Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2021

• 9 June 2021 9:14 pm

  U.S. Wholesale Inventories Rise in April

  

  Wholesale inventories in the United States registered a relatively large rise in April, data showed on Wednesday. According to the most recent data by the U.S. Department of Commerce, wholesale inventories grew by 0.8%. The reading follows a 1.2% rise in March. The growth in wholesale inventories has been attributed …

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• 9 June 2021 7:53 pm

  DXY Rises Marginally to Recover from Steep Drop!

  

  The U.S. Dollar (USD) rose on Wednesday against major peers, with markets anticipating the release of last month’s inflation data. The May reading of the Consumer Price Index (CPI) is due to be released tomorrow by the U.S. Bureau of Labor Statistics. The Dollar Index (DXY), which measures the greenback’s …

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• 9 June 2021 7:33 pm

  Bitcoin Tests a High After El Salvador

  

  Bitcoin has now recovered and it has managed to reach the end of a journey of struggle, after passing the $34,000 levels and breaking the $35,000 threshold. The recent Bitcoin uprising came today, Wednesday, after the historic approval of the Parliament of El Salvador on a law making Bitcoin the …

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• 9 June 2021 7:02 pm

  EIA: US Crude Oil Stocks Decrease by 5.2 Million Barrels

  

  Crude Oil Stocks Change in the US was -5.2 million barrels in the week ending June 4, the weekly report published by the US Energy Information Administration (EIA) revealed on Wednesday. Analysts’ estimate was for a decrease of 2 million barrels.

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• 9 June 2021 6:34 pm

  Japan PM Suga: Will Aim to Meet Fiscal Targets And Raise Minimum Wage

  

  Japanese Prime Minister Yoshihide Suga said on Wednesday, his government will focus to achieve fiscal targets including the target to bring primary balance to surplus. The government will also strive to raise the nationwide average minimum wage to JPY1,000 an hour soon.

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• 9 June 2021 6:07 pm

  Bank of Canada Leaves Policy Settings Unchanged as Expected

  

  In a widely expected decision, the Bank of Canada (BoC) announced on Wednesday that it left its key rate unchanged at 0.25% following the June policy meeting. The BoC decided to maintain the target of C$3 billion in weekly net asset purchases of the government of Canada bonds as well.

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• 9 June 2021 5:28 pm

  China Begins Implementing Government Decisions to Stop Bitcoin Mining

  

  The authorities in China’s Zhangjiajie Province on Wednesday issued a notice to officials in one of the prominent bitcoin mining centers in the region to stop all their activities related to mining bitcoin and cryptocurrencies. The notification to the authorities stated that the new instructions were based on the strict …

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• 9 June 2021 4:28 pm

  El Salvador Becomes First Country to Adopt Bitcoin as Legal Tender

  

  El Salvador has become the first country to adopt bitcoin as a legal currency after lawmakers in Congress voted overwhelmingly in favor of the bitcoin law. The purpose of this law is to regulate bitcoins as a legal currency with unrestricted liberalization authority, and unlimited in any transaction. Prices can …

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• 9 June 2021 3:00 pm

  Currencies Overview: The Dollar Clings to Its Recent Gains Before Inflation And ECB Meeting

  

  The dollar clung to its recent gains on Wednesday, June 9, as traders awaited US inflation data and the European Central Bank meeting to gauge the pace of global recovery and learn what policy makers are thinking about reducing stimulus programs. The meeting is scheduled to be held, and inflation …

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• 9 June 2021 1:58 pm

  Gold Looking For Direction Before The ECB Meeting And US Data

  

  Gold moved within a narrow range during trading Wednesday, June 9, as investors awaited more data on US inflation and indicators on monetary policy from the European Central Bank, while weaker Treasury yields provided some support for the yellow metal. The benchmark 10-year US Treasury yields are hovering near the …

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• 9 June 2021 1:30 pm

  Oil Prices Rise Thanks to Signs of a Strong Recovery in Fuel Demand

  

  Oil prices rose for a second session on Wednesday, June 9, thanks to indications of strong demand for fuel in Western economies, while prospects for a return of Iranian supplies dissipated as the US Secretary of State said sanctions against Tehran were unlikely to be lifted. Brent crude futures rose …

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• 9 June 2021 12:59 pm

  Japan Shares Close Lower Ahead of US Inflation Data

  

  Japanese shares closed lower on Wednesday, June 9, on profit-taking sales of shipping and semiconductor shares, while investors awaited US inflation data that may have an impact on when the US Federal Reserve will reduce its stimulus program. Financial sector stocks and insurance companies fell after the decline in US …

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• 9 June 2021 12:07 pm

  USD/CAD Forecast: Watch BoC decision For Some Clues

  

  The USD/CAD pair got some positive momentum on Tuesday to rise above the 1.2100 level, and the positive move was supported by the modest strength of the US dollar. However, crude oil prices supported the commodity-linked Canadian dollar and acted as a buffer to any quick rally. Investors remain concerned …

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