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Gold prices rose 1% due to the weak dollar and heading towards achieving the second consecutive weekly gain, as the attractiveness of the yellow metal increased as a hedge against inflation due to renewed optimism about a new US aid package to mitigate the repercussions of the Corona virus. Spot …
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October, 2020
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9 October 2020 12:37 pm
US Congress Expects the Budget Deficit to Reach $ 3.1 Trillion in 2020
The Congressional Budget Office said during the monthly forecast report that estimates of the budget deficit in the fiscal year 2020 and ended last September indicate $ 3.131 trillion, compared to the deficit of $ 984 billion in 2019. Despite this rise, this deficit is about $ 180 billion less …
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9 October 2020 12:04 pm
The British Economy Grew by 2.1% in August, But Below Expectations
The UK economy grew by 2.1% in August M-o-M, as the country’s gradual recovery from the coronavirus crisis continued, albeit at a slightly slower pace. Estimated growth in UK gross domestic product for the month of August was below expectations, with economists in a Reuters poll forecasting 4.6% monthly growth. …
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9 October 2020 1:00 am
Inflation in Mexico Declines in September
Inflation in Mexico recorded 4.01% on an annual basis in September, amid a decline in food and energy price rises, official data showed on Thursday. Core consumer price index (CPI) rose by 3.99% last month, and by 0.32% on a monthly basis. The Mexican Ministry of Finance predicts inflation will …
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9 October 2020 12:00 am
Merkel Proposes Return to Balanced Budget in 2022
Germany needs to return to a balanced budget starting from 2022, Chancellor Angela Merkel said on Thursday, Reuters reported. This comes after the German government registered a record level of borrowing due to the COVID-19 pandemic, at around EUR 218 billion. The government also plans more than EUR 96 billion …
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8 October 2020 11:12 pm
Gold Recovers from One-Week Low
Gold prices increased on Thursday recovering from its lowest level in a week, supported by hopes for piecemeal stimulus for the US economy. Gold futures for December delivery added $4.30, or 0.2%, and settled at $1,895.10 per ounce. Meanwhile, silver futures for December delivery declined by 2 cents, or 0.08%, …
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8 October 2020 11:04 pm
USD Struggling for Direction
The US Dollar (USD) is fluctuating during Thursday’s trading session, showing a mixed performance against major currencies. The Dollar Index (DXY), which measures the USD performance against a basket of six international currencies, is marginally down by 0.03% at 93.60. Yesterday, the index closed at 93.63, but today it has …
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8 October 2020 11:01 pm
Inflation in Brazil Could Prompt Rate Hike
A rate hike in Brazil would result from inflation, not extra spending by the government, President of the Central Bank of Brazil, Roberto Campos Neto, explained. “It was interpreted in some way as if the central bank was saying it was going to raise interest rates, and it wasn’t that,” …
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8 October 2020 10:30 pm
Fed’s Evans Sees Easing Beyond 2023
The United States Federal Reserve is set to maintain monetary easing after 2023 to realize the inflation target, even when it begins raising rates, President of the Federal Reserve Bank of Chicago, Charles Evans, said. “We are not going to follow a strict numerical formula to determine the time of …
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8 October 2020 9:00 pm
Fed’s Williams Demands Clarity in Inflation Target
President of the Federal Reserve Bank of New York, John Williams, has urged the US Federal Reserve to make it is target for inflation more clear, instead of stating that it would keep interest rates near 0% until inflation moderately exceeds 2%. “Moderate isn’t a number, it’s a guard rail” …
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8 October 2020 8:19 pm
Oil Prices Resume Gains on Output Disruptions
Oil prices returned to gains due to a number of support factors, led by the output disruptions in North America and Europe. Brent crude futures are up by 2.02%, trading at $42.84 a barrel, while the US West Texas Intermediate (WTI) futures are up by 2% at $40.75 a barrel. …
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8 October 2020 8:02 pm
CAD Rises to Highest Level in Two Weeks
The Canadian Dollar (CAD) rose to its highest level against the US Dollar (USD) in more than two weeks, supported by a surge in oil prices. Recent remarks by the Bank of Canada (BoC) Governor Tiff Macklem suggested that negative interest rates remain an option. The CAD is up by …
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8 October 2020 7:55 pm
ECB Concerned About Economic Recovery
The European Central Bank is more concerned about the impact of the COVID-19 crisis on the economy than previously expected, as shown by its September policy meeting minutes released on Thursday, Reuters reported. This indicates possibly more stimulus later this year. “The case was made for keeping a ‘free hand’ …
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