Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2020

• 21 October 2020 9:49 pm

  Fed’s Kaplan Expects 2.5% Contraction This Year

  

  The President of the Federal Reserve Bank of Dallas, Robert Kaplan, said on Wednesday that he expects the United States economy will shrink by about 2.5% in 2020, and then grow by 3.5% in 2021. Kaplan expects the pandemic will continue to impact daily life well into next year, noting …

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• 21 October 2020 9:11 pm

  GBP/USD Surges Above 1.30 on Brexit Deal Hopes

  

  The British Pound (GBP) surged on Wednesday, supported by renewed hopes for a trade agreement between the United Kingdom (UK) and the European Union (EU). Earlier today, the EU Chief Negotiator, Michel Barnier, said an agreement is possible if both parties are ready to work constructively and in a spirit …

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• 21 October 2020 7:48 pm

  US Oil Inventories Decline by 1 M Barrels

  

  Crude oil inventories in the United States declined last week, according to data released by the US Energy Information Administration (EIA) on Wednesday. The EIA weekly report showed that oil stockpiles decreased by one million barrels in the week that ended on October 16 to a total of 488.1 million …

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• 21 October 2020 5:41 pm

  Russia’s Economy Contracted by 3.3% in September

  

  Russia’s economy shrank 3.3% year-on-year in September, data showed on Tuesday, following a sharp 3.7% decline in August. The economy ministry said Q3 saw the Russin economy shrink 3.8% year-on-year, compared with an 8% drop in Q2. Added that the economy fell 3.5% in the first nine months of this …

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• 21 October 2020 4:48 pm

  UK Borrowing Exceeds Forecasts

  

  Official data revealed on Wednesday that the British government borrowed 36.101 billion pounds last month, which exceeds 33.55 billion pounds of forecasts by a Reuters poll, bringing borrowing in the first half of the financial year to a record level of 208.5 billion pounds. Separately, the Office for National Statistics …

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• 21 October 2020 4:46 pm

  UK House Prices Increase By 2.5% YoY in August

  

  Official data showed on Wednesday that home prices in Britain rose 2.5% in August compared to a year ago, compared to a 2.1% annual increase in July, largely in line with the growth rate before the Corona pandemic. The Office for National Statistics said August data largely represented sales agreed …

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• 21 October 2020 4:44 pm

  US Dollar Falling to Its Lowest Level in a Month on Hopes of US Stimulus

  

  The dollar fell to its lowest level in the month of Wednesday after US President Donald Trump raised hopes for a major fiscal stimulus package, sparking a wave of optimism in the market that saw traders turn to bet on higher-risk currencies. Negotiations between US lawmakers have continued in Washington …

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• 21 October 2020 2:57 pm

  Oil Prices Fall by More Than 1% and US Stocks Are Fueling Fears of a Supply Glut

  

  Oil prices fell on Wednesday after a sudden increase in US crude stocks stoked fears of a global supply glut, and the rise in COVID-19 cases exacerbated concerns about a slow recovery in fuel demand. Brent crude futures for December delivery were at 42.70 dollars a barrel, down 46 cents, …

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• 21 October 2020 2:28 pm

  European Stocks Dropping Due to The Fall in Healthcare And Real Estate Sectors

  

  European stocks fell on Wednesday, weighing the defensive losses in front of optimism about encouraging quarterly results for consumer giants Nestlé and Ericsson for telecommunications equipment. The pan-European STOXX 600 index fell 0.3%, and the healthcare and real estate sectors fell more than 0.5% each. But stocks that are heavily …

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• 21 October 2020 1:31 pm

  Turkish Lira at Highest Level in Two Weeks Before The Central Bank’s Decision

  

  The Turkish lira rose to stand at less than 7.85 against the dollar on Wednesday, the highest level since the seventh of October, as investors awaited the central bank meeting this week to set the interest rate. The currency has weakened in recent weeks due to geopolitical tensions, including the …

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• 21 October 2020 1:28 pm

  Japanese Stocks Rise on Optimism About US Stimulus

  

  Japanese stocks rose at the close on Wednesday, due to optimism about the possibility of US lawmakers reaching an agreement on a stimulus package ahead of the presidential election, which boosted the world’s riskier assets. The Nikkei index rose 0.31% to close at 23,639.46 points, recouping some of the losses …

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• 21 October 2020 12:17 pm

  Gold Gained With Renewed Hopes of US Stimulus And Weakness of US Dollar

  

  Gold rose on Wednesday, thanks to optimism about the possibility of US lawmakers reaching an agreement on an aid package for those affected by Corona before the presidential elections, which weakened the dollar and strengthened the lure of the yellow metal as a hedge against inflation. Gold rose in the …

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• 21 October 2020 11:46 am

  API: Sudden Increase in Oil Inventories

  

  Data from the American Petroleum Institute showed, Tuesday, that crude oil inventories in the United States recorded an unexpected increase last week, while gasoline and distillate inventories declined. Crude inventories increased 584 thousand barrels in the week ending October 16, to reach about 490.6 million barrels, while analysts’ expectations indicated …

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