Market News

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.

Shares of Apple stock (AAPL) closed up 4.6 percent on Thursday after the company announced a 4 to 1 stock split at the end of August which will allow investors to purchase shares of the tech giant for near $100 per share.

The U.S. dollar hit a two-year low on Wednesday, following the Federal Reserve's announcement that it will leave interest rates stable near zero.

Oil prices ended the session in the positive territory yesterday after the Energy Information Administration reported the biggest American crude oil supply decline since the year began.

U.S. Federal Reserve Concerned Over Coronavirus Impact; Markets Move Little; Stocks Mixed; U.S. Dollar Slightly Stronger

Gold prices have been rising steadily in recent weeks, with the price of the precious metal sitting at $1,950.60 per ounce as of 6:59 a.m. EST, a 0.309 percent gain on the day.

Yesterday, the oil markets dropped on fears for a fall in demand and even after the publication of the United States supply data.

Gold and Silver retreat from highs; Japanese Yen & U.S. Treasuries Strong; Stocks Down

The US Dollar recovered from a recently struck 2-year trough ahead of an upcoming policy meeting of the US Federal Reserve.

Yesterday, the oil markets recovered, boosted by the Republican coronavirus plan release and despite the advance of the pandemic.