Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2021

• 7 July 2021 10:59 am

  Gold Prices Rise, Supported by Lower US Bond Yields

  

  Gold prices consolidated on Wednesday, July 7th, near the psychologically important $1,800 an ounce level, supported by lower US Treasury yields, while investors awaited the minutes of the Federal Reserve’s June meeting for more indications on its monetary policy outlook. Spot gold rose 0.1% to $1,797.84 an ounce, after hitting …

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• 7 July 2021 3:49 am

  Yellen to Call Upon G20 for Higher Minimum Corporate Tax

  

  The U.S. Treasury Secretary, Janet Yellen, plans to discuss with her G20 peers raising the global minimum corporate tax rate above the 15% level, which was recently agreed by 130 countries. G20 Finance Ministers and Central Bank Governors are meeting at a two-day summit in Venice, Italy on July 9-10. …

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• 7 July 2021 2:05 am

  Wall Street Begins Week with Mixed Performance

  

  The New York Stock Exchange (NYSE) began the week with a mixed performance, following a long weekend at Wall Street due to the Independence Day holiday. While the Dow and the S&P indices finished lower, th Nasdaq achieved modest gains to close at a new record high. The Dow Jones …

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• 7 July 2021 12:29 am

  USD Maintains Gains Following Fluctuations

  

  The U.S. Dollar (USD) showed a fluctuating performance on Tuesday but maintained the positive trend for almost all of the American session after data showed the U.S. services sector maintained growth last month but at a relatively slower pace compared with the record level seen in May, as shown by …

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• 6 July 2021 11:49 pm

  Oil Futures Take Major Blow Due to Output Uncertainty

  

  Oil prices dropped on Tuesday, finishing with huge losses, amid uncertainty about the outlook for production policies by major crude producers. Yesterday, the Organization of the Petroleum Exporting Countries (OPEC) and its OPEC+ allies could not reach an agreement on the output policy starting August. Brent crude futures for September …

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• 6 July 2021 10:12 pm

  Gold Finishes Higher Following PMI Data

  

  Gold prices finished higher on Tuesday after PMI data showed continuous expansion in the U.S. services sector but at a slower pace in June after recording a new high in May. A drop in the U.S. Treasury bond yields also provided support for the yellow metal, as the 10-year and …

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• 6 July 2021 9:45 pm

  European Stocks Fall on Mixed Economic Data

  

  European stocks closed lower on Tuesday after the release of mixed economic data and on the regional and local levels. Eurozone retail sales increased more than expected in May, by 4.6%, according to data by Eurostat. Meanwhile, industrial orders in German unexpectedly dropped by 3.7% in May, marking its biggest …

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• 6 July 2021 9:09 pm

  IHS Markit U.S. Services PMI Slightly Below Estimates in June

  

  The seasonally adjusted final IHS Markit U.S. Services Purchasing Managers’ Index (PMI) Business Activity Index registered 64.6 in June, down from 70.4 in May, data showed on Tuesday. The reading comes slightly below the earlier flash estimate of 64.8, according to IHS Markit. The latest expansion in output was the …

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• 6 July 2021 8:39 pm

  U.S. Services PMI Slows but Maintains Growth in June

  

  Economic activity in the United States services sector expanded last month for the thirteenth consecutive month, data by the Institute for Supply Management (ISM) showed on Tuesday. The Services Sectors Purchasing Managers’ Index (PMI) declined by 3.9% points to 60.1% in June compared with its reading in May, which was at an …

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• 6 July 2021 7:46 pm

  U.S. Treasury Bond Yields Drop and Curve Further Flattens

  

  U.S. Treasury bond yields declined on Tuesday, on the first day of the week, following a long weekend celebrating Independence Day. The benchmark 10-year Treasury bond yield is down by about 7 basis points at 1.363%, near its lowest level in more than two weeks. The 30-year note yield also …

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• 6 July 2021 6:02 pm

  Saudi Arabia Raises Official Selling Prices For Oil to Asia in August

  

  Saudi Arabia decided to raise the official selling prices for the month of August for all oil crudes designated to be sold to Asia. Saudi Arabia, the world’s largest oil exporter, set the August official selling price for its Arab Light crude at $2.70 a barrel, above the Oman/Dubai average …

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• 6 July 2021 5:29 pm

  OPEC: Still no Agreement

  

  After talks that lasted for two days, the OPEC+ meetings ended without an agreement, as the group’s ministers canceled talks related to production after a dispute that erupted last week when the UAE objected to a proposed extension of production restrictions for an additional eight months, but in return it …

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• 6 July 2021 5:05 pm

  Russia: There Are no Current Plans For Contacts Between Putin And Senior OPEC+ Officials

  

  The Kremlin spokesman said that Russian President Vladimir Putin has no plans for the time being to hold contacts with top OPEC+ officials after another round of talks between major world oil producers collapsed on Monday. “The work is continuing. It is necessary to make a decision,” Dmitry Peskov told …

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