Market News

The announcement of Senator Kamala Harris as Joe Biden's running mate delighted many financial analysts, CNBC reported on Tuesday.

UK's Office for National Statistics reported that the economy contracted by 20.4 percent during the second quarter of this year, which makes the country one of the most affected of the developed world, and confirming that the country has entered into a recession for the first time in 11 years.

The US Dollar was mixed and struggling to hold onto recent gains.

Yesterday, oil markets advanced on signs of the coronavirus crisis dwindling in the United States, after Saudi Aramco released a positive assessment regarding the situation of the market.

The US Dollar gained positive momentum during the London trading hours as FX markets focused on US plans for fiscal stimulus and the upcoming trade discussion which is likely to center on the escalating tensions between the US and China.

Last week oil markets ended the week in the negative territory mainly due to concerns for a fall in demand, now there are fears that the current economic recovery could be affected by a second wave of the coronavirus.

The US Dollar was broadly higher despite a shift in sentiment as markets await today's release of US labor data

The Bank of England's newly announced outlook was far less gloomy than previous reports, which helped the Pound Sterling hit a fresh 5-month peak against the US Dollar.

Yesterday, the oil markets continued rallying, hitting a 5-month high, after the markets learned that there was a drop in crude inventories.

The Pound Sterling inched higher against its US counterpart after the relief package for the US Coronavirus pandemic stalled in the US Congress, which sent US bond yields lower.

The Eurozone Markit PMI Composite for July was recently released, which stood at 54.9 after being at 54.8 in June, signaling an expansion, and slightly above the analysts' expectations who foresaw that the composite PMI would remain unchanged.

The Pound Sterling earlier made headway against the US Dollar, but analysts say that any further gains are being capped as concerns over the upcoming Bank of England meeting as well as another round of infections from Covid-19.

The Reserve Bank of Australia decided to leave the cash rates steady for the third consecutive time, at 0.25 percent.

The Pound Sterling steadied during the London trade on Monday as FX traders assess the UK government's proposed strategy of localized quarantines and lockdowns.

Oil prices were mixed on Sunday, on fears of oversupply as the OPEC+ coalition is set to ease its supply cuts this month.