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Market Analysis

August, 2020

  • 5 August 2020 12:25 pm

    USD/CAD Slides to Over 5-Month Lows

    The USD / CAD weakened further and fell below 1.3300 to the lowest level since February 26 during the European session today. The pair saw some subsequent sell-off during the first half of trading on Wednesday and broke below the monthly support levels in June near the 1.3315 area, and …

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  • 5 August 2020 12:07 pm

    European Shares Higher on Strong Earnings Reports

    European stocks rose on Wednesday, influenced by positive earnings reports and massive amounts of stimulus across the financial system, all of which overshadowed concerns over the increasing numbers of Corona cases in Europe and the United States. The pan-European STOXX 600 index (STOXX) rose 0.7%, with the oil & gas …

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  • 5 August 2020 11:20 am

    Crude Oil Futures Rose During Asian Session

    Crude oil futures rose during the Asian session on Wednesday. According to the New York Mercantile Exchange, crude oil futures were traded for September at $41.69 a barrel, up 0.02%. It was previously traded at a session high of $41.73 a barrel. Crude oil may find support at $38.72 and …

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  • 5 August 2020 10:43 am

    Gold Futures Fell During Asian Session

    According to the COMEX, gold futures were traded for October at $2017.60 an ounce down 0.45%. It was previously traded at $2015.50 an ounce, lower session. Gold may find support at $1941.70 and resistance at $2036.00. The dollar index contracts, which measure the performance of the greenback versus a basket …

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  • 5 August 2020 10:22 am

    FX option expiries for Aug 5 NY cut

    FX option expiries for Aug 4 NY cut at 10:00 Eastern Time, via DTCC, can be found below. – EUR/USD: EUR amounts 1.1650 1.8bn1.1725 769m1.1750 827m – USD/JPY: USD amounts          105.75 401m106.00 521m106.07 444m – USD/CAD: USD amounts         1.3330 1.4bn1.3450 738m

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  • 5 August 2020 1:59 am

    Daily Recap: Tuesday, August 4, 2020

    Gold continued its historic rise, amidst increased demand for safe havens, despite the US Dollar recovering on the back of positive economic data. This data also helped crude oil prices resume gains, while stock markets showed a mixed performance around the globe. Here is a look at today’s top stories. …

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  • 5 August 2020 1:09 am

    Wall Street Closes in Green

    Wall Street closed Tuesday higher with a positive investor sentiment resulting from a number of financial results and talks about a new stimulus package that is currently being discussed in Washington. The Dow Jones Industrial Average gained 164 points or 0.62% and closed at 26,828.47 points. Meanwhile, S&P 500 and …

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  • 5 August 2020 1:03 am

    Oil Finished at Highest Level in Five Months

    Oil prices rose on Tuesday to its highest level in about five months, supported by positive economic data that signals the global recovery from the economic impacts of the COVID-19 crisis. The global benchmark Brent crude futures rose by 28 cents or 0.6% and settled at $44.43 per barrel, its …

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  • 4 August 2020 10:56 pm

    Gold Futures Close above $2,020 per Ounce

    Gold prices surged on Tuesday, closing at a new record level due to increased demand on safe havens and a decline in US Treasury bond yields. Despite the US Dollar (USD) showing recovery signs on the back of positive economic data, the precious metal was over to continue its upward …

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  • 4 August 2020 10:47 pm

    IMF: Current Account Imbalances to Decline in 2020

    The global current account imbalances have narrowed in 2019 as international trade slowed, and the COVID-19 could further narrow it in 2020, the International Monetary Fund (IMF) said in a report on Tuesday, Reuters reported. However, commodity exporters and countries that depend on tourism are expected to register current account …

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  • 4 August 2020 10:25 pm

    AUD Rises Following RBA Statement

    The Australian Dollar (AUD) is rising across the board against major currencies, supported by the recent decision and policy statement by the Reserve Bank of Australian (RBA). As expected, the RBA maintained its main rate at 0.25%, a historically low rate, which aims to curb the effects of the COVID-19 …

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  • 4 August 2020 9:08 pm

    European Stocks Close Lower

    European stocks settled lower on Tuesday, as the STOXX Europe 600 index declined by 0.17% to 363.03. DAX declined by 0.36% and IBEX35 dropped by 0.67%, as the shares of Bayer fell by 2.4%. Meanwhile, FTSE100 closed higher by 0.05%, as BP gained 6.5% after disclosing its financial results for …

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  • 4 August 2020 8:39 pm

    BoE Expected to Cut Main Rate to 0% with Negative Rates Possible

    The Bank of England (BoE) is expected to reduce its key interest rate to 0% in November, as per a recent research report by the Bank of America, Bloomberg reported. The BoE plans a GBP 100 billion ($131 billion) extension to its asset purchase program until mid-2021. In addition, the …

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