Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2020

• 3 July 2020 6:09 pm

  Oil had a good week and heading to record weekly gains

  

  With US markets closed this Friday in celebration of Independence Day holiday, oil prices enjoyed a good week and gained more than 4%. According to Reuters, oil fell below 43 dollars/barrel on Friday on the back of the increased numbers of coronavirus infections in the US. However, it noted that …

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• 3 July 2020 5:51 pm

  S&P 500 Continued To Recover

  

  S&P 500 continued to recover during Q2 from its slump in Q1. The largest sectors that struggled against the recession and were not on the index were: health care, communication services, information technology and consumer discretionary. Top 5 companies are in the S&P 500 and represent most of the recent …

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• 3 July 2020 5:34 pm

  EUR/JPY Remains in a Narrow Range

  

  The risk aversion provides some strength to Yen, safe-haven currency, which maintains the bullish trend for EUR/JPY in 121.00 regions. EUR/JPY fell for a second consecutive session with low trading volume due to the Independence Day holiday in the United States. Investors continue to evaluate the latest data besides Covid-19 …

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• 3 July 2020 4:28 pm

  European Commission Grants Conditional Clearance to Remdesivir

  

  The European Commission has granted a conditional clearance to use Gilead Sciences’ Remdesivir to treat Covid-19 This decision came after the European Medicines Agency’s “rolling review” that started at the end of April. The Commission had previously stated that it was negotiating with Gilead to purchase sufficient doses for European …

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• 3 July 2020 3:56 pm

  Eurozone Plunge Eased Amidst Reopening Operations

  

  The plunge in eurozone business activity caused by lockdowns imposed to stop the spread of the coronavirus eased sharply last month as more businesses reopened and people ventured out, Reuters reported on Friday, citing a survey. Further details A June Reuters poll predicted the economy contracted an unprecedented 12.5% last …

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• 3 July 2020 3:08 pm

  Decline in business Activities in Europe Slow Down

  

  Friday’s survey showed that the decline in business activities in Eurozone had receded sharply, the recent decline as a result of public isolation measures to halt the spread of Corona as more companies resume their activities. Nearly 11 million people worldwide have been infected with Covid-19, but the restrictions have …

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• 3 July 2020 2:28 pm

  WTI Crude Drop

  

  August West Texas Intermediate crude futures fell nearly 1.50% during European session after facing a rejection near 40.50. WTI failed to sustain the higher levels but on track to record weekly gains. The growing fears of an increase in the numbers of cases with Covid 19 affected the market sentiment, …

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• 3 July 2020 1:49 pm

  British Pound Ready to Post First Weekly Gains in a month.

  

  Pound continued its losses against a basket of currencies for the second day in a row and fell against the US dollar on the corrective movments of and profit-taking, though, the Pound is about to make its first weekly gain in a month with Boris Johnson’s statement to expand spending …

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• 3 July 2020 1:05 pm

  Trump: “There is a rise in Coronavirus cases because our testing is so massive”

  

  US President Donald Trump tweeted on Friday: “There is a rise in Coronavirus cases because our testing is so massive and so good, far bigger and better than any other country,” adding that this is excellent news, but “even better news is that death, and the death rate, is down. …

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• 3 July 2020 12:46 pm

  Gold in a Narrow Range

  

  Gold recorded stability and remained in a narrow trading range of five dollars on Friday, influenced by fears of a high number of Covid 19 cases and continued trade tensions between the United States and China as well as a higher-than-expected payroll report (NFP). There was little change in gold …

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• 3 July 2020 12:15 pm

  Germany’s Merkel Asks EU to Prepare For a no-deal Brexit

  

  Addressing the German parliament on Friday, Germany’s Chancellor Angela Merkel said that they are preparing on every level for a no-deal Brexit. In previous remarks on Monday, Merkel warned that the European Union (EU) needs to be prepared for a situation in which a Brexit deal is not reached. The …

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• 3 July 2020 11:33 am

  June NFP: Is This Jump in Employment Numbers a Good Sign?

  

  The June NFP report was stronger than expected, showing better results than what most economists estimated amid efforts to get the economy back to normal.  According to the Bureau of Labor Statistics, the US added 4.8 million jobs, and the unemployment rate came in at 11.1%, which according to BLS, …

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• 3 July 2020 10:41 am

  US Dollar Index Bounces Off Lows

  

  The US dollar index traded on the positive side around the 97.30 regions by the end of the week. The index had risen for the second straight session on Friday, gaining some momentum and overcoming Covid-19 concerns. The demand for the dollar increased as risk aversion among traders returned despite …

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