Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2020

• 21 October 2020 12:33 am

  Fed’s Evans Sees Unemployment at 5.5% by End of Next Year

  

  The President of the Federal Reserve Bank of Chicago, Charles Evans, said on Tuesday that a new wave of COVID-19 might not affect the United States economy as previously estimated. Evans expects unemployment rate in the US will reach 5.5% by the end of 2021, Reuters reported. “I sort of …

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• 21 October 2020 12:29 am

  Copper Settles at Highest Level in Two Years

  

  Copper prices rose on Tuesday to a record high, supported by increased Chinese demand. Copper futures for December delivery went up by 6 cents, or 2%, and settled at $3.148 a pound. This is the highest closing level for copper futures since June 2018.

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• 21 October 2020 12:25 am

  Gold Settles Higher for Second Day in Row

  

  Gold prices rose on Tuesday for the second consecutive session, supported by the decline of the US Dollar (USD) across the board. Gold futures for December delivery closed higher by $3.70, or 0.2%, at $1,915.40 per ounce.

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• 20 October 2020 10:58 pm

  Sweden Bans Chinese 5G Network Providers

  

  Sweden has banned telecommunication equipment from Huawei and ZTE in its 5G network, Reuters reported. The move comes in line with similar measurements by other European countries on security concerns. Back in July, the United Kingdom decided that all Chinese components in its 5G network will be removed by 2027.

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• 20 October 2020 10:19 pm

  USD Declines Across the Board

  

  The US Dollar (USD) declined on Tuesday amid increased concerns about the COVID-19 pandemic and uncertainty about the upcoming elections and a new economic stimulus package. The Dollar Index (DXY), which measures the performance of the USD against a basket of six major international currencies, is down by 0.41% at …

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• 20 October 2020 10:16 pm

  GBP/USD Declines Despite Dollar Weakness

  

  The British Pound (GBP) is declining against the US Dollar (USD) on Tuesday despite the later showing weakness across the board. This comes amid Brexit uncertainty and worries about the second wave of the Coronavirus (COVID-19) pandemic. The GBP/USD is trading lower for the day by 0.04% at 1.2943. The …

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• 20 October 2020 10:10 pm

  Trump Supports $2.2 T COVID-19 Relief Spending

  

  The President of the United States, Donald Trump, said on Tuesday that he supports a new comprehensive COVID-19 stimulus package worth more than $2.2 trillion. This comes despite opposition by the Republican majority in the Senate. The White House originally proposed $1.8 trillion in relief funds, while the Democrats want …

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• 20 October 2020 9:31 pm

  European Stocks Close Lower on COVID-19 Fears

  

  European stocks finished Tuesday lower, amid growing concerns about the second wave of the Coronavirus (COVID-19) pandemic and its impact of European markets. The pan-European STOXX 600 index closed down by 0.23% at 365.95 points. Meanwhile, the UK’s FTSE100 rose marginally by less than 0.1%. The French CAC40 and the …

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• 20 October 2020 8:43 pm

  US Concerned with Growing Chinese Influence in Brazil

  

  The United States is concerned with China’s growing influence in Brazil, as expressed by the U.S. Trade Representative Robert Lighthizer on Tuesday. Lighthizer’s remarks, picked up by Reuters, came during an event hosted by the U.S. Chamber of Commerce. It is worth noting that China is Brazil’s largest trading partner. …

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• 20 October 2020 7:20 pm

  Fed’s Quarles: COVID-19 Showed Fragility in Non-Banking Sector

  

  The United States Federal Reserve Vice Chair Randal Quarles said on Tuesday that the non-banking financial system is significantly more fragile, as shown by the impact of the COVID-19 crisis. “The interconnectedness of our financial system means that it is not enough to understand the vulnerabilities arising from the banking …

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• 20 October 2020 5:57 pm

  Wall Street Opens Higher And Focus on Stimulus

  

  Wall Street’s main indexes rose at the open Tuesday, as investors hope for more stimulus from Washington, as the Republican-controlled Senate prepares to vote on a bill to help small businesses hit by the Covid-19 pandemic. The Dow Jones Industrial Average rose 50.43 points, or 0.18%, to 28,245.85 points. The …

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• 20 October 2020 5:39 pm

  Euro is Suffering On US Stimulus Package And Covid-19

  

  The Euro struggled to rise above the level of $ 1.18 on Tuesday as hopes for a stimulus package to help those affected by Corona in the United States dashed, dealing a blow to high-risk assets globally, as the increase in Coronavirus cases in Europe pressed the single currency. While …

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• 20 October 2020 5:38 pm

  Reuters: Russia May Support an Extension of Global Oil Cuts After 2020

  

  Two industry sources told Reuters that Russia may support keeping global oil production cuts unchanged after 2020 when it is time to ease them if global market conditions deteriorate due to slowing demand and increasing cases of coronavirus. Russian Energy Minister Alexander Novak said last week that OPEC + would …

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