Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2020

• 7 August 2020 9:52 pm

  RBA Expects Economy to Contract by 4% in 2020

  

  The Reserve Bank of Australia (RBA) is not expecting the gross domestic product (GDP) to contract by more than 4% in 2020, before recovering by 6%. “We estimate that activity contracted severely in the June quarter of this year, but began to recover late in the quarter.” The central bank’s …

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• 7 August 2020 7:45 pm

  Canada’s Ivey PMI Rises in July

  

  The Canadian seasonally adjusted Ivey Purchasing Managers’ Index (PMI) rose in July to 68.5 from 58.2 in June, exceeding market expectations, Reuters reported. Data provides another signal for economic recovery from the impacts of the COVID-19 pandemic. This comes two months after the index registered a record low of 22.8 …

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• 7 August 2020 7:32 pm

  Canada’s Unemployment Declines Below 11%

  

  The unemployment rate in Canada fell to 10.9% in July, from 12.3%, as shown by official data on Friday. Market analysts were expecting an 11% unemployment rate, according to a recent Bloomberg survey. However, with the number of new jobs exceeding forecasts, unemployment declined more than expected.

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• 7 August 2020 7:30 pm

  Canada’s Economy Adds 418.5K Jobs

  

  The Canadian economy continued to add new jobs for the third consecutive month, after adding 418,500 jobs in July. Canada has now recovered more than half of the three million lost jobs due to the coronavirus (COVID-19) pandemic, Bloomberg reported. Hourly wages increased by 5.7% last month on an annual …

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• 7 August 2020 7:00 pm

  U.S. Wholesale Inventories Decrease by 1.4% in June

  

  Wholesale inventories in the United States declined by 1.4% in June, according to data by the U.S. Department of Commerce on Friday. Wholesale inventories were expected to decline by 2%, according to initial estimates after falling by 1.2% in May. Moreover, goods imports saw their biggest increase in more than …

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• 7 August 2020 5:25 pm

  Breaking: Dollar Surges Amid Reports US to Sanction Hong Kong Leader Carrie Lam

  

  The safe-haven dollar is rising across the board Amid Reports US to Sanction Hong Kong Leader Carrie Lam. The US administration is reportedly considering expanding its action against China, potentially sanctioning Hong Kong leader Carrie Lam. Bloomberg is reporting. Such a move would come after President Donald Trump signed an …

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• 7 August 2020 5:18 pm

  US Dollar Index Struggles to Keep 93.00 Post NFP

  

  The US dollar index, which measures the greenback’s against a group of major currencies, remains on the buying bias unchanged around 93.00 on Friday, and the index retreated from its daily gains to 93.30 and drops to test the 93.00 area as it lacked momentum after the US NFP report. …

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• 7 August 2020 5:12 pm

  Canada: Unemployment Rate Falls to 10.9% in July

  

  Net Change in Employment in Canada rose by 418,500, compared to analysts’ estimate of 400,000, in July and brought the Unemployment Rate down from 12.3% in June to 10.9% in July, Statistics Canada reported on Friday. Underlying details of the publication revealed that the Participation Rate improved from 63.8% to …

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• 7 August 2020 4:41 pm

  US Nonfarm Payrolls Up 1.8 Million in July

  

  Nonfarm Payrolls (NFP) in the US rose by 1.8 million in July, the data published by the US Bureau of Labor Statistics showed on Friday. This reading beat the market expectation of 1.6 million by a small margin and followed June’s print of 4,791,000. Further details of the publication revealed …

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• 7 August 2020 3:12 pm

  Germany’s IFO: Industrial Production to Rise in The Next Three Months

  

  laus Wohlrabe, Economist at Germany’s influential IFO institute, said on Friday, the industrial production is expected to increase in the coming three months. The German industrial sector is likely to continue to recover after the effects of the Covid-19 lockdowns. Wohlrabe noted: “The industrial sector is continuing to work its …

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• 7 August 2020 3:04 pm

  Russia Continues to Increase Fuel Oil Exports to US

  

  Data from Refinitiv Eikon and Traders showed that Russia continued to increase its fuel oil exports to the United States, rising 16% in July compared to June, to 1.078 million tons, and replacing crude oil supplies from Venezuela. Demand for Russian fuel oil is also supported by its attractive price …

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• 7 August 2020 2:04 pm

  America’s Service Sector Activity at 16 Month-high

  

  US service sector activity gained momentum in July as new purchase orders rose to a record high but hiring fell, supporting views that the labor market recovery is faltering amid an increase in new COVID-19 cases nationwide. The Institute of Supply Management said on Wednesday that its index of activity …

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• 7 August 2020 1:17 pm

  Gilead Sciences: We’ll Be Able to Make Enough Remdesivir in October

  

  Biotech company Gilead Sciences said it will be able to produce enough anti-coronavirus drug Remdesivir to meet global demand in October. In addition, Gilead said it plans to produce more than 2 million “treatment courses” for the drug by the end of the year, and expects to be able to …

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