Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2020

• 9 October 2020 12:04 pm

  The British Economy Grew by 2.1% in August, But Below Expectations

  

  The UK economy grew by 2.1% in August M-o-M, as the country’s gradual recovery from the coronavirus crisis continued, albeit at a slightly slower pace. Estimated growth in UK gross domestic product for the month of August was below expectations, with economists in a Reuters poll forecasting 4.6% monthly growth. …

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• 9 October 2020 1:00 am

  Inflation in Mexico Declines in September

  

  Inflation in Mexico recorded 4.01% on an annual basis in September, amid a decline in food and energy price rises, official data showed on Thursday. Core consumer price index (CPI) rose by 3.99% last month, and by 0.32% on a monthly basis. The Mexican Ministry of Finance predicts inflation will …

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• 9 October 2020 12:00 am

  Merkel Proposes Return to Balanced Budget in 2022

  

  Germany needs to return to a balanced budget starting from 2022, Chancellor Angela Merkel said on Thursday, Reuters reported. This comes after the German government registered a record level of borrowing due to the COVID-19 pandemic, at around EUR 218 billion. The government also plans more than EUR 96 billion …

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• 8 October 2020 11:12 pm

  Gold Recovers from One-Week Low

  

  Gold prices increased on Thursday recovering from its lowest level in a week, supported by hopes for piecemeal stimulus for the US economy. Gold futures for December delivery added $4.30, or 0.2%, and settled at $1,895.10 per ounce. Meanwhile, silver futures for December delivery declined by 2 cents, or 0.08%, …

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• 8 October 2020 11:04 pm

  USD Struggling for Direction

  

  The US Dollar (USD) is fluctuating during Thursday’s trading session, showing a mixed performance against major currencies. The Dollar Index (DXY), which measures the USD performance against a basket of six international currencies, is marginally down by 0.03% at 93.60. Yesterday, the index closed at 93.63, but today it has …

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• 8 October 2020 11:01 pm

  Inflation in Brazil Could Prompt Rate Hike

  

  A rate hike in Brazil would result from inflation, not extra spending by the government, President of the Central Bank of Brazil, Roberto Campos Neto, explained. “It was interpreted in some way as if the central bank was saying it was going to raise interest rates, and it wasn’t that,” …

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• 8 October 2020 10:30 pm

  Fed’s Evans Sees Easing Beyond 2023

  

  The United States Federal Reserve is set to maintain monetary easing after 2023 to realize the inflation target, even when it begins raising rates, President of the Federal Reserve Bank of Chicago, Charles Evans, said. “We are not going to follow a strict numerical formula to determine the time of …

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• 8 October 2020 9:00 pm

  Fed’s Williams Demands Clarity in Inflation Target

  

  President of the Federal Reserve Bank of New York, John Williams, has urged the US Federal Reserve to make it is target for inflation more clear, instead of stating that it would keep interest rates near 0% until inflation moderately exceeds 2%. “Moderate isn’t a number, it’s a guard rail” …

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• 8 October 2020 8:19 pm

  Oil Prices Resume Gains on Output Disruptions

  

  Oil prices returned to gains due to a number of support factors, led by the output disruptions in North America and Europe. Brent crude futures are up by 2.02%, trading at $42.84 a barrel, while the US West Texas Intermediate (WTI) futures are up by 2% at $40.75 a barrel. …

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• 8 October 2020 8:02 pm

  CAD Rises to Highest Level in Two Weeks

  

  The Canadian Dollar (CAD) rose to its highest level against the US Dollar (USD) in more than two weeks, supported by a surge in oil prices. Recent remarks by the Bank of Canada (BoC) Governor Tiff Macklem suggested that negative interest rates remain an option. The CAD is up by …

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• 8 October 2020 7:55 pm

  ECB Concerned About Economic Recovery

  

  The European Central Bank is more concerned about the impact of the COVID-19 crisis on the economy than previously expected, as shown by its September policy meeting minutes released on Thursday, Reuters reported. This indicates possibly more stimulus later this year. “The case was made for keeping a ‘free hand’ …

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• 8 October 2020 7:04 pm

  Fed’s George: Framework is Not Promise to Raise Inflation

  

  President of the Federal Reserve Bank of Kansas City, Esther George, said on Thursday that the Fed’s new framework, which aims for inflation above 2%, shows tolerance for higher inflation, but not a commitment to increase it. “I interpret the revised consensus statement as a tolerance, and less as a …

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• 8 October 2020 6:10 pm

  Square Buys $50 Million in Bitcoin

  

  Square said Thursday it bought 4,709 bitcoins, worth approximately $50 million which represents about 1% of Square’s total assets as of the end Q2 of 2020. “Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system, which …

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