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Market Analysis

October, 2020

  • 27 October 2020 11:03 pm

    Gold Settles at Week-High

    Gold prices closed higher on Tuesday, as the US Dollar (USD) declined across the board amid selling pressures, while demand for safe havens remained high amid worries about another wave of the COVID-19 pandemic. Gold futures for December delivery rose by $6.20, or 0.3%, and finished at $1,911.90 per ounce. …

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  • 27 October 2020 10:58 pm

    ECB to Lower Inflation Expectations – Goldman Sachs

    Goldman Sachs expects the board of the European Central Bank (ECB) to lower their inflation projections for 2020-2021. This comes in light of the large downside surprise in August inflation and the appreciation of the Euro (EUR). As for inflation expectations for 2022, they are forecasted to remain unchanged. Moreover, …

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  • 27 October 2020 9:25 pm

    European Bond Yields Decline on COVID-19 Concerns

    Bond yields in the Eurozone declined on Tuesday, as German yields fell to its lowest level in a week, amid increased demand for safe havens due to the rising number of COVID-19 cases. This comes ahead of the upcoming meeting by the European Central Bank (ECB). In Germany, the return …

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  • 27 October 2020 9:05 pm

    USD Declines on Selling Pressures

    The US Dollar declined on Tuesday amid selling pressures for profit making and concerns about the rising number of COVID-19 cases. The Dollar Index (DXY), which measures the performance of the USD against a basket of six international currencies, is down by 0.22% at 92.84. The index has been moving …

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  • 27 October 2020 9:01 pm

    Pfizer Not Ready to Announce Vaccine Results

    The CEO of Pfizer said on Tuesday that the pharmaceuticals company is yet to confirm progress on the making of a COVID-19 vaccine. The confirmation could take a week or more, Reuters reported. “In case of a conclusive readout, positive or negative, we will inform the public as soon as …

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  • 27 October 2020 8:38 pm

    European Stocks Maintain Downward Trend

    European stock markets closed lower on Tuesday, due to the surge in the number of COVID-19 cases amid a second wave of the pandemic. The STOXX Europe 600 index fell by 0.75%, while the UK’s FTSE100 finished lower by 0.85%. Germany’s DAX plummeted by 0.78%, while the French CAC40 index …

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  • 27 October 2020 7:10 pm

    BoE Expected to Expand Asset Purchases

    The Bank of England (BoE) is expected to expand its huge bond-buying stimulus program next week, for the third time since the beginning of the Coronavirus (COVID-19) pandemic, Reuters reported. The asset purchase program is set to be increased by GBP 100 billion to a total of GBP 845 billion, …

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  • 27 October 2020 6:20 pm

    US CB Consumer Confidence Index Edges Lower in October

    Consumer confidence in the US weakened sharply in October with the Conference Board’s Consumer Confidence Index edging lower to 100.9 from 101.3 (revised from 101.8) in September. This reading came in worse than Reuters’ estimate of 102. Further details of the publication showed that the Consumer President Situation Index climbed …

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  • 27 October 2020 5:35 pm

    US: Durable Goods Orders Rise by 1.9% in September

    Durable Goods Orders in the United States expanded by 19% on a monthly basis in September. The reading was well above the 0.5% rise anticipated and the 0.4% growth recorded in the previous month. Excluding transportation, new orders increased by 0.8% as against 0.4% anticipated, and the previous month’s upwardly …

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  • 27 October 2020 5:23 pm

    UK Retail Sales Fall as The Economy Weakens

    Tuesday’s survey showed that the recovery of the retail sector in Britain, which was a bright spot for the economy affected by the Coronavirus, stopped this month after recording improvement over several months. The Confederation of British Industry monthly survey of retail sales fell to -23 in October, the lowest …

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  • 27 October 2020 4:16 pm

    Largest Commercial Bank in Singapore Launches Cryptocurrency Exchange

    DBS, of the largest commercial banks in Singapore, announced the soft launch of the proprietary crypto-to-fiat cryptocurrency trading platforms. At the initial stages, the users will have access to the four largest digital assets: BTC, BCH, ETH, XRP. They will be available for trading against Singapore Dollar (SGD), Hong Kong …

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  • 27 October 2020 3:56 pm

    Bitcoin Breaks the $ 1,300 Barrier

    Bitcoin trading witnessed positive moves during Tuesday to breach levels of $ 1300, its highest level in 2020. Bitcoin rose, the world’s first electronic currency, by 2.58% to $ 13,442, its highest ever in 2020.

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  • 27 October 2020 2:42 pm

    Dollar Holds Onto Its gains on Fears of Covid-19 And Uncertainty

    The dollar held on to its gains Tuesday, but the rest of the safe-haven currencies witnessed quiet transactions as investors were reluctant to form positions before the US presidential elections scheduled for next week, even as concerns grow about the second wave of Covid-19 and its economic effects. On Monday, …

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