Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2021

• 24 February 2021 12:22 pm

  Oil Prices Falling Due to a Sudden Increase in US Crude Inventories

  

  Oil prices fell on Wednesday, February 24, after data for the sector showed a sudden increase in US crude inventories last week, as freezing weather in southern states limited the demand for refineries that were forced to close. The American Petroleum Institute said on Tuesday that crude inventories increased 1 …

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• 24 February 2021 3:30 am

  BoC Scales Back Bond-Buying Program

  

  The Bank of Canada (BoC) has decided on Tuesday to reduce the frequency of its Provincial Bond Purchase Program (PBPP) from two auctions per week to one. The move is consistent with the gradual reduction approach of programs that were introduced to help the Canadian economy cope with the impact …

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• 24 February 2021 3:09 am

  Bitcoin Continues to Decline Amid Concerns

  

  Bitcoin continued to decline on Tuesday, amid concerns that the digital currency has become overpriced following recent surges that were supported by increased institutional demand. In addition, recent remarks by billionaire Elon Musk suggested that the price of both Bitcoin and Ethereum does seem high increased selling pressure on the …

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• 24 February 2021 2:52 am

  NYSE Rebounds Following Remarks by Fed Chair

  

  The New York Stock Exchange (NYSE) closed mostly higher on Tuesday, showing a positive performance that was supported by economic data and remarks by the Federal Reserve Chair Jerome Powell. The Dow Jones Industrial Average finished marginally higher by 15.66 points, or 0.05%, at 31,537.35 points, after falling by 1.2% …

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• 24 February 2021 2:42 am

  U.S. Treasury Yields Mixed Following Fed Chair Remarks

  

  The United States Treasury yields showed a mixed performance on Tuesday, following the testimony of the Federal Reserve Chairman Jerome Powell to the Senate. Return on the 10-year Treasury bond declined by 0.7 basis point to 1.363%, giving up its earlier gains as it reached 1.39%. The 30-year bond yield …

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• 24 February 2021 2:36 am

  Oil Finishes Tuesday Mostly Higher

  

  Oil prices showed a mixed performance on Tuesday, as the market is anticipating the decision of the OPEC+ alliance regarding output policy next month. Brent continued to rise, reaching its highest level in 13 months, while the U.S. benchmark most active contracts gave up earlier gains and closed lower with …

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• 24 February 2021 2:13 am

  Gold Finishes with Small Losses Following Powell’s Remarks

  

  Gold prices declined on Tuesday, returning to the downward trend amid a rise in Treasury yields, and after remarks by the United States Federal Reserve Chairman Jerome Powell to Congress. The yellow metal was able to finish the session with recovery from some of its earlier losses, as Powell played …

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• 24 February 2021 2:05 am

  DXY Remains Positive After Mixed Performance

  

  The U.S. Dollar (USD) showed a mixed performance on Tuesday after data showed a rise in the housing price index and an improvement in consumer confidence. In addition, Federal Reserve Chair Jerome Powell told the Senate that economic recovery will take some time before achieving substantial progress towards policy goals …

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• 23 February 2021 10:00 pm

  European Stocks Close in Red

  

  European stocks declined on Tuesday, as markets continue to be affected by the rise in Treasury yields, amid a negative performance by tech stocks. The STOXX Europe 600 index fell by 0.52%, with the technology sector leading the losses and dropping by 1.8%. The German DAX index finished lower by …

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• 23 February 2021 9:00 pm

  Powell: Economic Recovery Needs Some Time

  

  Chairman of the United States Federal Reserve, Jerome Powell, testified on Tuesday before the Senate, telling the Senate’s Banking Committee that the economy’s recovery is still uneven and far from complete. Powell vowed to maintain the current monetary policy until the inflation target is achieved and full employment is reached. …

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• 23 February 2021 7:58 pm

  Richmond Fed Manufacturing Index Stabilizes in February

  

  Manufacturing activity in the United States continued to improve in February, as the economy recovers from the negative impacts of the Coronavirus pandemic. The composite manufacturing index of the Federal Reserve Bank of Richmond remained stable at 14 in February, maintaining its January reading, data showed on Tuesday. The three …

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• 23 February 2021 7:50 pm

  U.S. Consumer Confidence Rises in February

  

  Consumer confidence in the United States improved in February, reaching its highest level in three months, as the American economy is recovering from the impacts of the Coronavirus pandemic. However, confidence remained well below its pre-pandemic levels, data by the Conference Board showed on Tuesday. The consumer sentiment index rose …

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• 23 February 2021 6:33 pm

  U.S. Redbook Index Improves in February

  

  The United States Redbook Index improved in February, signaling an improvement in the retail sector as the economy recovers from the impact of the Coronavirus pandemic. The Johnson Redbook Index recorded -0.8% this month, compared with -0.9% in January, according to data by Redbook Research on Tuesday. The index, which …

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