Saudi Arabia’s exports declined by almost a quarter in October year over year due to a fall in global oil prices. Exports were down to 57.8 billion riyals or $ 15.4 billion from 76.8 billion riyals in 2019. Revenues from oil exports fell by 32.7% in the same period. Non-oil exports fell 0.3% to about 18.9 billion riyals due to slowdowns in chemicals and related industries, … [Read more...] about Oil Price Fall Drags Saudi Exports Lower in October
Forex News
GBP/USD Volatility Intensifies as COVID and Brexit Woes Mount
The GBP/USD is getting relatively volatile today as traders continue focusing on the new strain of the virus, strong UK economic numbers, and the blurry view on Brexit. The pair is trading at 1.1318, which is substantially higher than yesterday’s low of 1.3190. Strong economic data The UK economy rebounded in the third quarter as the country continued to reopen its … [Read more...] about GBP/USD Volatility Intensifies as COVID and Brexit Woes Mount
U.S. Jobless Claims Defies Expectations to Close Lower at 803,000
The number of initial claims for the week ending December 19 came at 803,000, down from the previous 892,000, according to the Department of Labor press release. The jobless claims were better than expected 888,000. The previous week’s initial jobless claims were revised up by 7,000 from 885,000 to 892,000Continuing claims fell to 5.3 million for the week ending … [Read more...] about U.S. Jobless Claims Defies Expectations to Close Lower at 803,000
High Iron Ore Prices Set to fall on Easing Chinese Demand, Derivatives to Rise
Prices of iron ore are expected to fall as Chinese steel production is projected to stall next year, reports SCMP. Nonetheless, analysts are optimistic that aggressive speculation through iron ore derivative trading could correct the outcome. The projected decline in iron ore prices is also supported by non-Australia miners such as Brazil, China's second-largest source … [Read more...] about High Iron Ore Prices Set to fall on Easing Chinese Demand, Derivatives to Rise
Consumer Confidence Falls to a Four-Month Low in December
The U.S. consumer confidence fell to a four-month low of 88.6, down from a revised reading of 92.9 in November, according to The Conference Board press release. The consumer index was below expected 97 amid surging COVID-19 cases. The overall gauge of expectations rose in December, but the measure of sentiment about current conditions worsened.The consumers claiming business … [Read more...] about Consumer Confidence Falls to a Four-Month Low in December
