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Market Analysis

August, 2020

  • 25 August 2020 1:05 am

    Wall Street Stocks Break New Records

    The New York Stock Exchange (NYSE) finished Monday in green, with market indices closing Monday on big gains, supported by positive news about COVID-19 treatments and vaccines. The Dow Jones Industrial Average closed higher by 1.4% at 28,308. S&P 500 gained 1% and reached its 16th record closing level in …

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  • 25 August 2020 1:01 am

    Oil Prices Close Higher on Output Halts

    Crude oil prices settled higher on Monday, after weather conditions in the Gulf of Mexico limited output volumes of oil and natural gas. Brent crude futures for October delivery rose by 78 cents and finished at $45.13 per barrel. Meanwhile, the West Texas Intermediate (WTI) futures closed higher by 28 …

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  • 25 August 2020 12:07 am

    DXY to Finish on Marginal Gains

    The Dollar Index (DXY) that measures that performance of the US Dollar (USD) against a basket of six major currencies. The DXY is up by 0.08% for the day at 93.33, after closing last week at 93.25. The index’s daily range has been between 92.84 and 93.34. In the absence …

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  • 24 August 2020 11:53 pm

    Gold Drops to Lowest Level in Month

    Gold prices dropped on Monday to their lowest level in about a month, with a decreased demand for safe havens and a rise in risk appetite amid positive news on COVID-19 vaccine and treatment. The yellow metal futures for December delivery fell by $7.80, or 0.4%, and finished at $1,939.20 …

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  • 24 August 2020 9:58 pm

    EUR/GBP Rising Above 0.90

    The Euro (EUR) is trading higher against the British Pound (GBP) on Monday. The EUR/GBP is up by 0.23% for the day, trading at 0.90311. Recent market forecasts expect the pair to maintain the 0.90 range until a trade deal between the United Kingdom (UK) and the European Union (EU) …

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  • 24 August 2020 9:49 pm

    European Stocks Closes on Large Gains

    European stocks closed higher on Monday, opening the week with its best performance in nearly two weeks. The STOXX Europe 600 index finished higher by 1.6%, with the majority of the market sectors closing on gains, due to improved investors’ sentiment with positive news about COVID-19 vaccine and cures. The …

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  • 24 August 2020 8:31 pm

    WTO Supports Canadian Complaint Against US Tariffs

    The World Trade Organization (WTO) is supporting Canada in its complaint against the United States’ recent decision to impose tariffs on Canadian softwood lumber exports, Reuters reported. A WTO panel decided that the US breached international trade rules. On the other hand, the move aimed at countering unfair subsidies by …

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  • 24 August 2020 7:57 pm

    USD/CAD Recovers Earlier Losses

    The Canadian Dollar (CAD) has been appreciating against the US Dollar (USD) for the past six weeks, however, the USD/CAD is recovering some of its earlier losses. After dropping earlier today to its lowest level since January, the pair is currently trading at 1.3224, up by 0.36% for the day. …

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  • 24 August 2020 7:06 pm

    Chicago Fed National Activity Index Declines in July

    The Chicago Fed National Activity Index (CFNAI) declined to 1.18 in July from 5.33 in June, suggesting slower but still well-above-average growth last month. The fall of the index was due to some moderation in the growth of production- and employment-related indicators, according to data by the Federal Reserve Bank …

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  • 24 August 2020 5:55 pm

    S&P and Nasdaq to Fresh Highs

    The benchmarks S&P 500 and the Nasdaq opened at record highs on Monday after the US drug regulator approved the use of blood plasma to treat Covid-19 patients and thanks to a report that the Trump administration may speed up the process of adopting a potential vaccine. S&P rose 20.93 …

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  • 24 August 2020 5:36 pm

    Euro Rises on Renewed Purchases of Riskier Currencies

    The single European currency has witnessed positive movements during Monday’s trading, settling above the lowest level in a week against the US dollar recorded earlier, after the US dollar’s ​​rise slowed, in conjunction with renewed purchases of high-risk currencies. The euro is currently higher against the dollar by more than …

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  • 24 August 2020 5:03 pm

    Sterling Bouncing Above 1.3100

    The British pound bounced back to trade above 1.3100 after failing to maintain stability above this level, with pressure on the US dollar and a return to activity in riskier currencies. The pound sterling is currently trading at 1.3128 levels, up about 0.3%, after it was trading below the 1.3100 …

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  • 24 August 2020 3:24 pm

    China Supports Companies Using Legal Means to Protect Rights and Interests

    China said it supports companies resorting to legal means to protect their rights and interests after ByteDance said it would file a lawsuit against the administration of US President Donald Trump. Chinese Foreign Ministry spokesman Zhao Lijian told reporters in a daily briefing that the actions of US politicians involved …

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