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Market Analysis

August, 2020

  • 18 August 2020 2:42 pm

    Oil Retreating After gains Due to Production Cuts

    Oil prices maintained most of last night’s gains, Tuesday, August 18, after the OPEC + group said that members had almost fully committed to the agreed production cuts to support prices amid a decline in fuel demand due to the Coronavirus pandemic. By 07:02 GMT, Brent crude was down 18 …

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  • 18 August 2020 1:46 pm

    European Shares Drop Amid US-Chinese Tensions and Covid-19 Cases

    European stocks fell on Tuesday, August 18, as investors feared the escalation of US-Chinese tensions and the return of Coronavirus cases, which affected shares of companies sensitive to the economic cycle. The European Stoxx600 index fell 0.5% at 07:13 GMT, as banking, energy, insurance and auto stocks fell between 0.8 …

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  • 18 August 2020 1:32 pm

    Nikkei Drops And Political Uncertainty Discourages Risk

    The Nikkei benchmark closed lower on Tuesday, August 18th, pulling away from the six-month peak it touched last week, as global political uncertainty led to risk aversion among investors. Nikkei lost 0.2% to 23,051.08 points, away from Friday’s 23,338 peak, the highest level since late February. The broader TOPIX index …

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  • 18 August 2020 1:19 pm

    Gold Futures: Room For Extra Upside

    Traders increased their open interest positions in Gold futures markets by almost 3.5K contracts at the beginning of the week, according to flash data from CME Group. Volume, in the same line, reversed three consecutive pullbacks and went up by around 57.4K contracts. Gold now targets the 2020 topsPrices of …

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  • 18 August 2020 12:30 pm

    Russia’s Novak Tests Coronavirus Positive

    Ahead of the OPEC and its allies (OPEC+) JMMC meeting scheduled on Wednesday, Russian Energy Minister Alexander Novak was tested positive for coronavirus. However, the Russian media suggested that the minister will participate in the OPEC+ meeting online, via a video link.

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  • 18 August 2020 12:27 pm

    Natural Gas Futures: Extra Pullbacks Appear Shallow

    CME Group’s advanced prints for Natural Gas futures markets saw open interest shrinking by around 6.3K contracts at the beginning of the week after two builds in a row. In addition, volume extended the erratic performance and went down by around 288.3K contracts. Natural Gas met resistance around $2.40/MMBtuPrices of …

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  • 18 August 2020 11:19 am

    The Dollar is Falling Amid Anticipation of US Political And Economic Developments

    The dollar fell while commodity currencies rose Monday (August 17th) as investors welcomed the delay in reviewing the US-China trade agreement without compromising it. Early transactions in London witnessed limited movements in light of a state of caution following weak data and uncertainty at the beginning of a week that …

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  • 18 August 2020 2:08 am

    Daily Recap: Monday, August 17, 2020

    In the first day of the week, the dollar maintained its losses, while gold continued its rally and made its biggest daily gains since April. Meanwhile, oil finished the session higher after fluctuating amid uncertainty regarding demand outlook, while the bitcoin rose to its highest level since July 2019. Forex: …

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  • 18 August 2020 1:37 am

    Oil Recovers from Earlier Losses and Finishes Higher

    Oil prices closed higher on Monday, after showing a mixed performance due to geopolitical risks and rising concerns about demand recovery. The Brent crude futures for October delivery increased by 1.3% or 57 cents and settled at $45.37 per barrel. Meanwhile, the West Texas Intermediate (WTI) crude futures for September …

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  • 18 August 2020 1:32 am

    Trump Vows to Create 10 M New Jobs

    The President of the United States, Donald Trump, has pledged on Monday to create 10 million jobs in 10 months, Reuters reported. “We will create tax credits for companies that bring jobs form China back to America,” Trump said during a campaign event.

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  • 18 August 2020 1:06 am

    NYSE Mixed at Monday’s Close

    The New York Stock Exchange (NYSE) closed Monday mixed as the Dow Jones finished in losses, while the S&P closed in green, nearing its highest level ever, which was already achieved by the Nasdaq that broke yet another record by the end of today’s session. The Dow Jones Industrial Average …

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  • 18 August 2020 12:05 am

    DXY Keeps the Downward Trend

    The U.S. Dollar (USD) is maintaining its losses on Monday, as the Dollar index (DXY), which measures the performance of the USD against a basket of six major currencies, is close to finishing down by 0.30% at 92.81. The USD biggest losses are against the Australian Dollar (AUD) with 0.55%, …

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  • 17 August 2020 10:17 pm

    Gold Re-Approaches $2,000 Level

    Gold prices increased on Monday, maintaining its renewed upward trend with the highest daily rise since April 22, supported by the rising demand on safe havens. Gold futures for December delivery closed higher by $48.90 or 2.5% at $1.998.70 per ounce. A mostly-negative performance by the U.S. Dollar helped the …

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