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Wall Street closed higher on Wednesday, supported by recent remarks from the US Federal Reserve Chair, Jerome Powell. Powell reiterated the Fed’s commitment to continue supporting the economy until it fully recovers from the repercussions of the COVID-19 crisis. All the major indices at the New York Stock Exchange (NYSE) …
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July, 2020
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30 July 2020 2:25 am
Powell: COVID-19 Surge is Slowing Recovery
The Chairman of the US Federal Reserve, Jerome Powell, said on Wednesday that the rise in COVID-19 cases across many states and preventive measures to contain the virus outbreak are affecting the economic recovery. “We have seen some signs in recent weeks that the increase in virus cases and the …
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30 July 2020 1:14 am
Oil Settle Higher on Large US Inventories Draw
Oil prices rose on Wednesday, after data showed a huge decline in US crude inventories last week. The weekly report by the US Energy Information Administration (EIA) showed earlier that crude oil inventories in the US fell by 10.6 million barrels during the week ended July 24. This marked the …
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30 July 2020 12:23 am
Gold Prices Register New Record High
Gold prices continued its rising rally for the ninth consecutive session and closed at yet another new all-time high. The Federal Reserve’s monetary policy statement did not provide any support for the US Dollar, which remains near its lowest level in two years. The Dollar index (DXY) is down by …
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29 July 2020 10:35 pm
FOMC: Economy Path Depends on COVID-19
The United States Federal Reserve announced on Wednesday that the Federal Open Market Committee (FOMC) has decided to maintain the target range for the federal funds rate at 0% to 0.25%. The Board of Governors of the Federal Reserve System voted unanimously to maintain the interest rate paid on required …
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29 July 2020 10:08 pm
Federal Reserve Maintains Interest Rates
The United States Federal Reserve announced on Wednesday that the Federal Open Market Committee (FOMC) has decided to maintain interest rates at a range between 0% and 0.25%.
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29 July 2020 9:09 pm
European Stocks Mixed at Wednesday’s Close
European stocks continued to show mixed performance on Wednesday, as markets anticipate the statement of the US Federal Reserve. The pan-continental STOXX Europe 600 Index rose marginally by 0.022% to 367.76. Similarly, FTSE100 added 0.036%, while CAC40 closed higher by 0.60%. Meanwhile, DAX plunged by 0.10% and IBEX35 fell by …
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29 July 2020 8:27 pm
USD Near Two-Year Low Ahead of Fed Statement
The US Dollar (USD) declined on Wednesday to its lowest level in about two years, as the Federal Reserve is expected to announce later today its monetary policy decision of maintaining interest rates near 0% for the foreseeable future. The Dollar index (DXY), which measures the USD’s performance against a …
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29 July 2020 7:25 pm
US Wholesale Inventories Down 2%
Wholesale inventories in the United States declined by 2% during June, against market expectations of a 0.5% decline. Meanwhile, retail inventories fell by 2.6%, below market estimates of a 2.7% decline.
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29 July 2020 7:18 pm
US Pending Home Sales Up 16.6%
The Pending Home Sales Index in the United States rose by 16.6% to 116.1 in June, according to data released by the National Association of Realtors on Wednesday. Pending home sales also increased by 6.3% on an annual basis.
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29 July 2020 5:43 pm
Trade Deficit Narrows to $70.6B in US
Data released by the US Bureau of Statistics and the Bureau of Economic Analysis on Wednesday showed that the United States’ international trade deficit decreased by $ 4.6 billion to $ 70.6 billion in June. “Exports of goods for June were $ 102.6 billion, $ 12.5 billion more than May …
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29 July 2020 5:18 pm
A Sharp Decline in US Oil Inventories
Data from the American Petroleum Institute showed that American oil inventories witnessed a sharp decline last week, contrary to market expectations, as US oil inventories recorded a decrease of 6.8 million barrels over the week ending July 24 to 531 million barrels, while analysts’ expectations indicated that an increase of …
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29 July 2020 4:16 pm
US Refining Seen Posting Worst Quarterly Results in Ten Years
It is expected that the American oil refineries will announce the worst results for the second quarter in ten years, with production exceeding the demand, while the lockdown measures aimed at containing the pandemic of the Covid-19 Virus caused a severe decline in travel in the summer. According to Reuters. …
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