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Market Analysis

February, 2021

  • 3 February 2021 2:51 am

    Oil Prices Close at Highest Level in a Year

    Oil prices scored high gains on Tuesday, supported by the commitment of major producers to output curbs. Members of the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, an alliance known as OPEC+ agreed last month on extending the output cuts during February, with Saudi Arabia vowing …

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  • 3 February 2021 1:57 am

    Gold Prices Decline and Silver Falls for Eight-Year High

    Gold prices decline on Tuesday, as the U.S. Dollar (USD) rose across the board against major currencies. The yellow metal futures for April delivery lost $30.50, or 1.6%, to close at the level of $1,833.40 per ounce. Meanwhile, silver futures lost all of their Monday gains, which helped it rise …

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  • 3 February 2021 12:13 am

    CAD Scores High Gains as Oil Prices Rise

    The Canadian Dollar (CAD) rose on Tuesday against major currencies on Tuesday, supported by the rise of crude oil prices to their highest level in a bout to a year. Today, the CAD topped the G10 currencies performance against the U.S. Dollar (USD). The CAD is up against its U.S. …

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  • 2 February 2021 9:54 pm

    Bitcoin Could Exceed $500,000 on Corporate Purchases

    Bitcoin could surge to new unprecedented highs, amid increased interest from institutional investors. The world’s largest cryptocurrency in terms of market capitalization could go as high as $535,000 if corporate buyers convert 10% of their cash reserves to Bitcoin, according to a recent report by Ark Invest cited by CoinTelegraph. …

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  • 2 February 2021 9:49 pm

    European Stocks Close Tuesday on Higher Note

    European stocks rose on Tuesday, supported by an improved sentiment towards the rollout of vaccines and economic recovery from the Coronavirus pandemic. The STOXX Europe 600 index finished higher by 1.3%, with travel and leisure stocks leading the gains. The French CAC40 closed higher by 1.86%, while the German index …

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  • 2 February 2021 9:13 pm

    USD Rises Across the Board

    The U.S. Dollar (USD) is maintaining its upward trend on Tuesday, after declining earlier in the European session. The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is up by 0.27% at 91.23. The index has been moving today in a range …

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  • 2 February 2021 7:37 pm

    Fed’s Kaplan: Asset Purchases Helped GameStop Trading Frenzy

    President of the Federal Reserve Bank Dallas Robert Kaplan suggested on Tuesday that the Fed’s huge bond-buying program could be one of the reasons behind the recent trading frenzy by Reddit users in stocks such as GameStop, Reuters reported. “Some of the current situation you are seeing — one of …

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  • 2 February 2021 7:33 pm

    Wall Street Opens with Strong Gains

    The New York Stock Exchange (NYSE) opened higher Tuesday, supported by improved investors’ sentiment and large anticipation in Wall Street for the release of financial results by Amazon and Alphabet. In addition, the market remains supported by the prospects of increased government stimulus by the Biden administration. The Dow Jones …

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  • 2 February 2021 5:36 pm

    Pfizer Expects to Generate About $ 15 Billion in Sales This Year From Corona Vaccine

    Pfizer expects to generate about $ 15 billion in sales this year from the COVID-19 vaccine it developed with its German partner BioNTech. The company achieved sales of the vaccine valued at $ 154 million in the fourth quarter, and the company expects adjusted full-year earnings of $ 3.10 per …

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  • 2 February 2021 4:42 pm

    Currencies Overview: Euro is at Its Lowest Level in 7 Weeks With Gloomy Outlook

    The euro reached its lowest level in seven weeks against the US dollar, as fears of extending lockdown measures due to the outbreak of the Coronavirus pandemic led to a decline in sentiment towards the single currency. Data showed that retail sales in Germany, the largest economy in Europe, fell …

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  • 2 February 2021 3:32 pm

    Turkey’s Trade Deficit Fell 32% Y-o-Y in January

    Data from the Turkish Ministry of Trade showed that the country’s trade deficit reached $ 3.075 billion in January, down about 32% from the same period a year ago, as exports reached an unprecedented peak in January. Exports rose to $ 15.048 billion in January, up 2.5% from a year …

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  • 2 February 2021 2:38 pm

    Eurozone Preliminary GDP shrinks by 0.7% QoQ in Q4

    The Eurozone economy contracted 0.7% on quarter in the three months to December of 2020, beating -1.2% expected, the first estimate showed on Tuesday. On an annualized basis, the bloc’s GDP dropped by 5.1% in Q4 vs. -4.3% seen in Q3 2020 while beating -4.3% expectations.

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  • 2 February 2021 2:36 pm

    Oil Prices Continue to Rise as Production Restricted

    Oil prices rose by about 1%, after major crude producers showed that they were curbing supplies in nearly line with their commitments, to continue gains in a market confused by weak demand during the Coronavirus pandemic. Brent crude rose 48 cents, equivalent to 0.9%, to $ 56.83 a barrel, gaining …

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