Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2020

• 20 August 2020 11:19 pm

  Gold Falls Below $1,950 an Ounce

  

  Gold prices declined on Thursday, after the most recent meeting minutes by the United States Federal Reserve hinted at potentially further easing in monetary policy. The yellow metal’s decline comes despite the Dollar index (DXY) returning to the downward trend, on the back of an increase in jobless claims in …

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• 20 August 2020 11:09 pm

  Banks in South Africa Provide $31 B COVID-19 Loan Relief

  

  Banks in South Africa have provided loan reliefs worth ZAR 537 billion ($31 billion) since the beginning of the coronavirus (COVID-19) crisis, according to the South African Ministry of Finance, Reuters reported. An increase in bad loans and impairment charges is negatively impacting the South African banking sector and the …

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• 20 August 2020 10:53 pm

  GBP/USD Above 1.32

  

  The British Pound (GBP) is rising against the US Dollar (USD), on the back of the latter’s decline. A surge in inflation in the UK and anticipation for a trade deal between London and the European Union (EU) are providing support for the GBP, while an increase in jobless claims …

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• 20 August 2020 10:45 pm

  Court Dismisses Lawsuit by Trump to Protect Tax Returns

  

  A lawsuit by the President of the United States, Donald Trump, to block the enforcement of the release of tax records has been dismissed by a court ruling on Thursday. The verdict was built on the logic that the case could provide undue expansion of presidential immunity, Reuters reported. Trump …

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• 20 August 2020 8:19 pm

  U.S. Treasury Yields Down Following Unemployment Data

  

  The U.S. Treasury yields declined on Thursday, following the release of unemployment data. The number of people applying for jobless claims in the United States rose above one million once more, reaching 1.1 million last week, according to the U.S. Department of Labor. The yield on the benchmark 10-year Treasury …

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• 20 August 2020 8:11 pm

  European Stocks Close Lower on Negative Expectations

  

  European stocks closed lower on Thursday, following expectations by the US Federal Reserve that the COVID-19 will weigh heavily on economic activity on the short-term. The pan-continental STOXX Europe 600 settled lower by 1%. The UK’s FTSE100 also declined by 1.61%, while the French index CAC40 finished lower by 1.33%. …

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• 20 August 2020 7:54 pm

  Kudlow: US Still Engaged with China on Trade Deal

  

  White House economic adviser and the Director of the National Economic Council, Larry Kudlow, said on Thursday that the Trump administration is still engaged in the first phase of the trade deal between the United States and China, Reuters reported. The Trump administration is also pleased with the agreement’s progress …

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• 20 August 2020 7:47 pm

  Airbnb Files for IPO on NYSE

  

  Airbnb, the short-term home and room rental company, has confidentially filed on Wednesday for an initial public offering (IPO), Reuters reported. A recent report by the Wall Street Journal suggested that the company could go public on the New York Stock Exchange (NYSE) as early as before the end of …

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• 20 August 2020 7:42 pm

  US Natural Gas Storage Rises in Week

  

  Natural gas storage inventories in the United States increased last week, data showed on Thursday. According to the US Energy Information Administration (EIA), natural gas stockpiles rose during the week ended on August 14 by 43 billion cubic feet, in line with market expectations. Natural gas futures did not change …

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• 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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