Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2020

• 20 August 2020 6:18 pm

  OPEC + Needs to Contend With a Daily Surplus of More Than 2M Barrels

  

  An internal OPEC + report seen by Reuters showed that some members of the group of oil-producing countries will need to reduce production by an additional amount of 2.31 million barrels per day to compensate for the recent excess supplies. The report said that the surplus recorded in the period …

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• 20 August 2020 5:48 pm

  Philly Fed Manufacturing Index Declines to 17.2

  

  The headline Diffusion Index of the Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey dropped to 17.2 in July from 24.1 in June. This print came in worse than the market expectation of 21.

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• 20 August 2020 5:45 pm

  1.1 million Americans Applied For Unemployment Benefits

  

  There were 1,106,000 Initial Claims for unemployment benefits in the US during the week ending August 15th, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 971,000 (revised from 963,000) and came in worse than the market expectation of …

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• 20 August 2020 5:44 pm

  Canada: ADP Employment Change Arrives at +1.15 million

  

  Employment in Canada increased by 1,149,800 from June to July, the monthly data published by the ADP Research Institue revealed on Thursday. Meanwhile, June’s reading of +1,042,900 got revised down to -1,764,600.  “The job market posted employment growth in July as businesses started to reopen,” said Ahu Yildirmaz, vice president and …

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• 20 August 2020 5:06 pm

  CBRT Leaves One-Week Repo Rate Unchanged

  

  The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it left its policy (one-week repo) rate unchanged at 8.25%. With the initial market reaction, the USD/TRY pair fluctuated wildly. After dropping below 7.2700, USD/TRY rose sharply and was last seen gaining 0.55% on the day at …

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• 20 August 2020 4:45 pm

  US And China Will Hold Trade Talks in The Coming Days

  

  The United States and China have agreed to return to the negotiating table in the coming days to review progress on the “phase one” trade agreement, according to the Chinese Ministry of Commerce. The ministry said the two sides would hold a “discussion by phone.” This comes after the talks …

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• 20 August 2020 3:52 pm

  US Dollar Rising From its Lowest Level in Two Years

  

  The dollar rose Thursday, August 20, from its lowest level in two years, after a record less inclined to monetary easing than expected from the US Federal Reserve, which led to an appetite for buying the US currency, which recorded the highest increase in one day since June. The dollar …

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• 20 August 2020 2:56 pm

  China Pledges to Take Necessary Measures to Protect its Companies After Restrictions on Huawei

  

  The Chinese Ministry of Commerce said that Beijing will take “all necessary measures” to protect the legitimate interests of its companies, in response to the US move this week to tighten restrictions on Huawei. The administration of US President Donald Trump expanded the restrictions announced in May aimed at preventing …

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• 20 August 2020 2:22 pm

  Japan shares Declining Due to Negative US Economic Outlook

  

  Japanese stocks fell at the close Thursday, August 20, affected by Wall Street losses after the US Federal Reserve meeting minutes revealed that policymakers are concerned about the uncertainty surrounding the path of the economic recovery from the Coronavirus pandemic. The Nikkei index fell 1% to close at 22,880.62, the …

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• 20 August 2020 12:45 pm

  Oil Falls Amid Demand Risks And a Smaller-Than-Expected Drop in Inventories

  

  Oil prices fell on Thursday, August 20, as major producers warned of a threat to recover demand if the Coronavirus crisis continues for a long time, while US crude stocks fell less than expected. By 07:32 GMT, Brent crude was down 34 cents, or 0.8%, to $ 45.03 a barrel. …

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• 20 August 2020 12:28 pm

  European Shares Drop on Recovery Outlook

  

  European shares were hit by a sell-off in global stock markets on Thursday (August 20th) after the US Federal Reserve indicated a long and difficult path to the recovery of the world’s largest economy. The Stoxx600 index of European shares fell 1.2% by 07:12 GMT, while the mining sector fell …

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• 20 August 2020 12:08 pm

  Gold Recovering With Renewed Fears of a Slowdown in recovery

  

  Gold rose on Thursday, August 20, offsetting some of the losses caused by a wave of selling in the previous session, after the US Federal Reserve raised fears that the recovery from the economic downturn resulting from the outbreak of the Coronavirus is facing a blue future, which has cast …

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• 20 August 2020 10:57 am

  US-China to plan resumption of delayed trade deal talks – Bloomberg

  

  US and China are considering rescheduling the phase one trade deal review, earlier planned last weekend, reported Bloomberg, citing a person familiar with the matter. The source said that the review will take place soon, although no date has been set so far. Talks between the US and China continue …

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