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Market Analysis

August, 2020

  • 5 August 2020 7:46 pm

    US Oil Inventories Down 7.4 M Barrels in Week

    Crude oil inventories in the United Stated declined for the second consecutive week, according to data by the US Energy Information Administration (EIA). Oil stockpiles decreased by 7.4 million barrels last week, exceeding market estimates, to a total of 518.6 million barrels. Yesterday, data by the American Petroleum Institute (API) …

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  • 5 August 2020 7:26 pm

    US Sectors Show Mixed Performance in July

    Purchasing managers’ indices (PMIs) in the United States showed a mostly positive performance during the month of July, according to data by IHS Markit. Four out of seven sectors expanded in activity in July, while the others showed slower rates of decline compared with June, reflecting the uneven impact of …

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  • 5 August 2020 5:38 pm

    Canada: Trade Deficit Expands to $3.19 Billion in June

    The monthly data published by Statistics Canada on Wednesday showed that Canada’s trade deficit expanded from $1.33 billion in May to $3.19 billion in June, This reading came in better than the market expectation for a deficit of 0.9 billion.

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  • 5 August 2020 5:30 pm

    US Trade Deficit Narrows to $50.7 Billion

    The United States’ international trade deficit declined by $4.1 billion to $50.7 billion in June, the data published jointly by the US Census Bureau and the US Bureau of Economic Analysis showed on Wednesday. This reading followed a deficit of $54.8 billion in May and came in slightly worse than …

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  • 5 August 2020 5:00 pm

    US Private Sector Adds 167,000 Jobs in July

    Employment in the US’ private sector rose by 167,000 in July, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading came in much worse than the market expectation for an increase of 1.5 million.  Data for June was revised up to show …

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  • 5 August 2020 4:39 pm

    Oil Prices at Highest Level in 5 Months

    Oil prices rose on Wednesday to highest levels since early March after data showed a significant decline in US crude oil stockpiles, but fears of the second wave of Covid-19 capped the gains Brent crude rose 1.03 dollars, or 2.3%, to 45.46 dollars a barrel. WTI also rose $ 1.03, …

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  • 5 August 2020 3:24 pm

    EUR/GBP Clings to Modest Gains Near Weekly Tops

    EUR / GBP rallied in the European session and was seen hovering near weekly highs just below the mid of 0.9000. The pair reversed the decline to the 0.9010 area and turned to the positive side for the second consecutive session on Wednesday. The rise was due to the weakening …

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  • 5 August 2020 2:33 pm

    Eurozone Retail Sales Jump 1.3% YoY in June

    Eurozone’s Retail Sales arrived at +5.7% MoM in June Vs +5.9% expected and +17.8% last, the latest data from the Eurostat showed on Wednesday. On an annualized basis, the bloc’s Retail Sales came in at +1.3% in June Vs-5.1% seen in May and -0.5% expected. The Retail Sales released by …

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  • 5 August 2020 1:29 pm

    Business Activity in Eurozone is Witnessing a Modest Recovery

    A survey showed that Eurozone business activity recorded a modest recovery in July as some restrictions imposed to prevent the spread of the Covid 19 were lifted. Friday’s data showed the economy shrinking in the bloc by 12.1% in Q4, while a Reuters poll expected growth of 8.1% in July …

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  • 5 August 2020 1:04 pm

    UK Businesses Grow at Fastest Pace in Five Years

    A survey showed that British companies in the services and manufacturing sectors grew at the fastest pace in more than 5 years last month, with the start to recover from the effects of Covid-19 on the economy. The IHS Markit / CIPS final composite Purchasing Managers’ Index (PMI) rose to …

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  • 5 August 2020 12:25 pm

    USD/CAD Slides to Over 5-Month Lows

    The USD / CAD weakened further and fell below 1.3300 to the lowest level since February 26 during the European session today. The pair saw some subsequent sell-off during the first half of trading on Wednesday and broke below the monthly support levels in June near the 1.3315 area, and …

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  • 5 August 2020 12:07 pm

    European Shares Higher on Strong Earnings Reports

    European stocks rose on Wednesday, influenced by positive earnings reports and massive amounts of stimulus across the financial system, all of which overshadowed concerns over the increasing numbers of Corona cases in Europe and the United States. The pan-European STOXX 600 index (STOXX) rose 0.7%, with the oil & gas …

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  • 5 August 2020 11:20 am

    Crude Oil Futures Rose During Asian Session

    Crude oil futures rose during the Asian session on Wednesday. According to the New York Mercantile Exchange, crude oil futures were traded for September at $41.69 a barrel, up 0.02%. It was previously traded at a session high of $41.73 a barrel. Crude oil may find support at $38.72 and …

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