August 20, 2020
Top daily news
Equity markets are in red currently after Fed policymakers’ comments in the July meeting minutes released Wednesday highlighted uncertainties over the US recovery. As Investors are awaiting when US lawmakers will restart negotiations on fresh coronavirus relief Democratic House Speaker Nancy Pelosi said that she would be willing to reconvene negotiations and consider a compromise on coronavirus relief package.
Forex news
| Currency Pair | Change |
| EUR USD | -0.06% |
| GBP USD | -0.27% |
| USD JPY | +0.05% |
The Dollar strengthening persists currently ahead of US Labor Department report expected to show 930 thousand Americans likely sought unemployment benefits over the last week. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, jumped 0.7% Wednesday. Both the GBP/USD and EUR/USD reversed their climbing yesterday despite European Central Bank report euro-zone current account surplus jumped to 20.7 billion euro in June from 11.3 in May. Euro is higher currently against the dollar while Pound is lower yet. AUD/USD reversed its climbing while USD/JPY reversed its sliding with both pairs lower currently.
Stock Market news
| Indices | Change |
| Dow Jones Index | -0.23% |
| GB 100 Index | +0.31% |
| Nikkei Index | -1.82% |
| Hang Seng Index | -0.85% |
Futures on three main US stock indexes are lower currently after a bearish session on Wednesday. Stock indexes in US ended lower after Federal Reserve staff cut their forecast for economic growth over the rest of year as revealed in minutes of central bank July meeting. Policy makers also highlighted the need for more monetary and fiscal aid. The three main US stock indexes recorded losses ranging from 0.3% to 0.6% after SP500 finished at a record on Tuesday, wiping all losses since start of coronavirus outbreak. European stock indexes are mixed currently after a bullish session Thursday. Asian indexes are solidly lower today with Hong Kong’s Hang Seng Index leading losses while Chinese commerce ministry said US and China will hold trade talks in the coming days after President Trump suggested that he would be willing to let a phase-one agreement between the US and China collapse.
Commodity Market news
| Commodities | Change |
| Brent Crude Oil | -0.36% |
| WTI Crude | -0.66% |
Brent is extending losses today. US oil prices surged Wednesday after the US Energy Information Administration report that US crude oil inventories fell by 1.6 million barrels last week. Gasoline inventories declined by 3.3 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures advanced: September WTI gained 0.1% but is lower currently. October Brent crude however closed 0.2% lower at $45.37 a barrel on Wednesday.
Gold Market News
| Metals | Change |
| Silver | +1.1% |
Gold prices are pulling back today. December gold tumbled 2.1% to $1970.30 an ounce on Wednesday.
Market Analysis provided by IFCMarkets.com
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