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Market Analysis

December, 2020

  • 30 December 2020 11:14 am

    API: Oil inventories record a greater than expected drop last week

    Data from the American Petroleum Institute showed, Tuesday, that crude oil inventories in the United States fell more than expected last week, while gasoline and distillate stocks recorded a decrease, contrary to expectations. The data indicated that crude inventories fell by 4.8 million barrels in the week ending on the …

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  • 30 December 2020 11:12 am

    Gold rallied as US Dollar Fell Despite Postponing a Vote on an American Stimulus Package

    Gold prices rose on Wednesday, December 30, as the dollar fell, while investors ignored the Republican majority leader’s decision to postpone a vote in the US Senate on larger payments to mitigate the repercussions of the Coronavirus pandemic. Spot gold rose 0.2% to 1,881.62 dollars an ounce. And gold in …

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  • 30 December 2020 10:20 am

    Oil Prices rising, supported by hopes that a US stimulus package will stimulate demand for fuel

    Oil prices rose on Tuesday, supported by hopes that the United States will increase payments in an aid package linked to the pandemic, a move that could stimulate demand for fuel and stimulate economic growth. Brent crude futures, the world benchmark, ended the trading session up 23 cents, or 0.5 …

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  • 30 December 2020 12:09 am

    Senate to Discuss Expanding Stimulus this Week

    The United States Senate is set to discuss later this week the proposal made by President Donald Trump, as well as many Democrats, to an increase the stimulus payments from $600 to $2,000 per household, according to Senate Majority Leader Mitch McConnell, Reuters reported. This comes after the Senate’s Republican …

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  • 29 December 2020 11:58 pm

    US Fed Extends Main St. Lending Program

    The United States Federal Reserve announced on Tuesday that it had extended the end date for the Main Street Lending Program by eight days, Reuters reported. The move comes to help process an increased number of last-minute applications. It is worth noting that the United States Secretary of Treasury, Steven …

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  • 29 December 2020 11:47 pm

    Gold Ends Tuesday on Slim Gains

    Gold prices rose on Tuesday, supported by the decline of the US Dollar (USD) and a soft performance by the stock markets after opening Monday at record highs on the back of optimism following the approval of a new stimulus package in the United States. Gold futures for February delivery …

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  • 29 December 2020 10:58 pm

    New York Authorizes JPY-Backed Stablecoin

    New York has authorized a stablecoin backed by the Japanese Yen (JPY) to operate in the United States, the Coin Telegraph reported. The stablecoin is run by the Japanese firm GMO-Z.com. “We’re breaking ground with our move to issue the first regulated JPY-pegged stablecoin, which many see as a safe …

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  • 29 December 2020 9:20 pm

    European Stocks Finish Tuesday Higher

    European stocks closed higher on Tuesday, supported by an improved risk sentiment following the approval of a new stimulus package in the United States. The STOXX Europe 600 index finished up by 0.76%. The UK’s FTSE100 gained 1.55%, while the French index CAC40 leveled up by 0.42%. In Germany, the …

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  • 29 December 2020 8:11 pm

    Will Bitcoin Peak in 2021?

    Bitcoin has been recently showing a very strong performance, supported by increased demand. The world’s largest digital currency achieved its best monthly performance in over a year during December. Market experts are now expecting the cryptocurrency to peak early next year with the recent surge come to an end in …

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  • 29 December 2020 7:38 pm

    Germany’s Exports to Grow 13% in 2021

    German exports are expected to grow by 13% in 2021, according to the BGA trade association, Reuters reported. However, the forecast needs to be dealt with in caution due to the uncertainty resulting from the Coronavirus pandemic. The President of the BGA, Anton Boerner, said that German exports could reach …

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  • 29 December 2020 6:44 pm

    UK and EU Express Relief Over Brexit Deal

    The recently agreed-upon Brexit trade deal between the United Kingdom (UK) and the European Union (EU) is a good agreement for the fisheries industry, Reuters cited a senior member of the UK’s negotiating team as saying on Tuesday. “The deal we have got recognizes UK sovereignty over our fishing waters, …

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  • 29 December 2020 5:47 pm

    Oil Rises on Hopes for an Increase in Fuel Demand, With Support of US Stimulus

    Oil prices rose on Tuesday (December 29th) as investors took the risk of supporting the United States’ move to increase aid payments linked to the pandemic, which could increase demand for fuel and spur economic growth. Brent crude rose 72 cents, equivalent to 1.4%, to $51.58 a barrel, while US …

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  • 29 December 2020 4:31 pm

    Turkish Lira is at Its Highest Level Since September 3

    The Turkish lira rose by nearly 1% against the dollar to its highest level since September 3, continuing the gains that followed the country’s central bank hike of the main interest rate last week. The lira stood at 7.38 against the US Dollar in lackluster trading due to year-end holidays, …

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