oil’s history ends, a delicate task now confronts OPEC+. The alliance of producers led by Saudi Arabia and Russia must decide whether it can continue to restore crude supplies without capsizing the price recovery they spent most of 2020 working to achieve. Moscow believes that the group — which slashed output during the pandemic —
Month: January 2021
Spot silver prices are off highs set during Asia Pacific trade and thus trade lower on the day. The technical picture looks bullish, however, though further gains are likely to wait until January. Spot silver was the best performing precious metal in 2020 after years of underperformance. Spot silver (XAG/USD) prices broke to the upside of
The AUD is the strongest As 2020 winds to a close, the USD is ending as the weakest with the AUD as the strongest. The greenback fell nearly -9.8% vs the AUD as Australia was relatively little impacted by coronavirus. The rise in commodity prices helped the AUD currency as well. The USD had bouts
Weekly US initial jobless claims data Prior was 803K (revised to 806K) Continuing claims 5219K vs 5390K expected Prior continuing claims 5337K PUA claims 308K vs 397K prior Total claims 19.564K vs 20.368K prior Full report This is for the week ending December 26, which is obviously impacted by holidays and very tough to forecast
LONDON: Members of the OPEC group of oil producers and their partners will meet via videoconference on Monday to decide on production levels for February, hoping to turn the corner on a difficult year. The OPEC+ ministerial meeting comes after oil consumption tanked in 2020 due to the Covid-19 pandemic and a price war between
EUR/USD is posting modest daily losses on Thursday. Profit-taking ahead of the New Year holiday seems to be weighing on the EUR. EUR/USD is up more than 2% for the second straight month in December. After closing the previous four trading days in the positive territory, the EUR/USD pair edged slightly lower on the last
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Nasdaq the big winner in 2020 The S&P and Dow are closing at record levels at the year end. The Nasdaq led the charge in 2020 with a gain of 43.64% That was the largest gain since 2009 S&P was up 16.26%. Since 2010 the S&P is up 240% 57% of the gain in the
2020 was a wild year in European equity trading European bourses closed out the year with a whimper, falling across the board: UK FTSE 100 -1.45% German DAX -0.3% French CAC 40 -0.9% Italy MIB -0.1% Spain IBEX -1.0% On the year, there was some wide divergence in performance,, with UK stocks posting the worst
The Bitcoin (BTC) price claimed another all-time high on Friday, this time against gold, offering further confirmation that demand for digital assets is on the rise. As Bitcoin zipped past $29,000 on Friday, the digital currency reached a high of 15.40 gold ounces, surpassing the previous peak from Dec 2017, according to MarketWatch data. Bitcoin
Gold was marginally down Rs 20 to Rs 49,678 per 10 gram in the national capital on Friday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 49,698 per 10 gram. Silver also declined Rs 404 to Rs 67,520 per kilogram from Rs 67,924 per kilogram in the previous
GBP/USD is finishing the year on the front foot amid a weaker USD. Sterling traders continue to mull the themes of UK lockdowns, vaccination and continued Brexit negotiations into 2021. GBP/USD is finishing the year on the front foot, with the pair crossing above the 1.3650 mark for the first time since May 2018 and
Up from $1517.27 at the year end 2019 The price of gold is ending the year just under the $1900 level. The current price is trading at $1897.93. That is up $3.54 or 0.19%. The high price today reached $1900.89. The low price extended to $1885.49. For the year, the price at the end of 2019 closed at $1517.27. For the year the
Everyone goes back to zero 2020 was a year of incredible opportunities in financial markets but the FX market was more of a sideshow than the main participant. I think that chances in 2021. There are going to be some of the big trends that make for big trades that last months. We’ve seen the
Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand, a Reuters poll showed on Thursday. The poll of 39 economists and analysts conducted in the second half of December forecast Brent crude prices would average $50.67 per barrel
A last-minute Brexit trade deal has been reached just before the Christmas. the outcome is largely inline with our expectations. As a no-deal Brexit is avoided, BOE should be able to keep its powder dry for the year to come. The chance of negative interest rate has also been reduced, barring unanticipated bad news related