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Market Analysis

July, 2020

  • 21 July 2020 11:46 pm

    RBA Minutes and Remarks Give Boost to Aussie

    The Australian Dollar (AUD) is rising across the board against major currencies on Tuesday, as recent remarks by the Governor of the Reserve Bank of Australia (RBA) are supporting the Aussie. RBA Governor Philip Lowe said in his annual speech to the Anika Foundation that Australia has now turned the …

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  • 21 July 2020 10:51 pm

    Gold Settles at Highest Level in Nine Years

    Gold prices rose on Tuesday and settled near its highest level in nearly nine years, after the European Union (EU) approved in its latest summit a new recovery fund. In addition, the US Congress is expected to pass a new trillion dollar stimulus package. Despite an improvement in risk appetite …

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  • 21 July 2020 10:15 pm

    EUR/USD Surges on European Recovery Deal

    The Euro (EUR) achieved huge gains against the US Dollar (USD) on Tuesday, after the historic agreement between the European Union’s (EU) leaders regarding the EUR 750 million COVID-19 recovery fund. The EUR gains were enhanced by a decline in USD across the board. The dollar index (DXY), which measures …

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  • 21 July 2020 9:52 pm

    European Stocks Close at Four-Month High

    European stocks closed at their highest level in four months, supported by the historic agreement between the European Union’s (EU) leaders regarding the EUR 750 million recovery fund, which aims at stimulating the bloc’s economy amid the COVID-19 crisis. STOXX Europe 600, the pan-European index, gained 0.3% and closed Tuesday …

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  • 21 July 2020 9:34 pm

    Silver Futures at Highest Level Since 2014

    Silver prices rose on Tuesday to their highest level since 2014, increasing by more than 80% from its lowest registered earlier this year. Increased demand on safe havens is helping the white metal maintain a rising streak, coping with the recent surges in gold prices. Silver futures advanced by roughly …

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  • 21 July 2020 8:37 pm

    Oil Prices Gain 3% on European Recovery Deal

    Oil prices surged by more than 3% on Tuesday, reaching its highest level in more than four months. This comes as the recently announced agreement between the European Union (EU) leaders on the EUR 750 million recovery fund renewed hopes for a strong economic recovery, coupled with positive reports about …

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  • 21 July 2020 7:22 pm

    US Treasury Yields Slightly Edge Down

    US Treasury yields slightly declined on Tuesday as the market remains impacted by the increasing number of COVID-19 cases. Returns on the two-year notes declined by 0.4 basis points to 0.1452% Meanwhile, the benchmark 10-year yield retreated by 1.5 basis points to 0.6053%, according to Reuters. Yields on the decreased …

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  • 21 July 2020 7:03 pm

    ECB: COVID-19 Wave in US to Impact Eurozone

    A second wave of the coronavirus disease (COVID-19) in countries such as the United States could negatively impact European economic growth, Vice President of the European Central Bank (ECB), Luis de Guindos, has warned. The Eurozone economy contraction was better than previously expected during the second quarter (Q2) of 2020. …

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  • 21 July 2020 5:48 pm

    US Stocks Open Higher

    US stock markets opened higher on Tuesday as the Nasdaq Composite Index reached an all-time high with policymakers prepares proposals for a fifth stimulus package. The Nasdaq rose 48 points, or 0.5%, at 10813, while the Dow Jones rose 208 points, or 0.8%, to 26,889, and the S&P 500 rose …

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  • 21 July 2020 5:33 pm

    Canada: Retail Sales Rise by 18.7% in May vs. 20% Expected

    Monthly data released by Statistics Canada on Tuesday revealed that Canada’s retail sales rose 18.7% in May to $ 41.8 billion.This reading came after a 19.1% increase in May’s advanced estimates, and slightly worse than the 20% market forecast.

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  • 21 July 2020 4:47 pm

    GBP/USD Keep Gains Near Weeks High

    The GBP/USD rose for the third straight session on Tuesday as the USD continued to sell on the optimism about Covid-19 vaccine and the European Recovery Fund agreement, which weakens the US dollar as a safe haven. GBP/USD jumped to more than 1.2700 levels, six-week highs, but then retreated somewhat. …

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  • 21 July 2020 3:58 pm

    China’s Xi: China’s Economic Recovery Leads The World

    “China’s economic recovery leads the world, we will strive to make up economic losses caused by coronavirus epidemic,” Chinese President Xi Jinping told the state television on Tuesday, as reported by Reuters. “We will strive to achieve good results for economic growth this year,” Xi added and noted that they …

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  • 21 July 2020 3:19 pm

    China Accuses UK of Violating International Law

    The Chinese Foreign Ministry again criticized the UK’s decision to suspend the extradition treaty in Hong Kong, in the latest escalation of tensions between China and Britain. The Chinese Foreign Ministry said that Britain’s actions violated international law and international standards. China on Tuesday reiterated its strong opposition to the …

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