Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2020

• 29 August 2020 1:57 am

  Oil Prices Close Lower and Limit Weekly Gains

  

  Oil prices settled lower on Friday, but recorded weekly gains mostly due to output disruptions in the Gulf of Mexico that resulted from Hurricane Laura. Brent crude futures for October delivery decreased by 4 cents, or 0.09%, and finished at $45.05 per barrel, rising by 1.6% for the week. The …

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• 28 August 2020 11:19 pm

  NZD/USD Leads Top Performing Pairs

  

  The New Zealand Dollar (NZD) expanded its gains on Friday, with most gains seen against the US Dollar (USD), following recent remarks by the US Federal Reserve that showed tolerance towards inflation going above the 2% target. This comes two week after the Reserve Bank of New Zealand (RBNZ) increased …

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• 28 August 2020 10:49 pm

  Gold Futures Finish Week in Gains

  

  Gold prices rose on Friday switching earlier weekly losses into gains. Gold futures for December delivery added $42.30, or 2.2%, and settled at $1,974.90 per ounce, rising by 1.4% for the week. Meanwhile, silver futures for December delivery increased by 59 cents, or 2.2%, to finish at $27.79 per ounce, …

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• 28 August 2020 9:53 pm

  US Merchandise Trade Deficit Hits Record High

  

  The United States merchandise trade deficit increased during July to its second-largest level on record, Bloomberg reported. As imports returned to their pre-COVID-19 levels, the deficit increased to $79.3 billion in July from a revised $71 billion in June, according to data by the Department of Commerce on Friday. Imports …

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• 28 August 2020 9:34 pm

  European Stocks Close Lower and Limit Weekly Gains

  

  European stocks closed lower on Friday, finishing a week in which it showed a mixed performance. The Stoxx Europe 600 index closed down by 0.52% and closed at 368.80, limiting its weekly gains to around 1%. The UK’s FTSE100 fell by 0.61%, while the French index CAC40 finished lower by …

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• 28 August 2020 8:57 pm

  Germany to Revise Growth Forecast

  

  The German government is revising its economic growth forecast for 2020, expecting Germany’s gross domestic product (GDP) to contract by less than 6%, compared with previous estimates of a 6.3% contract, Reuters Reported. Europe’s largest economy contracted by 9.7% in the second quarter of 2020, due to the coronavirus (COVID-19) …

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• 28 August 2020 6:49 pm

  Consumer Sentiment Improves in August

  

  The University of Michigan’s Index of Consumer Sentiment improved in August to a reading of 74.1, up from 72.5 in July. The 2.2% monthly increase is accompanied by a 17.5% yearly decline, as the index remains way below its level in August 2019 at 89.8. The Current Economic Conditions index …

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• 28 August 2020 6:31 pm

  Chicago Business Barometer Declines in August

  

  The Chicago Business Barometer declined to 51.2 in August, registering its second consecutive reading above the 50-mark, according to data by the Institute for Supply Management (ISM) – Chicago. Among the five main indicators, order backlogs was the only category to show a monthly decline, with supplier deliveries recorded the …

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• 28 August 2020 5:54 pm

  Canadian Economy Contracts by 38.7% in Q2

  

  Data published by Statistics Canada revealed on Friday that Real Gross Domestic Product (GDP) in Canada declined by 38.7% on a yearly basis in Q2. This reading followed the 8.2% contraction recorded in Q1 but came in slightly better than the market expectation of -39.6%.

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• 28 August 2020 5:50 pm

  Oil Falling as US Refiners Avoid Worst Phase of Laura

  

  Oil prices plummeted, as Storm Laura bypassed the heart of the US oil industry in Louisiana and Texas without causing wide losses to refineries. Brent crude futures for October delivery, which are due on Friday, fell seven cents to $ 44.99 a barrel before the opening of Wall Street. US …

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• 28 August 2020 5:21 pm

  The German Economy Minister Does Not Expect Isolation Measures Again

  

  German Economy Minister Peter Altmaier told SWR television that he does not expect the country’s economy to suffer from further lockdown measures even if coronavirus infections continue to rise. The minister also told television that many industries in Germany are improving again.

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• 28 August 2020 5:03 pm

  US Consumer Spending Exceeds Expectations in July

  

  US consumer spending increased more than expected in July, bolstering expectations of strong economic growth recovery in Q3, although the momentum will likely subside as the Covid-19 pandemic continues and the impact of the fiscal stimulus dissipates. The US Commerce Department said consumer spending, which accounts for more than two-thirds …

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• 28 August 2020 4:20 pm

  British Business Confidence Improving

  

  A survey showed that British business confidence has increased but remains well below its usual levels as the economy struggles to cope with social distancing and employers prepare to cut jobs. The Lloyds Bank’s corporate measure rose eight points to -14, the largest monthly rise in three years and optimism …

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