Skip to content Skip to footer
Gold-hits-2000-as-Beirut-explosion-sends-commodities-higher

Today’s Waves – 4th August

Gold hits $2,000 as Beirut Explosion Sends Commodities Higher

A large explosion in the Lebanese capital, Beirut today sent gold over $2,000, as other commodities also rose.

The news was broken earlier today of an explosion taking place in the port district of the capital, with some additional reports of a second blast.

With no clarity on the cause of the explosion beyond it being flammable materials at the port, commodity prices rocketed. Gold finally breaking the highly coveted $2,000 level as a result.

Crude oil rose to as high as in the $41.70 region after starting the day close to $39, Natural gas also rallied to its highest level since 5th May.

Sterling Rises as UK Factory Output Grows

Today, it was the turn of the UK to digest the ISM manufacturing data, and like the U.S. and EU yesterday, the numbers show growth.

British manufacturing in the month of July grew at its fastest pace since 2017, as factories reopened after the coronavirus lockdown was eased.

The numbers came to a reading of 53.3, which is the highest level in 3 years.

After trading close to the support of 1.296, GBPUSD rallied to a day’s high of 1.306 after the figure was released.

Amazon get Approved to Buy Deliveroo

After a long-contested battle with UK regulators, Amazon has finally received approval to take a 17% stake in food delivery company Deliveroo.

Talks surrounding the deal stalled in May of 2019, as the UK’s competition authority wanted to ensure that the deal would not lead to a monopolisation of the food tech space within the UK.

Amazon shares rose on the news, ending two days of drops.

Quote of the day: In this business, if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten.”

Peter Lynch

Biggest Bull

XAUUAD: The bull of the day title once again belongs to gold, as the metal finally breaches the $2,000 level on news of a still unexplained explosion in Beirut.

XAUUAD - Tradeview
Source: Tradeview MT4

Biggest Bear

USDJPY: After hitting a high of 106.19 today, USDJPY saw weakness which resulted in the pair slipping to a low of 105.72 on Tuesday.

USDJPY - Tradeview
Source: Tradeview MT4

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com