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Market Analysis

November, 2020

  • 17 November 2020 2:41 pm

    Reuters: OPEC + Committee Expects Weaker Oil Demand in 2021

    A document seen by Reuters showed that OPEC and its allies have revised demand projections for 2021, with weaker demand forecasts than previously estimated, which supports the call for a tighter supply policy next year. “For the year 2021, demand is expected to grow by 6.2 million barrels per day, …

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  • 17 November 2020 2:05 pm

    US Dollar Stabilizes on Vaccine And The US Doubts

    The dollar stabilized against most currencies on Tuesday, November 17th, as the return of restrictions in some US states and concerns about a smooth transfer of power to President-elect Joe Biden dispelled optimism about a coronavirus vaccine. Meanwhile, the British pound rose thanks to media reports that Britain might reach …

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  • 17 November 2020 1:29 pm

    Germany’s Merkel: Coronavirus Cases Are Not Falling as Fast as we Expected

    Germany’s Chancellor Angela Merkel said on Tuesday, “coronavirus cases are not falling as fast as we expected,” adding that the “economy will recover if we keep virus numbers low.” She said: “Virus numbers are too high, contacts must be reduced.”

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  • 17 November 2020 12:56 pm

    Gold Falls as Vaccine Hopes Outweigh The Weak Dollar

    Gold prices fell on Tuesday, November 17th, as market optimism about a possible second vaccine for Covid-19 balanced the dollar’s weakness and concerns about a rise in global coronavirus cases. Spot gold fell 0.1% to $ 1886.17 an ounce by 06:23 GMT, while US gold futures fell 0.2% to $ …

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  • 17 November 2020 12:28 pm

    Oil Prices Rising And Eyes on Opec+

    Oil prices rose on Tuesday, November 17th, thanks to expectations that OPEC and its allies will extend crude production cuts for at least three months, while sentiment boosted on news of another promising Coronavirus vaccine. Brent crude in January contracts rose 26 cents, equivalent to 0.6%, to $ 44.08 a …

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  • 17 November 2020 2:51 am

    Citi Sees 10-Year Treasury Yields at 1.25% Next Year

    Citi bank expects that the 10-year Treasury yields in the United States will rise to 1.25%, from a current 0.9%, in 2021. This should be as markets look through bad fundamentals towards recovery, MarketWatch reported. “We expect the bond selloff to stop when yields reach 1.25%, so removing a key …

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  • 17 November 2020 12:49 am

    Oil Logs another Gain on Vaccine News

    Oil prices rose on Monday, supported by positive news about a Coronavirus vaccine by Moderna. Earlier today, Moderna reported that its vaccine candidate has proved about 95% effective in the prevention of contracting the virus. Brent crude futures for January delivery closed higher by $1.04, or 2.4%, at $43.82 per …

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  • 17 November 2020 12:39 am

    Gold Maintains Gains for Third Day in Row

    Gold prices rose on Monday for the third consecutive session, amid concerns about the new wave of the Coronavirus pandemic, despite positive news about the vaccine being developed by Moderna. Accordingly, gold futures for December delivery saw limited gains, closing higher by $1.60, or 0.08%, at $1,887.80 per ounce. Last …

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  • 16 November 2020 10:51 pm

    European Stocks Close Higher on Vaccine News

    European stocks closed Monday higher, opening the week with a positive performance on the back of positive news about the Moderna COVID-19 vaccine. The STOXX Europe 600 index rose by 1.18% and finished at 389.74 points. The UK’s FTSE100 closed higher by 1.66%, while the French CAC40 index gained 1.7%. …

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  • 16 November 2020 8:27 pm

    AUD/USD Shows Strong Gains on Chinese Data

    The Australian Dollar (AUD) continues to show a strong performance on Monday, supported by strong industrial data in China, since China is Australia’s largest trade partner. The AUD is up by 072% against the US Dollar (USD), with the AUD/USD pair trading at 0.7322. The pair has been moving in …

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  • 16 November 2020 7:41 pm

    USD Attempting Recovery from Daily Lows

    The US Dollar (USD) is attempting recovery on Monday, after spending most of the European session in the negative territory. The Dollar index (DXY), which measures the USD performance against a basket of six major international currencies, is down by 0.08% at 93.68. The index has been moving today in …

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  • 16 November 2020 7:01 pm

    Canadian Manufacturing Sales Rise in September

    Manufacturing sales in Canada increased by 1.5% to CAD 53.8 billion in September, data by Statistics Canada showed on Monday. The reading follows a monthly revised decline of 1.4% in August, from an initially estimated 2% decrease.

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  • 16 November 2020 6:10 pm

    US: NY Empire State Manufacturing Index Drops to 6.3 in November

    The headline General Business Conditions Index of the NY Fed’s Empire State Manufacturing Survey fell to 6.3 in November from 10.5 in October, the NY Fed’s report revealed on Monday. This reading missed analysts’ estimate of 13.5 by a wide margin.

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