Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2020

• 5 August 2020 10:37 pm

  Gold Rally Continues Near $2,050 per Ounce

  

  Gold prices rose on Wednesday reaching another record high level on the back of increased demand for the previous metal. Gold futures for December delivery added $28.30 or 1.4% and settled at $2,049.30 per ounce. The yellow metal has now gained about 34% since the beginning of 2020.

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• 5 August 2020 10:32 pm

  Kaplan: COVID-19 is Muting Economic Recovery

  

  President of the Federal Reserve Bank of Dallas, Robert Kaplan, told CNN on Wednesday that the US economy needs the extension of unemployment benefits, Reuters reported. Kaplan expects gross domestic product (GDP) to grow by 20% in the third quarter (Q3), and contract by 50% in 2020. “The issue with …

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• 5 August 2020 9:59 pm

  IHS Markit: US Services PMI Records 50 in July

  

  The seasonally adjusted final IHS Markit US Services PMI Business Activity Index registered a neutral 50 in July, up from 47.9 in June. This is the third monthly rise in a row for the index, and it market the end of five months of contraction, or registering readings below the …

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• 5 August 2020 9:48 pm

  CAD Continues to Show Strength against USD

  

  The Canadian Dollar (CAD) is showing a strong performance against the US Dollar (USD), supported by the recovery of oil prices, reaching its highest level in five months. Meanwhile, the USD continues to show general weakness across the board against major currencies. The USD/CAD has decreased by around 5.8% since …

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• 5 August 2020 9:09 pm

  Kuroda: Economies to Start Recovery in H2

  

  Economic activity and financial stability in Japan are facing the risk of significant constraints in case preventive measures against the COVID-19 pandemic are fully re-imposed, Bank of Japan Governor Haruhiko Kuroda has warned. However, Japan is not going into deflation with the Bank of Japan maintaining its 2% inflation target, …

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• 5 August 2020 7:53 pm

  Clarida Expects Full Recovery by End of 2021

  

  The US Federal Reserve Vice Chairman, Richard Clarida, said in an interview on Wednesday that the United States economy could recover to its levels prior to the COVID-19 crisis by the end of next year, Reuters reported. “It will take some time, I believe, before we get back to the …

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• 5 August 2020 7:46 pm

  US Oil Inventories Down 7.4 M Barrels in Week

  

  Crude oil inventories in the United Stated declined for the second consecutive week, according to data by the US Energy Information Administration (EIA). Oil stockpiles decreased by 7.4 million barrels last week, exceeding market estimates, to a total of 518.6 million barrels. Yesterday, data by the American Petroleum Institute (API) …

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• 5 August 2020 7:26 pm

  US Sectors Show Mixed Performance in July

  

  Purchasing managers’ indices (PMIs) in the United States showed a mostly positive performance during the month of July, according to data by IHS Markit. Four out of seven sectors expanded in activity in July, while the others showed slower rates of decline compared with June, reflecting the uneven impact of …

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• 5 August 2020 5:38 pm

  Canada: Trade Deficit Expands to $3.19 Billion in June

  

  The monthly data published by Statistics Canada on Wednesday showed that Canada’s trade deficit expanded from $1.33 billion in May to $3.19 billion in June, This reading came in better than the market expectation for a deficit of 0.9 billion.

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• 5 August 2020 5:30 pm

  US Trade Deficit Narrows to $50.7 Billion

  

  The United States’ international trade deficit declined by $4.1 billion to $50.7 billion in June, the data published jointly by the US Census Bureau and the US Bureau of Economic Analysis showed on Wednesday. This reading followed a deficit of $54.8 billion in May and came in slightly worse than …

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• 5 August 2020 5:00 pm

  US Private Sector Adds 167,000 Jobs in July

  

  Employment in the US’ private sector rose by 167,000 in July, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading came in much worse than the market expectation for an increase of 1.5 million.  Data for June was revised up to show …

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• 5 August 2020 4:39 pm

  Oil Prices at Highest Level in 5 Months

  

  Oil prices rose on Wednesday to highest levels since early March after data showed a significant decline in US crude oil stockpiles, but fears of the second wave of Covid-19 capped the gains Brent crude rose 1.03 dollars, or 2.3%, to 45.46 dollars a barrel. WTI also rose $ 1.03, …

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• 5 August 2020 3:24 pm

  EUR/GBP Clings to Modest Gains Near Weekly Tops

  

  EUR / GBP rallied in the European session and was seen hovering near weekly highs just below the mid of 0.9000. The pair reversed the decline to the 0.9010 area and turned to the positive side for the second consecutive session on Wednesday. The rise was due to the weakening …

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