Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2021

• 2 June 2021 3:55 am

  Oil Futures Score Gains Following OPEC+ Summit

  

  Oil futures registered gains on Tuesday, with markets positively reacting to the Organization of the Petroleum Exporting Countries’ (OPEC) and its OPEC+ allies deciding to commit to the current easing cycle of output cuts that was agreed in response to the Coronavirus crisis. Brent crude futures for August delivery gained …

  Read More »
• 2 June 2021 3:33 am

  U.S. Labor Market Showing Conflicting Signs – San Francisco Fed

  

  The labor market in the United States might be showing some positive signs as the economy recovers from the coronavirus pandemic, but it remains to be challenged by some problems some of which might be unnoticed. A paper by the Federal Reserve Bank of San Francisco showed on Tuesday that …

  Read More »
• 2 June 2021 2:27 am

  Gold Futures Close Marginally Lower

  

  Gold prices registered small losses on Tuesday, maintaining the $1,900 level, as the U.S. Dollar (USD) declined across the board. The yellow metal futures for August delivery closed lower by 30 cents, or 0.02%, at $1,905 per ounce. A rise in U.S. Treasury bond yields impacted gold’s trading today, following …

  Read More »
• 1 June 2021 11:00 pm

  Brainard Expects More Progress in Achieving Fed’s Targets

  

  The United States Federal Reserve Governor, Lael Brainard, said on Tuesday that there is progress towards achieving the central bank’s maximum employment and 2% inflation targets. However, Brainard pointed to the challenge of not tightening monetary policy sooner than needed. “We are seeing welcome progress, and I expect to see …

  Read More »
• 1 June 2021 9:24 pm

  BoE Governor Warns Against Disorderly Shift to Green Energy

  

  The case for financial institutions dedicating more capital to climate risks is yet to be clearly established, the Bank of England (BoE) Governor, Andrew Bailey, said on Tuesday. Baily warned that disorderly moving away from fossil fuels could disrupt markets and lead to a surge in inflation. “A disorderly transition, …

  Read More »
• 1 June 2021 8:18 pm

  Dallas Fed Manufacturing Activity Index Slows in May

  

  Factory activity in Texas expanded at a slower pace last month, according to the latest data by the Federal Reserve Bank of Dallas. The Texas Manufacturing Outlook Survey results showed on Tuesday that the production index decreased by 18 points to 15.7 in May. The new orders index registered a …

  Read More »
• 1 June 2021 7:31 pm

  ISM Manufacturing PMI Maintains Growth in May

  

  The U.S. manufacturing sector saw an improving level of business activity last month, according to data released on Tuesday. May witnessed an extension to an expansion streak for the sector to the 12th consecutive month, with the overall economy growing, according to the Manufacturing ISM Report on Business by the Institute for Supply …

  Read More »
• 1 June 2021 5:48 pm

  Canada: Real GDP Grows by 1.1% in March

  

  Canada’s Real Gross Domestic Product (GDP) expanded at a monthly rate of 1.1% in March, the data published by Statistics Canada showed on Tuesday. This reading came in slightly higher than the market expectation of 1% and followed February’s growth of 0.4%.

  Read More »
• 1 June 2021 5:09 pm

  OPEC+ JMMC Recommends Sticking to Agreed Oil Output Policy Through July – Reuters

  

  OPEC+ Joint Ministerial Monitoring Committee (JMMC) has recommended producers to stick to the agreed oil output policy through July, Reuters reported on Tuesday, citing two sources familiar with the matter.

  Read More »
• 1 June 2021 4:30 pm

  Brent Has Peaked Since March in Anticipation of Demand Growth

  

  Oil prices rose on Tuesday, June 1, to record Brent $71 and its highest level since March, thanks to expectations of growth in fuel demand in the summer travel season in the United States. Prices were also boosted by Chinese data showing factory activity grew at its fastest pace this …

  Read More »
• 1 June 2021 3:45 pm

  Eurozone Inflation Exceeds Central Bank Target in May

  

  Eurozone inflation rose above the European Central Bank’s target in May, highlighting a challenge for policymakers who may accept higher prices for now but may face a backlash from angry consumers. Inflation in the 19 countries that deal in the euro accelerated to 2% in May from 1.6% in April, …

  Read More »
• 1 June 2021 2:45 pm

  Dollar Falls And Yuan Stabilizes After The People’s Bank of China Intervened to Curb Gains

  

  The dollar hovered near a five-month low on Tuesday, June 1 as investors awaited eurozone inflation data and the US manufacturing sector survey, while the yuan stabilized after China’s central bank adopted steps to stem its rally. The dollar index returned to decline from the level of 90 in European …

  Read More »
• 1 June 2021 1:58 pm

  Reuters: OPEC+ Expected to Adhere to The Supply Plan, Given That Iranian Production Has Not Yet Returned

  

  Three OPEC sources told Reuters that OPEC+ is likely to stick to the current pace of gradual easing of oil supply restrictions at Tuesday’s meeting, as producers weigh their expectations of a demand recovery against a possible increase in Iran’s supply. The Organization of the Petroleum Exporting Countries (OPEC) and …

  Read More »