Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2020

• 8 August 2020 1:42 am

  Oil Settles Below $45 a Barrel

  

  Oil prices fell on Friday, reducing its weekly gains, amid an increased uncertainty about economic recovery from the COVID-19 crisis and the subsequent recovery of the demand for crude oil. Brent crude futures settled lower by 69 cents or 1.5% at $44.40 per barrel, adding 2.5% for the week. Meanwhile, …

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• 8 August 2020 1:31 am

  Gold Falls and Narrows Weekly Rise to 2%

  

  Gold prices declined on Friday after rising for five consecutive sessions, as the U.S. Dollar (USD) showed strong recovery signs with a strong performance against major currencies. The yellow metal futures for December delivery declined by $41.40 or about 2% and closed at $2,028 per ounce, narrowing its weekly gains …

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• 8 August 2020 12:13 am

  U.S. Oil Rigs Count Down for 14th Week

  

  U.S. oil and natural gas rigs declined this week to a record low for the 14th consecutive week, Reuters reported. The rig count fell by four rigs to an all-time low of 247 rigs for the week ending on August 7, according to data by Baker Hughes. The number of …

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• 8 August 2020 12:05 am

  European Stocks Register 2% Weekly Rise

  

  European stocks closed higher on Friday, supported by recently released positive economic data and financial results. The STOXX Europe 600 index settled higher by 0.7%, up by 2% for the week. Meanwhile, DAX gained 0.66%, while FTSE100 and CAC40 added 0.09% each.

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• 7 August 2020 10:27 pm

  UK and Japan Nearing Post-Brexit Trade Deal

  

  The United Kingdom (UK) is near to reaching a trade agreement with Japan, as the two countries have reportedly reached substantial progress in negotiations for a bilateral post-Brexit trade deal. A preliminary agreement could be signed by the end of August, Reuters reported. “We agreed to accelerate talks with an …

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• 7 August 2020 10:04 pm

  UK Could Reach Trade Deal with EU Next Month

  

  The United Kingdom (UK) and the European Union (EU) could soon reach an agreement regarding their bilateral trade ties after the Brexit, according to the British Minister of Finance, Rishi Sunak, Reuters reported. A deal could be reached as early as September, according to Sunak. “We remain confident that it …

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• 7 August 2020 9:52 pm

  RBA Expects Economy to Contract by 4% in 2020

  

  The Reserve Bank of Australia (RBA) is not expecting the gross domestic product (GDP) to contract by more than 4% in 2020, before recovering by 6%. “We estimate that activity contracted severely in the June quarter of this year, but began to recover late in the quarter.” The central bank’s …

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• 7 August 2020 7:45 pm

  Canada’s Ivey PMI Rises in July

  

  The Canadian seasonally adjusted Ivey Purchasing Managers’ Index (PMI) rose in July to 68.5 from 58.2 in June, exceeding market expectations, Reuters reported. Data provides another signal for economic recovery from the impacts of the COVID-19 pandemic. This comes two months after the index registered a record low of 22.8 …

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• 7 August 2020 7:32 pm

  Canada’s Unemployment Declines Below 11%

  

  The unemployment rate in Canada fell to 10.9% in July, from 12.3%, as shown by official data on Friday. Market analysts were expecting an 11% unemployment rate, according to a recent Bloomberg survey. However, with the number of new jobs exceeding forecasts, unemployment declined more than expected.

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• 7 August 2020 7:30 pm

  Canada’s Economy Adds 418.5K Jobs

  

  The Canadian economy continued to add new jobs for the third consecutive month, after adding 418,500 jobs in July. Canada has now recovered more than half of the three million lost jobs due to the coronavirus (COVID-19) pandemic, Bloomberg reported. Hourly wages increased by 5.7% last month on an annual …

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• 7 August 2020 7:00 pm

  U.S. Wholesale Inventories Decrease by 1.4% in June

  

  Wholesale inventories in the United States declined by 1.4% in June, according to data by the U.S. Department of Commerce on Friday. Wholesale inventories were expected to decline by 2%, according to initial estimates after falling by 1.2% in May. Moreover, goods imports saw their biggest increase in more than …

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• 7 August 2020 5:25 pm

  Breaking: Dollar Surges Amid Reports US to Sanction Hong Kong Leader Carrie Lam

  

  The safe-haven dollar is rising across the board Amid Reports US to Sanction Hong Kong Leader Carrie Lam. The US administration is reportedly considering expanding its action against China, potentially sanctioning Hong Kong leader Carrie Lam. Bloomberg is reporting. Such a move would come after President Donald Trump signed an …

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• 7 August 2020 5:18 pm

  US Dollar Index Struggles to Keep 93.00 Post NFP

  

  The US dollar index, which measures the greenback’s against a group of major currencies, remains on the buying bias unchanged around 93.00 on Friday, and the index retreated from its daily gains to 93.30 and drops to test the 93.00 area as it lacked momentum after the US NFP report. …

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