Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2020

• 17 July 2020 1:56 am

  Oil Prices Settle Lower by 1%

  

  Oil prices declined on Thursday due to negative economic data, which also pushed stock markets down. The OPEC+ move to raise output, by limiting the production cuts to 7.7 million barrels per day (bpd) from August 1, which was announced yesterday, is not expected to disrupt the market, as demand …

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• 17 July 2020 1:34 am

  Russia Expects Strong Recovery for Oil Demand

  

  Russia is expecting a strong recovery in the global demand for oil, according to the Russian Minister of Energy, Alexander Novak, Reuters reported. The minister said on Thursday that a significant rise in August could see demand improve to 10% below the pre-COVID-19 levels. Demand was nearing 100 million barrels …

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• 16 July 2020 11:49 pm

  Gold Settles Lower but Maintains $1,800 Level

  

  Gold prices declined on Thursday to their lowest closing level in about a week, as the US Dollar (USD) strengthened despite the number of US jobless claims for last week exceeding market expectations. However, the yellow metal was able to maintain the $1,800 level. Gold futures for August dropped by …

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• 16 July 2020 11:33 pm

  Trump to Remain on Twitter After Hack

  

  The President of the United States, Donald Trump, will remain on Twitter, White House spokeswoman, Kayleigh McEnany told reporters on Thursday. This comes after Bitcoin scammers hacked earlier today a number of major accounts on the social media platform, including the accounts of Bill Gates, Barack Obama, and Elon Musk, …

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• 16 July 2020 10:11 pm

  Canada’s Payrolls Rise 1.04 M in June

  

  Employment in Canada increased by about 1.043 million jobs in June, compared to May, according to the June ADP Canada National Employment Report. Although jobs in manufacturing decreased by 57,000, jobs in construction increased by 171,000. Meanwhile, the largest increase was in the trade, transportation, and utilities with 347,200 new …

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• 16 July 2020 9:53 pm

  European Stocks Settle Lower

  

  European stocks closed lower on Thursday after the European Central Bank (ECB) decided to maintain its main interest rates unchanged. The ECB also plans to maintain its Pandemic Emergency Purchase Program (PEPP), as the President of ECB, Christine Lagarde told reporters earlier today. The pan-European Stoxx 600 index declined by …

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• 16 July 2020 8:20 pm

  Lagarde: EU Recovery Fund to Favor Loans

  

  The European Central Bank (ECB) is expecting the European Union (EU) to prefer grants over loans as a funding mechanism for its anticipated economic stimulus fund against the impacts of COVID-19, said ECB President Christine Lagarde, Reuters reported. “Our assumption is that the recovery fund will come about and will …

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• 16 July 2020 6:35 pm

  US Jobless Claims Register 1.3 M in Week

  

  A total of 1.3 million people have filed for unemployment benefits in the United States last week, according to data by the US Department of Labor on Thursday. The number beats market expectations of 1.25 million applications. However, the number showed a slight decline compared to the previous week, which …

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• 16 July 2020 6:29 pm

  US Retail Sales Up 7.5% in June

  

  Retail sales in the United Stated increased by 7.5% in June, beating market expectations, according to data by the US Department of Commerce on Thursday. The growth in retail sales is attributed to many businesses reopening, as restrictions against the coronavirus (COVID-19) were eased across many states. In May, retail …

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• 16 July 2020 6:01 pm

  Cryptocurrency in a Sea of Red

  

  The cryptocurrency market shook profoundly and drowned in red during the European session on Thursday, and many cryptocurrencies broke through the support levels, while Bitcoin approached the psychological barrier of $ 9000. Bitcoin was at $ 9,080, down 1.3% on a daily basis since the beginning of the day. The …

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• 16 July 2020 5:26 pm

  US: 1.3M Jobless Claims, Exceeding Estimates

  

  Labor Department data released on Thursday showed that the number of people making initial claims for unemployment benefits in the United States. The reading is slightly worse than the market expectation of 1.25M, but almost unchanged from last week’s reading at 1.310 million, revised from 1.314M previously reported. 4 week …

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• 16 July 2020 4:38 pm

  ECB Leaves Key Rates Unchanged

  

  At its monetary policy meeting held on July 16th, the Governing Council of the European Central Bank (ECB) decided to leave the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.50%, respectively, as …

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• 16 July 2020 4:19 pm

  Data Releases Today

  

  The ECB rate decision on Thursday just came out. As expected, the central bank leaves the interest rates unchanged. Later today, we will be looking at the June retail sales report from the United States. It’s expected to post a 5.0% rise after a 17.7% rise in May.  We will …

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