Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2024

• 10 July 2024 8:19 pm

  Fed’s Powell: We see current policy as restrictive

  

  Jerome Powell, Chairman of the US Federal Reserve (Fed), delivers the Semi-Annual Monetary Policy Report and responds to questions before the House Financial Services Committee on the second day of his Congressional testimony. Key Quotes:“We see current Fed policy as restrictive.”“The neutral interest rate must have moved up at least …

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• 10 July 2024 7:08 pm

  China’s CPI rises for fifth consecutive month

  

  China’s consumer inflation remained tepid last month, with factory-gate prices continuing to fall, indicating a lackluster demand despite Beijing’s efforts to boost consumption.The National Bureau of Statistics reported that the consumer-price index rose for a fifth consecutive month in June, slightly up 0.2% from a year earlier. Factory-gate prices remained …

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• 10 July 2024 3:02 pm

  European Shares Rally Amidst Corporate Earnings

  

  European stocks saw a modest rise on Wednesday, driven by positive corporate earnings reports. However, gains were tempered by weakness in oil and metal prices, and investors remained cautious ahead of Federal Reserve Chair Jerome Powell’s second day of testimony, seeking further clues on interest rate policy. Market Performance and …

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• 10 July 2024 2:05 pm

  Dollar Hovers Near Three-Week Lows Amid Powell’s Cautious Tone

  

  The US dollar remained near three-week lows as Federal Reserve Chair Jerome Powell adopted a cautious stance during his testimony to Congress, highlighting the need for “greater confidence” in declining inflation before considering a rate cut. Powell acknowledged the cooling labor market, but the upcoming Consumer Price Index (CPI) report …

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• 10 July 2024 1:10 pm

  Asian Stocks Muted Amid Mixed Inflation Data and Fed Uncertainty

  

  Asian stock markets remained largely rangebound on Wednesday, as investors digested mixed inflation figures from China and Japan, while closely monitoring Federal Reserve Chair Jerome Powell’s testimony for clues on potential interest rate cuts. Key Takeaways: Mixed Inflation Data: Japanese producer price index (PPI) inflation rose slightly in June, but …

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• 10 July 2024 10:24 am

  Dollar Stabilizes Near 3-Week Low as Powell Testimony Impacts Market Sentiment

  

  The U.S. dollar remained near a three-week low on Wednesday, despite slight gains, as Federal Reserve Chair Jerome Powell’s cautious tone in his testimony to Congress tempered risk sentiment. Meanwhile, the New Zealand dollar weakened on the prospect of a rate cut. Powell’s Testimony and Market Reaction In his first …

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• 10 July 2024 4:10 am

  Market Drivers; US Session, July 9

  

  The USD Index (DXY) surged past the 105.00 and flirted with the interim 55-day SMA amidst a decent uptick in US yields. The second semi-annual testimony by Chair J. Powell to the Congress is due on July 10, along with weekly Mortgage Applications, Wholesale Inventories and speeches by the Fed’s …

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• 10 July 2024 3:06 am

  Oil ignores extended decline in API barrel counts

  

  WTI backslid to $81.00 as energy market concerns weigh heavy. API reported a second, albeit smaller drawdown in US Crude Oil supplies.the Chinese demand remains lower than expected in 2024, risk bid from Beryl evaporates. West Texas Intermediate (WTI) US Crude Oil extended a near term decline on Tuesday, falling …

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• 10 July 2024 12:42 am

  Gold consolidates ahead of US inflation data

  

  Following Powell’s Senate testimony, which suggests a cautious approach to rate cuts, gold prices jump beyond $2,360. Although DXY gains 0.14%, the rate on the US 10-year Treasury increases to 4.296%.During Tuesday’s North American session, gold prices marginally increased following remarks made by Federal Reserve Chair Jerome Powell before the …

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• 9 July 2024 11:38 pm

  RBNZ expected to keep rates unchanged

  

  The Reserve Bank of New Zealand is expected to keep rates on hold at 5.50% following its July monetary policy meeting. Market participants are expected to see a rates on-hold decision due to discouraging economic performance and inflation risks. They will look for fresh hints on the timing of the …

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• 9 July 2024 10:14 pm

  Political uncertainty boosts case for ECB’s September interest rate cut

  

  Following the relatively data-insensitive June rate cut, European Central Bank (ECB) speakers have stood firm on the message of data-dependency. Next week’s ECB meeting likely to take stock of the available data and compare it to the latest forecast.Possible rate cut in September Following the relatively data-insensitive June rate cut, …

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• 9 July 2024 9:28 pm

  Canadian Dollar Struggles Following Powell’s Speech

  

  The Canadian dollar struggled to develop momentum with little of note on the docket. Canada is largely absent from the economic calendar this week. Fed Chair Powell stuck close to the usual script, giving investors little to work with.The Canadian dollar found little reason to move in any particular direction …

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• 9 July 2024 7:57 pm

  Powell comments on job creation status in US economy

  

  Fed Chair Jerome Powell is speaking Tuesday before the Senate Banking Committee as part of his semiannual address to Congress on monetary policy.With the Fed still on hold regarding interest rates, Powell’s remarks are closely monitored for hints about what it will take to start easing. At the Fed’s June …

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