Market Overview

30 July 2020 15:07

Frederico Aragao Morais

Yesterday, investors assessed the potential terms of the next stimulus package and the easing of coronavirus infections, while digesting the results of major US companies. The Federal Reserve’s Chairman Jerome Powell also dominated the attention of the markets. In Europe, the Stoxx Europe 600 index gained 0.5%, at the end of a session in which it fluctuated between gains and losses. The German DAX index closed at the waterline, the French CAC index lost 0.2% and the British FTSE 100 index rose 0.4%.
30 July 2020 13:07

Lysakov Sergey

The narratives of the U.S. Federal Reserve’s (Fed) Chairman after a rather walkthrough-room meeting yesterday have not impressed the markets much. It was too casual by pandemic time standards and prompted assets that had been rising in price madly for several days in a row, like gold, silver or some currencies, only to repeat their previous highs this time. That was followed by a slamming wave of profit taking, which triggered some downside pullbacks. For example, just a little bit below $1954/toz in gold spot contracts for now after testing $1980/toz last night.
29 July 2020 12:49

Lysakov Sergey

September Futures for the U.S. Dollar Index (DXU0), which tracks the Greenback weighted average position against a basket of six other currencies, are already four % down since the beginning of July. Now they are located more than ten % lower than its highest values in March, at the peak of the quarantine-related safe-haven demand for the U.S. currency. After such a long trip, some currency pairs may take a kind of time-out for the nearest couple of trading sessions, ahead of the proposed announcement of the U.S.
29 July 2020 07:08

Mark Goichmann

Crude prices have stabilised over the last week of July within the range of $43.2-44 per barrel of Brent crude. Oil prices are balanced by several counteractive factors. Crude output is rising in countries that are not linked to the OPEC+ deal, namely the United States. The number of oil rigs is rising in the U.S. for the first time since March. According to the recent data published by Backer Hughes, crude output rose by 0.1 million barrels per day to 11.1 million bpd. Rising production curbs prices from a further climb. Newly emerged signs of U.S.
28 July 2020 13:16

Lysakov Sergey

The price volatility in precious metals went into overdrive this morning as gold spot contracts skyrocketed first to the short-lived stratospheric highs above $1980/toz in early Asian hours and then nuzzled into the mud of a fleeting low at $1907/toz in the European morning. Afterwards they managed to recover by $15 higher again in several minutes and touched $1935/toz before the noon. The range of jumps reached as much as 15% for silver futures, which managed to draw alternately $26.15 and $22.25, and $24 again on intraday charts.
27 July 2020 13:05

Lysakov Sergey

As central banks keep the "money printers" running. the spot gold contracts traded as high as $1,944 per troy ounce in early hours today. The yellow metal prices have already surpassed the previous historical record set in September 2011, and the upward pressure is still not easing after the European noon.  The Japanese Yen, another safe haven asset, which is suffering after huge amounts of quantitative easing (QE), as everybody realises that it is just another name for the "money printing press", has strengthened significantly over the past couple of days against the Dollar.
24 July 2020 11:39

Lysakov Sergey

Gold prices jumped brilliantly on Thursday trying to break through the $1900/toz psychological landmark. All precious metals, including platinum, silver and even palladium managed to show new highs of the year even before the downward spurt of a quick technical correction on U.S. stock indexes. Gold futures followed by the spot and CFD contracts continued to besiege the $1,900 fortress on Friday morning, probably forcing the market crowd to not collect their profits yet.
23 July 2020 15:03

Frederico Aragao Morais

Yesterday was mostly of risk aversion. The news that the United States Congress delayed the presentation of a new stimulus package on the economy ended up motivating this market sentiment. Rising tensions between the US and China have penalized Europe. The Stoxx Europe 600 index fell 0.9%, DAX fell 0.5%, CAC 40 lost 1.3% and FTSE 100 fell 1%. In the United States, markets managed to resist losses and ended up closing the day in the green. Yields on the debt market fell again yesterday. The U.S.
23 July 2020 13:58

Lysakov Sergey

Markets continue to react in a predominantly positive way to the information coming from news feeds using a clearly risk-on approach. Such a conclusion seems to be confirmed at the moment, not so much by some new summer records for the U.S. S&P500 broad market index, where the fresh upward movements are still accompanied by pullbacks almost every day, but more by the fact that safe-haven potential of the U.S. Dollar is seemingly being ignored. For example, Pfizer and BioNTech yesterday announced a new agreement with the U.S. Government that already placed an initial $1.
22 July 2020 15:02

Frederico Aragao Morais

Yesterday the markets had a greater appetite for risk. European Union leaders have agreed on a recovery plan. Good prospects for an Oxford vaccine are also enlivening the markets. The Stoxx Europe 600 index rose 0.3%, after European officials reached a historic agreement on the terms of the recovery plan. In the United States, the Dow Jones appreciated 0.60% while the S&P500 grew 0.17% and the Nasdaq fall 0.81%. Yields for Treasurys and European bonds showed a moderate reaction on Tuesday to the deal on the European Union recovery fund.
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