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Market Analysis

August, 2020

  • 24 August 2020 5:03 pm

    Sterling Bouncing Above 1.3100

    The British pound bounced back to trade above 1.3100 after failing to maintain stability above this level, with pressure on the US dollar and a return to activity in riskier currencies. The pound sterling is currently trading at 1.3128 levels, up about 0.3%, after it was trading below the 1.3100 …

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  • 24 August 2020 3:24 pm

    China Supports Companies Using Legal Means to Protect Rights and Interests

    China said it supports companies resorting to legal means to protect their rights and interests after ByteDance said it would file a lawsuit against the administration of US President Donald Trump. Chinese Foreign Ministry spokesman Zhao Lijian told reporters in a daily briefing that the actions of US politicians involved …

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  • 24 August 2020 2:56 pm

    Dollar falling, New Zealand Lag Behind high-Risk Gains

    The dollar fell in early trade in London, while riskier currencies and European stocks rose at the open, and some analysts attributed the improvement in sentiment to the United States ’approval of a treatment for Covid-19 patients. The Coronavirus has killed more than 800,000 people around the world, and the …

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  • 24 August 2020 2:49 pm

    European Stocks Higher on hopes for Coronavirus Treatment

    European stocks rose from their lowest level in two weeks, as signs of progress in developing a treatment for Covid-19 disease overshadowed concerns about an increase in cases on the continent, threatening to curb an economic recovery. The European STOXX 600 index rose 1.3%, following the gains in Asian markets …

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  • 24 August 2020 12:46 pm

    Gold Dropping as Risk Appetite Increases

    Gold prices fell as the appetite for risk improved after the US Drug Administration approved the use of blood plasma for people recovering from Covid-19 disease as a treatment option, while the dollar rose. With the closure of the Tokyo Stock Exchange, the spot price of gold was down 0.4% …

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  • 24 August 2020 11:53 am

    Nikkei rises, Focus on Prime Minister Abe’s Health

    Japanese stocks closed higher, deriving direction from the gains of their Asian counterparts, but growing speculation over Prime Minister Shinzo Abe’s health dented the mood. The benchmark Nikkei index rose 0.28 percent to close at 22,985.51 points, while the broader Topix index rose 0.19 percent to 1,607.13 points. Trading volumes …

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  • 24 August 2020 11:33 am

    Oil Rises as Two Storms Approach Gulf of Mexico

    Crude oil prices rose on Monday as two storms approached the Gulf of Mexico, cutting more than half of oil production there, and amid optimism about the Coronavirus, after the US Food and Drug Administration allowed the use of blood plasma from recovered patients as a treatment option. Brent futures …

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  • 24 August 2020 11:22 am

    Trump Adviser Kellyanne Conway to Resign

    Kellyanne Conway, a senior adviser to President Trump, will leave the White house at the end of the month.  Conway, whose title is counselor to the president, has resigned citing the need to focus on her family, according to The Washinton Post.

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  • 24 August 2020 10:53 am

    Coronavirus Update

    The latest coronavirus (COVID-19) updates from China have been upbeat as all 16 cases on August 23 reported as imported infections. “This compared with 12 new COVID-19 cases reported a day earlier, all imported too and marked the eighth consecutive day of no locally transmitted cases. The total number of …

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  • 24 August 2020 10:23 am

    PBOC Sets Yuan Reference Rate at 6.9194

    The People’s Bank of China (PBOC) has set the yuan reference rate at 6.9194 versus Friday’s fix at 6.9107.

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  • 24 August 2020 10:23 am

    New Zealand Has Extended Lockdown Till Aug 30

    New Zealand’s Prime Minister Jacinda Ardern has extended the coronavirus lockdown till Aug. 30.  While the city of Auckland is under alert level 3 restrictions, the rest of New Zealand remains at level 2, Ardern said, while adding that Auckland will move to level 2 after Aug. 30. New Zealand …

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  • 22 August 2020 2:45 am

    NYSE Ends Week with Two New Records

    The New York Stock Exchange (NYSE) closed higher on Friday, logging weekly gains, with The Dow Jones Industrial Average surged by 0.69% to close at 27,930.33, nearly unchanged compared with its level by the end of last week. The S&P 500 index increased by 0.34% and closed at a new …

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  • 22 August 2020 1:54 am

    Oil Records Weekly Losses on Demand Concerns

    Oil prices closed Friday lower, despite a decrease in the United States active oil rig count to a record low, amid renewed concerns regarding demand outlook. This comes after PMI data showed that the global economic recovery is not accelerating. Brent crude futures for October delivery lost 55 cents, or …

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