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Market Analysis

November, 2020

  • 23 November 2020 2:46 pm

    Oil Prices Continue Their Gains Thanks to Hopes of Corona Vaccine

    Oil prices rose 1% on Monday, November 23, to continue their gains, as traders expect a recovery in crude demand due to successful trials of a vaccine for the Coronavirus. Sentiment boosted hopes that OPEC, Russia and other producers, a group known as OPEC +, would continue to curb production. …

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  • 23 November 2020 1:53 pm

    German Flash Manufacturing PMI Eases to 57.9 in November

    According to the preliminary manufacturing activity report from IHS/Markit research, released this Monday, the flash version of the German Manufacturing PMI eased to 57.9 in November. The reading was still better than consensus estimates pointing to a fall to 56.5 from a 30-month high level of 58.2 recorded in the …

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  • 23 November 2020 1:30 pm

    Eurozone Flash Manufacturing PMI Comes in at 53.6 For November

    According to the preliminary report from IHS/Markit research, Eurozone business activity fell sharply in November as countries introduced more aggressive measures. In fact, the Eurozone manufacturing purchasing managers index (PMI) fell to a three-month low level of 53.6 during the reported month, down from 548 in October. Adding to this, …

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  • 23 November 2020 1:11 pm

    The Turkish Lira is Down by More Than 1%, After Big Gains

    The Turkish lira fell 1.3% against the dollar as local investors strengthened their positions in foreign currencies and gold, after a strong rise in the Turkish currency recently. The lira fell to 7.76 from Friday’s close of 7.65. The lira rose from a record low of 8.58 this month after …

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  • 23 November 2020 12:38 pm

    Gold Rises as US Dollar Fell to Lowest Level in Two Years

    Gold rose Monday, November 23, as the dollar’s weakness and its decline to its lowest level since 2018 and hopes for more monetary stimulus in the United States to alleviate the economy affected by the pandemic were dispelled optimism about the possibility of distributing a vaccine for Covid-19 next year. …

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  • 23 November 2020 4:45 am

    Weekly Recap 16-20 Nov

    Over the ending week, the market continued to be supported by positive news about Coronavirus vaccines, after both Moderna and Pfizer announced high success rates for their vaccine candidates. Meanwhile, the President of the United States, Donald Trump, is yet to concede the past elections, in which his lost to …

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  • 20 November 2020 10:54 pm

    Gold Rises to Limit Weekly Decline

    Gold prices finished higher on Friday, which helped limit the weekly decline of the yellow metal amid a rise by the US Dollar (USD). Gold futures for December delivery rose by $10.90, or 0.6%, and settled at $1,872.40 per ounce. For the week, gold futures recorded a 0.7% decline.

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  • 20 November 2020 10:49 pm

    Fed’s George: Recovery Could Face Headwinds from Energy Sector

    The President of the Federal Reserve Bank of Kansas City, Esther George, said on Friday that economic recovery in the United States could be challenges, due to the Coronavirus impact on the energy sector and reductions in crude oil production. “Large reserve funds can help to offset some of the …

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  • 20 November 2020 10:41 pm

    US Oil Rigs Down by Five in Week

    Active rigs drilling for crude oil in the United States declined by five this week, according to the weekly report by Baker Hughes. Oil rigs now stand at 231, data showed on Friday, after recording their first weekly decline in about two months. Meanwhile, natural gas rigs increased by three, …

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  • 20 November 2020 10:38 pm

    European Stocks Record Third Weekly Gains in Row

    European stocks closed higher on Friday, supported by an improved sentiment on positive news about Coronavirus vaccines. The pan-European STOXX 600 index closed higher by 0.45% at 389.35, recording gains for the third consecutive week. Meanwhile, the UK’s FTSE100 added 0.27%, while the French index CAC40 and the German DAX …

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  • 20 November 2020 8:19 pm

    CAD Rises on Higher than Expected Retail Sales

    The Canadian Dollar (CAD) rose against its US counterpart (USD) on Friday, supported by a more than expected increase. The USD/CAD is trading lower for the day by around 0.1% at 1.3061. The Canadian buck has now extended its weekly gain against the greenback to around 0.6%. Earlier today, data …

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  • 20 November 2020 8:08 pm

    Bitcoin Surges to $18,600

    Bitcoin surged on Friday to its highest level in about three years, at $18,600. The largest cryptocurrency is re-approaching its all-time high a little over $19,783. On Friday, the digital currency rose by 4.5%, extending its weekly gains to 16%, the largest seen since June 2019. Year-to-Date, Bitcoin has gained …

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  • 20 November 2020 7:35 pm

    Mnuchin: Economy Needs Grants not Loans

    The United States Secretary of Treasury, Steven Mnuchin, said on Friday that ending lending programs by the Federal Reserve on December 31 is necessary with the market now in need for grants more than loan. Mnuchin urged Congress to pass legislation to provide such grants. The move was reportedly criticized …

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