Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2021

• 3 March 2021 7:12 pm

  U.S. Services PMI Records Best Rise in Six and a Half Years

  

  The United States services sector’s business activity index rose in February, recording its fastest expansion since July 2014, according to data by IHS Markit The seasonally adjusted final US services purchasing managers index (PMI) increased to 59.8 in February, up from 58.3 in January. The final reading for last month …

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• 3 March 2021 5:29 pm

  US: ADP Employment Change Arrives at +117K in February

  

  Employment in the US’ private sector increased by 117,000 in February, the monthly data published by the Automatic Data Processing (ADP) Research Institue revealed on Wednesday. This reading fell short of the market expectation of 177,000. On a positive note, however, January’s reading got revised up to 195,000 from 174,000.

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• 3 March 2021 4:30 pm

  OPEC+ Considering Extending Oil Production Cuts in April

  

  Sources in OPEC+ told Reuters that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, are considering extending oil production cuts from March to April instead of increasing production due to the fragility of crude markets due to continuing concerns about the Coronavirus …

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• 3 March 2021 3:53 pm

  UK’s Sunak: Cannot Ignore Problem of Borrowing

  

  British finance minister Rishi Sunak told ministers that they are borrowing on an extraordinary scale, British Prime Minister Boris Johnson’s spokesman told reporters on Wednesday, According to Reuters. “As a conservative government, we know that we cannot ignore this problem of borrowing,” Sunak added.

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• 3 March 2021 3:23 pm

  EU Commission: EU Budget Rules Should Remain Suspended in 2022

  

  The European Union’s budget rules should remain suspended in 2022 but they could be reinstated in 2023, the European Commission said on Wednesday, as reported by Reuters. “Overall fiscal impulse, stemming from national budgets and the EU recovery fund, needs to remain supportive in 2021 and 2022,” the statement read. …

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• 3 March 2021 2:31 pm

  Oil Rising on Revival of Demand Outlook With Progress in Vaccine Distribution in America

  

  Oil prices rose on Wednesday, March 3, as indications of progress in the distribution of Covid-19 vaccines in the United States, the world’s largest consumer, led to a rebound in demand expectations. US West Texas Intermediate crude futures rose 15 cents, equivalent to 0.25%, to $59.90 a barrel, recovering after …

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• 3 March 2021 2:06 pm

  ECB Said to See no Need For Drastic Action to Curb Bond Yields

  

  The European Central Bank (ECB) reportedly sees no need for drastic action to curb recent developments in the bond market, Blomberg reports, citing officials familiar with discussions. The officials said that the ECB believes that the risk to the economy is manageable via verbal interventions and QE/PEPP flexibility. “The ECB …

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• 3 March 2021 1:47 pm

  UK Final Services PMI Revised Down in Feb

  

  The UK services sector activity came less than expectations in February, the final report from IHS Markit came out this Wednesday. The seasonally adjusted IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) was revised higher to 49.5 in February versus 49.7 expected and a 49.7 – last month’s flash reading.

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• 3 March 2021 1:32 pm

  Currencies Overview: The US Dollar Weakened as Risk Sentiment Recovered

  

  The dollar, which is generally considered a safe haven, remained weak on Wednesday, March 3rd, as Treasury yields continued to decline, restoring some calm to global markets and sparking renewed demand for riskier assets. Riskier currencies, including the Australian dollar and the Norwegian kroner, held onto the two-day streak of …

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• 3 March 2021 1:01 pm

  Gold Prices Are Under Pressure Due to The Increase in US Treasury Yields

  

  Gold prices fell on Wednesday, March 3, to fall for the sixth session in seven sessions, as the yellow metal, which does not yield a return, has been under pressure due to expectations that US Treasury revenues will rise thanks to more economic stimulus. Spot gold fell 0.3% to $1732.51 …

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• 3 March 2021 12:35 pm

  Oil Prices Drop to a Two-Week Low, Amid Expectations That OPEC+ Will Ease Supply Restrictions

  

  Oil prices fell to their lowest in two weeks on the expectation that the OPEC+ group will ease restrictions on supplies during its meeting later this week as economies begin to recover from the Coronavirus pandemic. OPEC Secretary-General Muhammad Barkindo said that the outlook for oil demand looks more positive, …

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• 3 March 2021 4:42 am

  Senate Debating Biden’s $1.9 T Rescue Plan

  

  The United States is debating the $1.9 trillion stimulus package, as proposed by President Joe Biden, after the House of Representatives passed the relief bill. Democrats are expected to pass the “American Rescue Plan” bill through the reconciliation option, which allows approving the bill with a simple majority without any …

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• 3 March 2021 4:30 am

  Fed’s Brainard: Economy Remains Far From Goals

  

  Federal Reserve Governor Lael Brainard said on Tuesday that she is paying close attention to market developments, referring to last week’s surge in U.S. Treasury yields to their highest level in about a year. “Some of those moves last week and the speed of the moves caught my eye.”“I would …

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