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Market Analysis

December, 2020

  • 21 December 2020 4:30 pm

    Saudi Arabia Suspend Foreign Travel Over Mutant Virus

    Saudi Arabia and Oman halted international flights and closed their borders for a week over fears about the fast-spreading new strain of the coronavirus. The Kingdom also added that all international flights for travelers – except in exceptional cases – will be suspended temporarily for a week, which can be …

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  • 21 December 2020 4:21 pm

    UK Retail Sales Rise Ahead of Christmas

    A survey on Monday showed that UK retail sales rebounded in December with restrictions on stores eased and consumers buying food and other essentials before Christmas, but the outlook for January is the worst since summer. The monthly report of the Confederation of British Industries showed that the balance of …

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  • 21 December 2020 3:30 pm

    Hong Kong Bans Travel to Britain

    Hong Kong has banned all flights from the United Kingdom starting at midnight local time on Monday, becoming the first city in Asia to announce such a halt after the discovery of a new highly pathogenic strain of coronavirus in Britain. Health Minister Sophia Chan said stricter measures are needed …

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  • 21 December 2020 2:50 pm

    New Strain of Coronavirus Putting Pressure on Pound

    The British pound and the euro fell on Monday, as investors searched for a safe haven in the dollar after a new fast-spreading strain of the Coronavirus caused the closure of most parts of Britain and disrupted international shipping activity in light of the fog surrounding Brexit from the European …

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  • 21 December 2020 2:30 pm

    GBP/USD Collapses Below 1.32

    GBP/USD has collapsed below 1.32, down some 320 pips on the day. The new covid strain in the UK causing a massive sell-off amid European travel bans and potential supply-chain issues ahead of Christmas. 

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  • 21 December 2020 2:08 pm

    French Health Minister: The Covid-19 Vaccine Supposed to Protect Against The New Strain

    French Health Minister Olivier Ferrand said that the current vaccines should protect against a new strain of the virus that recently appeared in Britain, adding that “in theory” there is no reason to believe that the vaccine will not be effective. “ Ferrand indicated that the new strain may have …

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  • 21 December 2020 1:19 pm

    The Turkish Lira Drops 1% as US Dollar Rises on Coronavirus Measures

    The Turkish lira declined 1% against the dollar, along with other currencies in emerging markets, as investors switched to the low-risk US dollar in light of a large number of countries tightening measures to contain Covid-19. The lira was at $7.7050, down from Friday’s closing level of 7.6280. The lira …

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  • 21 December 2020 12:54 pm

    Oil Falling Amid Fears of The New CoronaVirus

    Oil prices fell about 3% today, Monday, due to fears of a new rapidly spreading strain of the Coronavirus, which has caused the closure of most parts of Britain, which increased fears of a slowdown in the recovery of fuel demand amid tightening restrictions in Europe. Brent crude fell $ …

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  • 21 December 2020 12:43 pm

    Gold Jumping on Support of US Stimulus And Lockdown

    Gold rose today, Monday, to its highest in six weeks, boosted by news that leaders of the US Congress have reached an agreement on an aid package linked to the Coronavirus, while the appetite for higher-risk assets is undermined by lockdown measures in Britain, which increased support for the metal. …

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  • 21 December 2020 12:11 pm

    Weekly Recap – Dec 14-18

    2020  is drawing to a close as Brexit talks continue with the race to reach a deal between the European Union and the United Kingdom before December 31. On the other side of the ocean, US lawmakers are trying to fill loopholes in the massive stimulus bill that would provide …

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  • 19 December 2020 3:33 am

    Oil Logs Seventh Weekly Gains in Row

    Oil prices closed higher on Friday, reaching their best finishing level since February. Brent crude futures for February delivery rose by 76 cents, or 1.5%, to settle at $52.26 per barrel. This is the highest closing level for the global benchmark most active futures since February 26. For the week, …

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  • 18 December 2020 11:30 pm

    Gold Closes Lower but Logs Weekly Gains

    Gold prices closed lower on Friday, limiting their weekly rise, which was mostly supported by the decline of the US Dollar (USD). The yellow metal futures for February delivery lost $1.50, or 0.1%, to finish at $1,888.90 per ounce. For the week, gold futures gained about 2.5%. Today’s decline of …

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  • 18 December 2020 10:00 pm

    US Oil Rigs Rise for Fourth Week in Row

    The number of active oil rigs in the United States increased by five to a total of 263 this week, according to the weekly report by Baker Hughes. This is the fourth consecutive weekly rise in US oil rigs. The total active rig count in the United, including rigs drilling …

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