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Market Analysis

November, 2020

  • 10 November 2020 5:27 pm

    Turkish Lira Gained Around 5% on Monday Following CBRT News

    The Turkish lira recorded a new low on Monday against the US dollar, with the USD/TRY to the 8.40 area on Tuesday, but some initial resistance has begun to appear. The lira recorded the biggest one-day advance against the dollar since 2018 after traders considered the news about the dismissal …

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  • 10 November 2020 4:41 pm

    Small-Business Owners Grow More Anxious After Covid-19 Surge

    There was no change to NFIB US Business Optimism Index, which stood at 104 in October of 2020, the same figure as the previous month. While it came higher than market expectations, which settled at 102.2. The last two readings are the highest since January and are among the highest …

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  • 10 November 2020 3:45 pm

    Vitol CEO Expects Oil Prices to Rise Towards $50 a Barrel

    Vitol CEO Russell Hardy said oil prices will be heading towards a range of $ 45- $ 49 a barrel or even $ 50 in the next few months, with inventory drawdown modest during the winter and this accelerating through mid-2021. The benchmark Brent crude was trading at around $ …

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  • 10 November 2020 3:10 pm

    Oil Falls on Worries About Weak Demand And COVID-19 Vaccine

    Oil prices fell on Tuesday, November 10 as concerns about short-term fuel demand in Europe and the United States, affected by the Coronavirus, chased the market after an overnight rally led by encouraging news about a vaccine for Covid-19. US West Texas Intermediate crude futures fell 55 cents, or about …

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  • 10 November 2020 2:24 pm

    German ZEW Economic Sentiment Drops Further to 39.0 in Nov

    The German ZEW headline numbers for November showed that the Economic Sentiment Index came in at 39.0 versus 41.7 expectations and 56.1 last. While the sub-index Current Conditions figure arrived at -64.3 in Nov versus -65.0 expected and -59.5 previously. Meanwhile, the Eurozone ZEW Economic Sentiment for Nov slumped to …

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  • 10 November 2020 1:58 pm

    Yen Compensating Some of Its Losses

    The yen recouped some of its losses against the dollar today, Tuesday, after it recovered due to news about developments in a Coronavirus vaccine that sparked optimism for the global economic recovery. The American company Pfizer for pharmaceutical industries and its German partner BioNTech announced that large-scale clinical trials have …

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  • 10 November 2020 1:56 pm

    Hospitality Sector Boosts Tokyo Stocks

    The Nikkei index reached its highest level in nearly 3 decades on Tuesday, November 10, as stocks of companies that have been hit by the pandemic in the aviation, railway operation and retail sectors jumped on news of progress in developments related to a Covid-19 vaccine. Investors switched to battered …

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  • 10 November 2020 12:33 pm

    China’s CPI is Growing at a Slower-Than-Expected Pace in October

    On an annual basis, the Chinese CPI grew at a slower pace of 0.5% in October, while expectations indicated a 0.8% slowdown in growth. On a monthly basis, the CPI unexpectedly declined by 3% over the past month. The producer price index decreased by 2.1% compared to the previous year.

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  • 10 November 2020 12:03 pm

    Gold Jumps 1% as Focus Returns on Easing Monetary Policy

    Gold rose 1% Tuesday, November 10, after a sharp decline in the previous session, with the return of focus to the possibility of taking more monetary stimulus measures to revive a global economy still suffering from the repercussions of the Covid-19 pandemic. By 06:05 GMT, spot gold had jumped 1.1% …

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  • 10 November 2020 2:06 am

    NYSE Closes Monday Mixed after Vaccine News

    The New York Stock Exchange (NYSE) closed Monday mostly on big gains, after BioNTech and Pfizer announced a 90% success for their newly-developed Coronavirus vaccine. The Dow Jones Industrial Average saw its best gains since June 5 and added 834.6 points, or 2.95%, to close at 29,157.97 points. The S&P …

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  • 10 November 2020 2:01 am

    Oil Achieves Best Gains in Five Months

    Oil prices rose on Monday, supported by an improved outlook for demand recovery after it was reported that a vaccine against the Coronavirus is showing success, as announced by Pfizer earlier today. Brent crude futures for January delivery surged by $2.95, or 7.5%, to settle at $42.40 per barrel. This …

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  • 9 November 2020 11:38 pm

    Gold Futures Plunge 5% on Vaccine News

    Gold prices declined on Monday, opening the week with its biggest daily drop in more than seven years. Demand for safe havens decreased with news about positive trials for a new vaccine against the Coronavirus. Earlier today, Pfizer and BioNTech announced that a vaccine that they are developing is 90% …

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  • 9 November 2020 10:56 pm

    GBP/USD Declines Below 1.3130

    The British Pound (GBP) declined against the US Dollar (USD) on Monday, after it was reported that a new vaccine against the Coronavirus disease (COVID-19) has proved effective in more than 90% of the tested cases. The GBP/USD pair is trading lower for the day by 0.21% at 1.3129. The …

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