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Market Analysis

November, 2020

  • 5 November 2020 10:22 pm

    GBP Maintains Gains Against USD

    The British Pound (GBP) is rising against the US Dollar (USD), as the latter is declining across the board. This comes amid the continued uncertainty surrounding the outcomes of the presidential elections. The GBP/USD is trading higher by 0.81% at 1.3093. The pair has been moving in a range between …

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  • 5 November 2020 10:17 pm

    World Bank and IMF Delay 2021 Meetings

    The World Bank (WB) and the International Monetary Fund (IMF) announced on Thursday that they have decided to postpone their annual meetings, which were set to take place in Marrakesh, Morocco, in October 2021. The move comes due to the Coronavirus (COVID-19) pandemic.

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  • 5 November 2020 8:48 pm

    AUD/USD at Highest Level in Seven Weeks

    The Australian Dollar (AUD) rose against the US Dollar (USD) to its highest level in about seven weeks. This comes as the USD declined across the board amid the continued uncertainty surrounding the outcomes of the presidential elections. The AUD/USD pair is trading higher by 1.14% at 0.7264, its highest …

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  • 5 November 2020 8:21 pm

    European Stocks Finish Higher

    European stocks closed higher on Thursday, amid anticipation for election results in the United States, which seem to not have affected equity markets so far. The pan-European STOXX 600 index gained 1.18% or 4.27 points, to close at 367.58 points. The UK’s FTSE100 finished higher by 0.50%. Meanwhile, the French …

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  • 5 November 2020 8:08 pm

    USD Declines to Lowest Level in Seven Months

    The US Dollar (USD) declined on Thursday to its lowest level in about seven months, as uncertainties continue about the outcomes of the US presidential elections. The Dollar Index (DXY) is down for the day by 0.79% at 92.67. The index, which measures the USD performance against a basket of …

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  • 5 November 2020 8:00 pm

    EU Close to Deal on New Budget

    The European Union is moving closer to an agreement on its upcoming budget and stimulus package against the impacts of the COVID-19 pandemic, Reuters reported. The new EUR 1.8 trillion budget will be for the six-year period between 2021 and 2027.

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  • 5 November 2020 6:46 pm

    Wall Street Surges as Elections Results Approach

    The New York Stock Exchange (NYSE) opened higher on Thursday, amid anticipation for the results of the United States presidential elections. The Dow Jones Industrial Average is up by 1.45%, while the S&P 500 gained 1.75%, and the Nasdaq Composite is up by 2.07%.

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  • 5 November 2020 6:41 pm

    CAD Rises to Highest Level in Two Months

    The Canadian Dollar (CAD) rose against its US counterpart (USD) on Thursday to its highest level in eight weeks. This comes as the USD declined across the board amid the continued uncertainty surrounding the outcomes of the presidential elections. The CAD is up by 0.56% against the USD, with the …

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  • 5 November 2020 6:27 pm

    UK to Pump GBP 200 B in Stimulus Spending

    The British Ministry of Finance is pumping GBP 200 billion in economic stimulus, Finance Minister Rishi Sunak announced on Thursday. This comes after the Bank of England announced that it has expanded its asset purchase program by GBP 150 billion. The move to purchase government debt will help the cabinet …

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  • 5 November 2020 6:17 pm

    US election: Trump Leads in Pennsylvania With 89% of Votes Tallied, 50.5% vs. 48.2%

    US President Donald Trump has 50.5% and former Vice President Joe Biden has 48.2% in the battleground state of Pennsylvania with 89% of votes tallied so far, Reuters reported, citing the latest data from Edison Research.

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  • 5 November 2020 6:11 pm

    US: Unit Labor Costs Decline by 8.9% in Q3

    Unit Labor Costs in the US’ nonfarm business sector declined by 8.9% on a yearly basis in the third quarter, the data published by the US Bureau of Labor Statistics showed on Thursday. This reading followed an 8.5% (revised from 9%) increase in the previous quarter and came in better …

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  • 5 November 2020 6:09 pm

    US: Weekly Initial Jobless Claims Decline to 751K

    There were 751,000 initial claims for unemployment benefits in the US during the week ending October 31st, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed last week’s print of 758,000 (revised from 751,000) and came in worse than the market expectation of …

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  • 5 November 2020 4:50 pm

    US: Challenger Job Cuts Decline to 7-Month Low in October

    Planned job cuts in the US-based employers declined to 80,666 in October from 118,804 in September, Challenger Gray & Christmas announced in its latest Job Cut Report on Thursday. “October’s total is 32% lower than the 118,804 cuts announced in September,” the publication read. “It is 60% higher than the 50,275 …

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