Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2021

• 15 July 2021 4:32 pm

  US: Weekly Initial Jobless Claims Drop to 360K

  

  There were 360,000 initial claims for unemployment benefits in the US during the week ending July 10, the data published by the US Department of Labor (DOL) revealed on Thursday. This reading followed the previous print of 386,000 (revised from 373,000) and came in line with the market expectation.

  Read More »
• 15 July 2021 4:13 pm

  OPEC Monthly Report: World Oil Demand to Rise by 3.28M BPD in 2022

  

  In its latest monthly report, OPEC said that it expects the world oil demand to rise by 3.28 million barrels per day to 99.6 million barrels per day in 2022, per Reuters. “World oil demand in 2022 to reach comparable pre-pandemic levels.”“OPEC sticks to forecast 2021 world oil demand will …

  Read More »
• 15 July 2021 3:29 pm

  Gold Hits One-Month High After Fed Chief Calms Taper Fears

  

  Gold prices extended gains to hit a month high on Thursday, July 15th, after US Federal Reserve Chairman Jerome Powell calmed concerns about an early easing of monetary support, sending the dollar and US Treasury yields down. Spot gold was up 0.3% at $1,831.70 an ounce, after hitting its highest …

  Read More »
• 15 July 2021 2:27 pm

  Goldman Sachs: Saudi-UAE Deal to be a Bullish Catalyst For Oil

  

  Goldman Sachs expected that an agreement between Saudi Arabia and the UAE regarding oil supplies would be a catalyst for a rise in prices in the coming months, as the American investment bank kept its Brent price forecast in the summer at $80 a barrel. An OPEC + source told …

  Read More »
• 15 July 2021 1:37 pm

  The Euro Recovers From The Low of 3 And a Half Months After Fed

  

  The euro moved away from its lowest level in more than three and a half months against the dollar on Thursday, July 15th after cautious comments from the US Federal Reserve chief, which limited the recent rise in Treasury yields. US Federal Reserve Chairman Jerome Powell said in testimony before …

  Read More »
• 15 July 2021 1:10 pm

  US Yields Maintain Negative Levels

  

  The yield on the benchmark 10-year Treasury remained around 1.3% in mid-July, still at the weakest level since February, down from 1.45% hit earlier during the month as investors digest the Fed’s cautious comments. Fed Chair Powell said further significant progress toward full employment and price stability remains elusive. He …

  Read More »
• 15 July 2021 3:37 am

  Dollar Declines Following Powell’s Comments

  

  A dovish tone by the Federal Reserve Chairman Jerome Powell, in his testimony before Congress, pushed the U.S. Dollar (USD) lower on Wednesday. Powell acknowledged progress in an economic recovery but said the economy remains far from achieving the substantial further progress needed to begin tapering asset purchases and then …

  Read More »
• 15 July 2021 2:18 am

  Wall Street Closes Mostly Higher After Powell’s Testimony

  

  The main indices of the New York Stock Exchange (NYSE) finished mostly higher on Wednesday, with Wall Street investors digesting the Federal Reserve Chairman Jerome Powell’s testimony before lawmakers, in which he vowed patience and no rush in raising interest rates in response to the rising inflation. Powell expects inflationary …

  Read More »
• 15 July 2021 1:36 am

  Oil Finishes Lower on Mixed News About OPEC+ Deal

  

  Oil prices closed lower on Wednesday after news reports pointed to expectations of an agreement between major producers about output policy in the coming months. Sources reportedly told Bloomberg that the OPEC+ alliance is planning another meeting soon to close the deal, while other media reports said that an agreement …

  Read More »
• 15 July 2021 12:59 am

  Fed’s Powell Tells Congress Inflation Will Soon Moderate

  

  The United States Federal Reserve Chairman Jerome Powell assured lawmakers on Wednesday that the sharp rise in inflation this year will soon ease. In his testimony before the House of Representatives Financial Services Committee, Powell said that despite the rise in consumer prices, which he expects to remain elevated in …

  Read More »
• 14 July 2021 11:30 pm

  Gold Finishes at Month-High

  

  Gold prices rose on Wednesday to finish at their best level in about a month, supported the decline of the U.S. Dollar (USD) and Treasury bond yields after the Federal Reserve Chairman Jerome Powell assured Congress that the high inflation will eventually ease. This means that the Fed will be …

  Read More »
• 14 July 2021 9:54 pm

  European Stocks Log First Loss in Four Sessions

  

  Stocks in Europe closed lower on Wednesday, with investors reacting to the recent surges in inflation rates in both the U.S. and the U.K, with June’s readings of the consumer prices index (CPI) in both countries exceeding market expectations. STOXX Europe 600 lost 0.40 points, or 0.09%, to close to …

  Read More »
• 14 July 2021 7:55 pm

  U.S. Oil Inventories Down for Eighth Week in Row

  

  The U.S. Energy Information Administration (EIA) on Wednesday reported another decline in crude oil inventories for the eighth consecutive week. Crude oil inventories decreased by 7.9 million barrels for the week ended July 9. The eighth consecutive weekly fall in oil supplies, despite being expected, has exceeded most market expectations. …

  Read More »