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Market Analysis

August, 2020

  • 19 August 2020 1:49 pm

    Oil Declining as Demand Concerns Outweigh decline in US Inventories

    Oil prices fell on Wednesday, August 19, due to fears that fuel demand in the United States may not recover as quickly as expected in light of the faltering talks on a stimulus package for the economy, overshadowing an exceeded expectations decline in US crude stocks. With investors keeping their …

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  • 19 August 2020 1:06 pm

    Gold Down Below $ 2000

    Gold fell below $ 2000 dollars an ounce on Wednesday, August 19th, while the dollar rose as investors awaited the minutes of the latest Fed meeting. Spot of gold fell 0.4% to 1993.34 dollars an ounce by 05:05 GMT after hitting the highest level in a week at 2014.97 dollars …

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  • 19 August 2020 12:40 pm

    Crude Oil Futures Higher During Asian Session

    According to the New York Mercantile Exchange, crude oil futures for September were traded at $42.70 a barrel, up 0.44%. It was previously traded higher at $42.76 a barrel. Crude oil may find support at $41.62 and resistance at $42.99. The dollar index, which measures the performance of the greenback …

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  • 19 August 2020 11:48 am

    Japan’s Exports Fell in July For The Fifth Month in a Row

    Japan’s exports recorded a double-figure decline for the fifth consecutive month due to the repercussions of the Coronavirus, which led to a decline in car shipments to the United States. Japanese exports in July decreased by 19.2% year-on-year, and exports fell by less than expectations, which indicated a 21% decline. …

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  • 19 August 2020 11:17 am

    Gold Futures Declined During Asian Session

    According to the COMEX, gold futures were traded in December at $ 2001.50 per ounce, up 0.58%. It previously traded at a session low $ 1999.95 an ounce. Gold may find points of support at $ 1923.00 and resistance at $ 2024.60. The dollar index, which measures the performance of …

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  • 19 August 2020 10:59 am

    Trump Postpones Trade Talks With China

    US President Donald Trump said on Tuesday that he has postponed trade talks with China, adding that he does not want to talk to China at this time. Asked if he would withdraw from the trade deal with China, Trump said he would look into the matter. On Saturday, representatives …

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  • 19 August 2020 10:57 am

    PBOC Sets Yuan Reference Rate at 6.9168

    The People’s Bank of China (PBOC) has set the yuan reference rate at 6.9168 versus Monday’s fix at 6.9325.

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  • 19 August 2020 10:51 am

    UK Annualized CPI Beats Estimates

    The UK Consumer Prices Index (CPI) 12-month rate came in at +1.0% in July compared to +0.6% in June while beating expectations of a +0.6%, the UK Office for National Statistics (ONS) reported on Wednesday. Meanwhile, the core inflation gauge (excluding volatile food and energy items) came at +1.8% YoY …

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  • 19 August 2020 2:11 am

    Daily Recap: Tuesday, August 18, 2020

    It was another weak day for the U.S. Dollar due to selling pressures and a decline in the Treasury Yields, but Wall Street was soaring with tech stocks making big gains and leading the S&P 500 index to finally close at a new record level, recovering all of its losses …

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  • 19 August 2020 1:56 am

    S&P 500 Closes at New All-Time High

    The New York Stock Exchange (NYSE) closed Wednesday mixed as indices varied on their performance, with the Nasdaq and S&P closing at record highs and the Dow maintaining the downward trend. The S&P 500 index gained 0.2% and closed at 3,389.78, its highest evet closing level. Earlier in the session, …

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  • 19 August 2020 1:50 am

    Oil Prices Settle Higher and Await OPEC+ Summit

    Oil prices showed a mixed performance on Tuesday, with the market anticipating the results of the OPEC+ summit, as well as the United States crude inventories data. Brent crude futures for October delivery added 0.2% and settled at $45.56 per barrel, while the West Texas Intermediate (WTI) futures for September …

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  • 19 August 2020 1:16 am

    Trudeau Appoints His Deputy as Finance Minister

    The Canadian Prime Minister, Justin Trudeau, has appointed on Tuesday the Deputy PM, Chrystia Freeland, as Canada’s new Minister of Finance. This comes after the resignation of Bill Morneau from the post on Monday, reportedly due to disagreements with the Prime Minister. Freeland was Canada’s lead negotiator in talks for …

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  • 19 August 2020 12:30 am

    GBP Maintains Gains amid USD Weakness

    The British Pound (GBP) rose against the U.S. Dollar (USD) on Tuesday, supported by the decline of the latter, amid anticipation for the progress of trade talks between the United Kingdom (UK) and the European Union (EU). The GBP/USD is trading at 1.3242, up by 1.07% for the day, after …

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