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Market Analysis

August, 2020

  • 19 August 2020 2:11 am

    Daily Recap: Tuesday, August 18, 2020

    It was another weak day for the U.S. Dollar due to selling pressures and a decline in the Treasury Yields, but Wall Street was soaring with tech stocks making big gains and leading the S&P 500 index to finally close at a new record level, recovering all of its losses …

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  • 19 August 2020 1:56 am

    S&P 500 Closes at New All-Time High

    The New York Stock Exchange (NYSE) closed Wednesday mixed as indices varied on their performance, with the Nasdaq and S&P closing at record highs and the Dow maintaining the downward trend. The S&P 500 index gained 0.2% and closed at 3,389.78, its highest evet closing level. Earlier in the session, …

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  • 19 August 2020 1:50 am

    Oil Prices Settle Higher and Await OPEC+ Summit

    Oil prices showed a mixed performance on Tuesday, with the market anticipating the results of the OPEC+ summit, as well as the United States crude inventories data. Brent crude futures for October delivery added 0.2% and settled at $45.56 per barrel, while the West Texas Intermediate (WTI) futures for September …

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  • 19 August 2020 1:16 am

    Trudeau Appoints His Deputy as Finance Minister

    The Canadian Prime Minister, Justin Trudeau, has appointed on Tuesday the Deputy PM, Chrystia Freeland, as Canada’s new Minister of Finance. This comes after the resignation of Bill Morneau from the post on Monday, reportedly due to disagreements with the Prime Minister. Freeland was Canada’s lead negotiator in talks for …

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  • 19 August 2020 12:30 am

    GBP Maintains Gains amid USD Weakness

    The British Pound (GBP) rose against the U.S. Dollar (USD) on Tuesday, supported by the decline of the latter, amid anticipation for the progress of trade talks between the United Kingdom (UK) and the European Union (EU). The GBP/USD is trading at 1.3242, up by 1.07% for the day, after …

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  • 18 August 2020 11:59 pm

    Gold Prices Restore $2,000 per Ounce Level

    Gold prices closed higher on Tuesday, maintaining its rising trend amid a decline by the U.S. Dollar. Gold futures for December delivery settled higher by $14.40 or 0.7% at $2,012.10 per ounce, restoring the $2,000 level. This comes after the yellow metal opened the week with its best daily gains …

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  • 18 August 2020 8:48 pm

    European Stocks Finish Lower

    European stocks closed lower on Tuesday, after rising earlier in the session, mainly due to losses by banks and energy shares. The Stoxx Europe 600 index settled lower by 0.66% or 2.45 points at 366.81. Meanwhile, FTSE100 lost 0.83%, while CAC40 finished lower by 0.68%. DAX closed lower by 0.30%, …

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  • 18 August 2020 8:13 pm

    NZD Rises Following GDT Price Declines

    The New Zealand Global Dairy Trade (GDT) price index declined by 1.7% on Tuesday. Meanwhile, the Whole Milk Powder price index decreased by 2.2%. The New Zealand Dollar (NZD) extended its gains against the U.S. Dollar (USD) following the data, with the Kiwi now up by 0.49% against the USD …

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  • 18 August 2020 7:43 pm

    USD Declines to More than Two-Year Low

    The U.S. Dollar (USD) is maintaining its downward trend on Monday, despite an increase in housing starts. Recent data suggests that the real estate sector in the United States is recovering amid a decline in interest rates. The Dollar index (DXY), which measures the USD performance against a basket of …

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  • 18 August 2020 7:31 pm

    AUD/USD Rises Following RBA Meeting Minutes

    The Australian Dollar (AUD) is showing a strong performance, following the release of the latest Reserve Bank of Australia (RBA) meeting minutes. During the meeting, RBA board members noted that the COVID-19 downturn had not been as severe as earlier expected and a recovery was under way in most of …

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  • 18 August 2020 7:21 pm

    U.S. Housing Starts Rise More than Expected

    Home construction starts in the United States grew in July, data showed on Tuesday. Residential unit starts increased by 22.6% to 1.5 million. Meanwhile, building applications rose by 18.8%.

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  • 18 August 2020 5:50 pm

    Canada Finance Minister Resigns Amid Friction With Trudeau

    Canadian Finance Minister Bill Morneau announced his resignation saying in a press conference that Canada is moving to the next stage of the struggle against the Coronavirus pandemic, and this currency may take many years in order to achieve economic recovery, and it is the right time now for a …

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  • 18 August 2020 5:22 pm

    China Strongly Rejects US Measures Against Huawei

    China said it rejected the US crackdown on Huawei after the administration of US President Donald Trump announced it would tighten restrictions imposed on the company. During his daily press testimony, Chinese Foreign Ministry spokesman Zhao Lijian urged the United States to stop undermining confidence in Chinese companies. Zhao said …

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