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Market Analysis

November, 2020

  • 4 November 2020 2:13 am

    NYSE Finishes Elections Day on Higher Note

    The New York Stock Exchange (NYSE) closed Tuesday higher on hopes for a new stimulus package following today’s elections. The Dow Jones Industrial Average added 514.92 points, or 1.9%, to close at 27,439.97 points. The S&P 500 gained 58.11 points, or 1.8%, and finished at 3,368.35 points. The Nasdaq Composite …

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  • 4 November 2020 1:05 am

    Oil Settles at Highest Level in a Week

    Oil prices rose on Tuesday to their highest level in a week on election day, on the hopes for a new stimulus package following the US elections and commitment from the OPEC+ to maintain output curbs. Brent crude futures for January delivery gained 74 cents, or 1.9%, to close at …

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  • 3 November 2020 11:35 pm

    Gold Settles At Highest Level in Week

    Gold prices finished at their highest level in a week, as the US dollar (USD) declined on election day in the United States. Gold futures for December delivery finished higher by $17.90, or 1%, at $1,910.40 per ounce, its highest level since October 27. Meanwhile, silver futures for December delivery …

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  • 3 November 2020 10:06 pm

    US Factory Orders Rise in September

    New factory orders in the United States increased by 1.1% in September, data by the US Department of Commerce showed on Tuesday. This comes after factory orders rose by 0.6% in August.

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  • 3 November 2020 9:24 pm

    EUR/USD Hits Fresh Five-Day High

    The Euro (EUR) rose against the US Dollar (USD) to its highest level in five days during Tuesday’s trading session, as the USD is declining across the board on election day. The EUR/USD is trading higher for the day by 0.72% at 1.1725. The pair has been moving today in …

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  • 3 November 2020 9:02 pm

    GBP/USD Rises to Highest Level in Week

    The British Pound (GBP) rose against the US Dollar (USD), as the later declined on election day, to its highest level in a week. The GBP/USD is trading higher by 1.05% at 1.3053. The pair has been moving today in a range between 1.2911 and 1.3079, after closing yesterday at …

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  • 3 November 2020 7:32 pm

    USD Declines on Election Day

    The US Dollar (USD) is declining across the board on elections day, with markets awaiting the results of the presidential and congressional elections. The Dollar index (DXY), which measures the USD performance against a basket of six major international currencies, is down for the day by 0.76% at a daily …

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  • 3 November 2020 6:54 pm

    Wall Street Rallied at The Open

    Major stock indices on Wall Street rose at the open Tuesday, as investors bet on Democratic candidate Joe Biden’s victory in one of the most sensitive US presidential elections in American history. The Dow Jones Industrial Average rose 213.64 points, equivalent to 0.79%, to 27138.69 points, and the S&P 500 …

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  • 3 November 2020 5:26 pm

    Turkish Lira Reaches Fresh Lows The US Presidential Elections

    turkey

    The Turkish lira hit a new record low on Tuesday (November 3rd), ahead of the US presidential elections, the outcome of which may lead to strained relations between the two countries. The lira also retreated after data revealed that the annual inflation rate is close to 12%, despite the central …

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  • 3 November 2020 4:15 pm

    GBP/USD Gains Some Strong Positive Traction on Tuesday

    The Sterling rose against the US Dollar to a 3-day high during the European session and trader are now looking for some subsequent buying that breaks through the psychological level of 1.3000. With the momentum beyond the resistance level specified at the upper bound of the descending about two weeks …

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  • 3 November 2020 3:59 pm

    EU Commission: No Solution With Britain on Fisheries Yet

    A spokesperson for the European Commission said on Tuesday that they have not yet found a solution on fisheries with Britain, as reported by Reuters.  “Britain has not replied in time to the EU letter concerning the breach of the Withdrawal Agreement,” the spokesperson added. “The Commission will consider the …

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  • 3 November 2020 2:39 pm

    IMF: The Crisis is Not Over, Keep Spending Wisely

    The International Monetary Fund (IMF) warned Monday, the coronavirus crisis is not yet over, urging economies to keep offering fiscal support to enabling a healthy recovery, per Reuters. “Support must be maintained throughout the crisis. A premature withdrawal of support would represent further damage to livelihoods and increase the likelihood …

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  • 3 November 2020 2:08 pm

    Caution Limits Bullish Dollar’s Path Ahead of The Elections

    There was a state of caution Tuesday, hours before the polls open in the United States, as investors prepare for a possible wave of the volatility after the elections. The US dollar fell by 0.2% against a basket of currencies to trade at 93.831, and the dollar hit its highest …

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