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    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

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    NERC has no authority over state tariff – Enugu Electricity Regulator

    US Court clears Donald Trump to run for President

    Breaking: US and EU agree trade deal

    Federal Government commissions three “ultra-modern” oncology centers

    Federal Government commissions three “ultra-modern” oncology centers

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    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
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    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

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    Shoprite to sell stores in Ghana and Malawi

    Shoprite to sell stores in Ghana and Malawi

    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

    President Tinubu assents to Nigerian Insurance Industry reform bill 2025

    ADES signs agreement to acquire Shelf Drilling Ltd

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    Ecobank Nigeria Limited to launch $300 million senior notes

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    Nigeria’s C&I Leasing Plc to invest in Leasafric Logistics Ghana

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    Stanbic IBTC Holdings Plc announces N1.50 interim dividend for half-year 2023

    Consolidated Hallmark Holdings Plc declares 10 kobo interim dividend for H1 2025

    Beta Glass Plc reports 334% year-on-year growth in profit

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    Caverton Shareholders approve 10 kobo per share dividend and others at AGM

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    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

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    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

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Home Opinion & Analysis Columnists

CFDs Review August 7, 2020 to August 11, 2020: Forex, Indices and Commodities

Sunday, 13 September 2020, 11:44 pm
in Columnists, Opinion & Analysis
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CFDs Review June 29, 2020 to July 3, 2020: Forex, Indices and Commodities
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On Monday, It was a slow start to the week, with volumes at minimums due to a holiday in the US. The greenback remained generally strong, although most major pairs remained confined to tight intraday ranges.

The EUR/USD pair continued to hold above the 1.1800 level, stuck around 1.1820. GBPUSD was weak against the dollar due to Brexit concerns.

Due to US markets being closed, commodities were also confined to tight intraday ranges. Gold held around $1,930 a troy ounce, while WTI trades around $39.00 a barrel.

  • Read also; Big tech selloff drags Nasdaq to worst week in months
  • Nigerian Equities Market weekly review: Benchmark index lose 0.05% with N7.143 billion off Market Cap.

On Tuesday, the US dollar remained strong against major rivals except safe-havens as risk appetite soured. GBPUSD took a nosedive as Jonathan Jones, head of UK’s legal department quit on the back of bottlenecks relating to Brexit and other international matters.

Gold collapsed on dollar’s demand, bottoming at $1,906 a troy ounce. The metal, however, recovered sharply from the level to finish around 1,930.  Crude oil prices, in the meantime, fell to fresh 3-month lows with WTI settling at $37 a barrel.

The Dow Jones Industrial Average lost 632.42 points, or 2.25%, to 27,500.89, the S&P 500 dropped 95.12 points, or 2.78%, to 3,331.84 and the Nasdaq Composite fell 465.44 points, or 4.11%, to 10,847.69.

On Wednesday, Bloomberg reported that some ECB policymakers had become more confident in their forecasts for the region’s economic recovery, potentially reducing the need for more monetary stimulus this year, according to people familiar with the matter. EUR/USD jumped to 1.1820 from a fresh multi-week low of 1.1752, dwarfing the US dollar in strength.

Gold benefited the most from the intraday dollar’s weakness, surging to $1,950 a troy ounce, staying around the level at the end of the day. Crude oil prices were also able to recover some ground, but gains were modest. WTI settled at $38 a barrel.

Dow Jones Industrial Average rose 439.78 points or 1.6%. S&P 500 gained 67.22 points, or 2.02%. Nasdaq composite added 293.87 points, or 2.71%.

On Thursday, a London session opening with optimism due to new ECP monetary policies soon turned sour with GBPUSD collapsing below 1.2800 as the UK attempted to adopt the Internal Markets Bill, which could override parts of the Brexit withdrawal agreements with the EU. The EU responded with a threat of legal remedies should the UK fail to amend the bill.

Gold prices soared with the ECB but trimmed intraday gains with renewed dollar’s strength during the last trading session of the day. The bright metal closed the day with modest losses around $1,944 a troy ounce. WTI, in the meantime, was weighed down by equities, ending the day around $37.00 a barrel.

The Dow Jones Industrial Average fell by 405.89 points, or 1.5%, to 27,534.58, and the S&P 500 fell by 959.77 points, or 1.8% to 3,339.19. The Nasdaq Composite also slid into negative territory, down 221.97.7% to 10,919.59.

The greenback remained weak on Friday but moved off its daily lows following the release of U.S August inflation figures, which were upbeat. Core CPI in the country ticked higher to 1.7% from 1.6%.

GBPUSD remained unchanged for the day, finishing the week at lows last seen in July. AUDUSD, EURUSD and EURJPY finished the week largely unchanged.

Commodities closed the week with modest losses. Gold settled at $1,940 a troy ounce, while WTI finished at $37 a barrel.

Written by;

Nnadi Victor

An Independent Economics Researcher

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