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Market Analysis

July, 2020

  • 29 July 2020 5:18 pm

    A Sharp Decline in US Oil Inventories

    Data from the American Petroleum Institute showed that American oil inventories witnessed a sharp decline last week, contrary to market expectations, as US oil inventories recorded a decrease of 6.8 million barrels over the week ending July 24 to 531 million barrels, while analysts’ expectations indicated that an increase of …

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  • 29 July 2020 4:16 pm

    US Refining Seen Posting Worst Quarterly Results in Ten Years

    It is expected that the American oil refineries will announce the worst results for the second quarter in ten years, with production exceeding the demand, while the lockdown measures aimed at containing the pandemic of the Covid-19 Virus caused a severe decline in travel in the summer. According to Reuters. …

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  • 29 July 2020 3:10 pm

    US Futures Higher on Hopes

    US equity index futures rose on Wednesday as investors were hoping for support signals from the Federal Reserve while the country faces an increase in the number of new Covid-19 cases. Recent data indicated a possible slowdown in employment with Covid-19 cases higher in California, Florida and Texas, the most …

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  • 29 July 2020 2:18 pm

    ECB Warns Banks Against Dividends

    The European Central Bank asked the eurozone’s banks not to pay dividends to the rest of the year and asked them to accumulate their funds to strengthen defenses against the expected wave of closures. Meanwhile, at the same time, the European Central Bank has given more time to banks to …

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  • 29 July 2020 1:19 pm

    Japan GDP to Shrink This Year, Coronavirus Cases Rise Across The Country

    Japan’s government expects the economy will contract this year as activity slowly recovers after it was hit by the coronavirus crisis, shile forecasting a return to growth next year, according to Reuters, citing government resources. One of the sources told Reuters that “the government sees GDP shrinking in the current …

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  • 29 July 2020 12:48 pm

    AUD/USD Jumps to Test 15-Month Highs

    AUD/USD is trying to test 15-month highs at 0.7183 for the third consecutive session on Wednesday with support from selling-off in the US dollar. The Australian dollar bounced from its daily low of 0.7149 for a short period after the CPI data came in against expectations in the Q2 in …

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  • 29 July 2020 12:11 pm

    Oil Rises After Surprise drop in U.S. Inventories

    Oil prices rose on Wednesday after a report showed that crude oil inventories in the United States fell against expectations, giving the market some support amid large increases in Covid-19 cases in the United States. Brent crude futures rose 14 cents, or 0.3%, to $ 43.36 a barrel at 03:26 …

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  • 29 July 2020 11:21 am

    European Stocks Set to Open Lower

    European stock markets set to open lower on Wednesday with doubts over the timing of stimulus in the United States while eyes in Europe over reports from Deutsche Bank, Barclays and Santander in the banking sector. At 06:05 GMT, the German DAX futures were trading lower 0.1%, the French CAC …

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  • 29 July 2020 10:47 am

    US Dollar Near 2020 Lows

    The US dollar, measured by the US Dollar Index (DXY), resumed the downtrend on Wednesday and is approaching its lowest near 93.50. The index quickly retracted its lead on Tuesday as sellers dominated the market and sentiment surrounding the dollar. The dollar remains under intense pressure as traders maintain the …

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  • 29 July 2020 10:29 am

    Asian Stocks Mixed

    Asian stocks are struggling to get a steady direction with trading quietly ahead of Wednesday’s Fed meeting. The Nikkei came out with the news that the Japanese government’s plan to reduce the economic outlook for GDP for the year 20/21. Fitch downgraded Asian Majors’ Outlook to negative but the rating …

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  • 29 July 2020 10:00 am

    FX Option Expiries For July 29 NY Cut

    FX option expiries for July 29 NY cut at 10:00 Eastern Time, via DTCC, can be found below. – USD/JPY: USD amounts          105.00 992m  – NZD/USD: NZD amounts 0.6650 203m0.6675 969m

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  • 29 July 2020 1:28 am

    Italy to Extend State of Emergency

    The Italian Senate approved on Tuesday a request by Italy’s Prime Minister Giuseppe Conte to extend the state of emergency until October 15, in order to maintain preventive measures against the COVID-19 crisis. The move was supported by 157 votes and opposed by 125, Reuters reported. A six-month state of …

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  • 29 July 2020 12:48 am

    US Treasury Yields at Three-Month Low

    The US Treasury yields declined on Tuesday, ahead of the Federal Reserve’s Federal Open Market Committee (FOMC) July meeting releasing its policy statement tomorrow. Although no changes in interest rates are expected, the meeting is set to reveal more details about recent developments in the US monetary policy. The 10-year …

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