 3:04 pm
Russia Continues to Increase Fuel Oil Exports to US
Data from Refinitiv Eikon and Traders showed that Russia continued to increase its fuel oil exports to the United States, rising 16% in July compared to June, to 1.078 million tons, and replacing crude oil supplies from Venezuela. Demand for Russian fuel oil is also supported by its attractive price …
Read More » -
7 August 2020 2:04 pm
America’s Service Sector Activity at 16 Month-high
US service sector activity gained momentum in July as new purchase orders rose to a record high but hiring fell, supporting views that the labor market recovery is faltering amid an increase in new COVID-19 cases nationwide. The Institute of Supply Management said on Wednesday that its index of activity …
Read More » -
7 August 2020 1:17 pm
Gilead Sciences: We’ll Be Able to Make Enough Remdesivir in October
Biotech company Gilead Sciences said it will be able to produce enough anti-coronavirus drug Remdesivir to meet global demand in October. In addition, Gilead said it plans to produce more than 2 million “treatment courses” for the drug by the end of the year, and expects to be able to …
Read More » -
7 August 2020 11:55 am
China’s Export Growth in July at Fastest Rate in 7 Months, Imports Falling
China’s exports increased at the fastest pace in seven months in July, while imports declined, painting a mixed picture of the economy as it recovers from a slowdown sparked by the pandemic. Exports rose 7.2% from a year ago in July, the fastest pace since December, customs data showed, missing …
Read More » -
7 August 2020 11:51 am
Chinese Oil Imports Jumped 25% in July
China’s imports of crude jumped 25% in July compared to a year ago, driven by the arrival of massive purchases that took place when prices collapsed in April and the customs clearance of some shipments delayed at ports in June. Data issued by the General Administration of Customs showed that …
Read More » -
7 August 2020 11:44 am
Saudi Arabia and Iraq Confirm Full Commitment to OPEC+ agreement
Iraqi News Agency said on Friday that Saudi Arabia and Iraq have confirmed their full commitment to the OPEC + agreement. Iraq had said on Thursday that it would implement additional cuts to its oil production by about 400,000 barrels per day in August to compensate for excess production in …
Read More » -
7 August 2020 11:39 am
Crude Oil Futures Lower During Asian Session
According to the New York Mercantile Exchange, crude oil futures for September were traded at $41.98 a barrel, up 0.07%. It was previously traded higher at $42.22 a barrel. Crude oil may find support at $39.58 and resistance at $43.52. The dollar index, which measures the performance of the greenback …
Read More » -
7 August 2020 11:32 am
FX Option Expiries for Aug 7 NY Cut
FX option expiries for Aug 7 NY cut at 10:00 Eastern Time, via DTCC, can be found below. – EUR/USD: EUR amounts 1.1750 517m1.1850 1.1bn1.1900 1.5bn1.1925 594m1.2000 568m – GBP/USD: GBP amounts 1.3000 425m – USD/JPY: USD amounts 104.25 388m104.50 400m105.00 481m105.50 792m105.80 750m106.00 485m107.00 668m – USD/CAD: USD amounts 1.3180 …
Read More » -
7 August 2020 2:46 am
Daily Recap: Thursday, August 6, 2020
On Thursday, the USD continued its downward trend after briefly rising supported by positive employment data. Meanwhile, gold continues to make new historic levels, however, the stock market did not plummet on the rising demand for safe havens, as the Nasdaq broke its all time high closing level for the …
Read More » -
7 August 2020 2:32 am
Nasdaq Registers New Record High
Wall Street closed higher on Thursday with the Nasdaq closing at a new all-time high, supported by a decline in the US jobless claims last week and anticipating a new stimulus package to be approved by Congress. The Dow Jones Industrial Average gained 185.5 points, or 0.68%, and settled at …
Read More » -
7 August 2020 1:58 am
Oil Prices Settle Lower Over Recovery Concerns
Oil prices declined on Thursday, amid rising concerns about the prospects of economic recovery from the impacts of the COVID-19 pandemic. In addition, an increase in US natural gas inventories further pushed the worries for the recovery of the demand for energy. Brent crude futures for October delivery declined by …
Read More »