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Market Analysis

August, 2020

  • 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 …

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  • 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 …

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  • 7 August 2020 1:49 am

    Gold Settles Near $2,070 per Ounce

    Gold prices rose on Thursday for the fifth consecutive session, amidst an increase in demand for safe havens and the US Dollar (USD) returning to losses after briefly attempting recovery. Gold futures gained $20.10 or 1.2% to settle at $2,069.40 per ounce. Markets are still anticipating a deal in the …

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  • 6 August 2020 10:38 pm

    DXY Returns to Negative Territory

    The US Dollar (USD) returned to the downward trend on Thursday, after showing signs of recovery today supported by the decline in the number of jobless claims in the United States last week. The Dollar index (DXY), which measures the USD performance against a basket of six major international currencies, …

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  • 6 August 2020 9:49 pm

    Fed’s Kaplan Rules Out Negative Rates

    President of the Federal Reserve Bank of Dallas, Robert Kaplan, has ruled out adopting negative interest rates in the near future, expecting strong economic growth during the second half of 2020. However, the Dallas Fed president expects rates to stay low for the foreseeable future, until progress is achieved on …

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  • 6 August 2020 9:17 pm

    Barkin Hopeful Jobless Claims Could Further Decline

    President of the Federal Reserve Bank of Richmond, Thomas Barkin, has expressed his hopes that jobless claims will continue to decline. Recently, Reuters quoted Barkin as saying that the US economy faces the risk of a larger downturn than previously expected if congress does not provide the needed support through …

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  • 6 August 2020 9:09 pm

    European Stocks Close Lower

    European stocks closed lower on Thursday as uncertainties persist regarding economic recovery in the continent after the Bank of England (BoE) monetary policy committee’s statement noted that “although recent developments suggest a less weak starting point for the Committee’s latest projections, it is unclear how informative they are about how …

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  • 6 August 2020 7:23 pm

    GBP Rises Following BoE Statement

    The British Pound (GBP) is rising across the board after the Bank of England (BoE) has decided to maintain interest rates and keep its monetary policy unchanged. The UK central bank has also vowed to adapt its policy to the market conditions, revealing that negative rates remain a possibility. The …

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  • 6 August 2020 6:09 pm

    Saudi Arabia Announces Crude Selling Prices For September

    A document obtained by Reuters appeared that the giant Saudi National Oil Company Aramco announced on Thursday the official selling prices for the month of September for its light Arab crude. Saudi Arabia set the official selling price for its Arab Light crude to Asia at a premium of $ …

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  • 6 August 2020 5:28 pm

    Gold Hits a Fresh Record High

    Gold rose at the start of the American session and rose to new highs around the $ 2064-65 area in the last hour. The metal built on breach of a key psychological level of $ 2000 this week and gained some momentum to continue the third straight session on Thursday. …

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  • 6 August 2020 5:13 pm

    Bitcoin is Rising Alongside Other Cryptocurrencies

    The cryptocurrency, Bitcoin, has been dropping since the beginning of Thursday’s session and trading at a drop of about 0.61%, or nearly $ 70, to reach 11,680, down from the $ 11,814 levels reached the beginning of the Asian session. It is possible that Bitcoin’s increase in price during the …

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  • 6 August 2020 5:00 pm

    1.18M Americans Applied For Unemployment Benefits Last Week

    There were 1,186,000 Initial Claims for unemployment benefits in the US during the week ending August 1st, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed the previous week’s print of 1,435,000 (revised from 1,434,000) and came in better than the market expectation …

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  • 6 August 2020 4:49 pm

    Silver to The Highest Levels in 7 Years

    Silver prices are recording strong gains against the US dollar during the last hours, to test the highest levels since April 2013, with a record rise in gold, along with global tensions and the uncertainty that dominates the market. Silver traded at 12:00 GMT, up 4.55% to $ 28.22 an …

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