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Market Analysis

October, 2020

  • 24 October 2020 12:33 am

    Oil Prices Record Weekly Losses

    Oil prices declined on Friday, on expectations of increased crude output from Libya and uncertainty about the impact from the second wave of the Coronavirus pandemic. Brent crude futures for December delivery closed lower by 69 cents, or 1.6%, at $41.77 per barrel. Meanwhile, the US West Texas Intermediate (WTI) …

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  • 24 October 2020 12:28 am

    Gold Rises Marginally but Records another Weekly Decline

    Gold prices rose on Friday as the US Dollar (USD) declined across the board, however, the yellow metal recorded its second consecutive weekly losses. Gold futures for December delivery added 60 cents, or 0.03%, and settled at $1,905.20 per ounce. The precious metal most active futures recorded a weekly decline …

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  • 24 October 2020 12:02 am

    GBP Recovers from Daily Low

    The British Pound (GBP) is declining against the US Dollar (USD) and the GBP/USD pair broke the 1.3050 support level. After hitting a fresh daily low of 1.3019, the pair has recovered some of its losses, trading at 1.3041, lower by 0.32% for the day. The pair hit a high …

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  • 23 October 2020 11:52 pm

    USD Declined Despite Positive Economic Data

    The US Dollar (USD) declined on Friday across the board, despite an expansion in business activity in the US, as shown by the most recent PMI reading. The Dollar Index (DXY), which measures the USD performance against a basket of six international currencies is down by 0.20% at 92.76, after …

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  • 23 October 2020 11:24 pm

    AUD/USD Maintains Positive Trajectory

    The Australian Dollar (AUD) gave up some of its earlier gains against the US Dollar (USD) but maintained a positive performance during the last session of the week. The pair earlier reached its highest level in about a week, going as high as 0.7158, while its daily low came at …

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  • 23 October 2020 11:11 pm

    EUR/USD Close to Ending the Week on Big Gains

    The Euro (EUR) rose against the US Dollar (USD) on Friday but gave up some of its earlier gains as the USS is showing some signs of recovery. The EUR/USD is close to finish the week at its best level in about two months, supported by a recent decline by …

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  • 23 October 2020 10:18 pm

    US Oil Rigs Rise for Fifth Week in Row

    The number of active oil rigs in the United States increased by six to a total of 211 during the week, according to the weekly rig count report by Baker Hughes. This is the fifth consecutive rise in active drilling rigs in the US. Meanwhile, the total number of oil …

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  • 23 October 2020 8:31 pm

    Pelosi: New Stimulus Deal Possible Before Elections

    The Speaker of the United House of Representatives, Nancy Pelosi, said on Friday that there remains a possibility to agree on a new COVID-19 stimulus package before the November 3 election, Reuters reported. “We could do that before the election if the president wants to,” she told reporters, noting that …

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  • 23 October 2020 7:56 pm

    US Business Activity Expands at Fastest Rate in 20 Months

    The seasonally adjusted IHS Markit Flash United States Composite Output Purchasing Managers’ Index (PMI) posted 55.5 at the start of the final quarter of 2020, up from 54.3 in September, This is signaling the fastest increase in private sector business activity since February 2019. Service sector firms recorded a marked …

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  • 23 October 2020 5:39 pm

    Earnings Reports Push European Shares Higher

    European stocks rose on Friday, supported by positive earnings reports from Barclays and carmakers, while continued concern about the economic impact of a spike in COVID-19 cases puts markets on a path of weekly losses. The pan-European STOXX 600 index rose 0.2%, while Asian markets recorded narrow trading ranges as …

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  • 23 October 2020 5:07 pm

    Central Bank of Russia Keeps Key Interest Rate Unchanged at 4.25%

    On Friday, Russia’s central bank kept the key interest rate at 4.25%, in line with expectations after the ruble weakened before the US presidential election, but said a rate cut was still possible in the coming months. “If the situation develops in line with the basic expectation, the Bank of …

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  • 23 October 2020 4:50 pm

    Eurozone Flash Manufacturing PMI Comes in at 54.4

    Business activity fell back into decline across the Eurozone in October as accelerating growth of manufacturing output was overwhelmed by a steepening deterioration in the service sector amid rising COVID-19 worries. In fact, the Eurozone manufacturing purchasing managers index (PMI) jumped to a 26-month high level of 54.4 during the …

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  • 23 October 2020 4:46 pm

    Oil is Falling as COVID-19 May Force Russia to Support Extended Production Cuts

    Oil prices declined on Friday but held onto most of the gains they made in the previous session after Russian President Vladimir Putin indicated that he was ready to extend record cuts to supplies at a time when Covid-19 cases rose in the United States and Europe. Brent crude fell …

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