Noor Trends News, Technical Analysis, Educational Tools and Recommendations

January, 2021

• 20 January 2021 4:42 pm

  Oil Exceeds $56 Thanks to US Stimulus Hopes Ahead of Biden’s Inauguration

  

  Oil prices exceeded $56 a barrel today, Wednesday, with the support of expectations that the new US administration will adopt huge stimulus spending to boost demand, as well as restrictions imposed by OPEC on production and expectations of lower US crude stocks. On Tuesday, US Treasury Secretary Candidate Janet Yellen …

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• 20 January 2021 4:39 pm

  Eurozone Final CPI Meets Estimates in December

  

  According to Eurostat’s final reading of the Eurozone CPI report for December, the consumer prices came in at -0.3% on a yearly basis, meeting the flash estimate of -0.3% and -0.3% expectations. While the core figures rose by 0.2% versus +0.2% previous and +0.2% expectations.

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• 20 January 2021 2:53 pm

  GBP/USD Soars Above 1.37, Highest Since 2018

  

  GBP/USD has jumped above 1.37, hitting a new 2021 high at 1.3711. Cable has surpassed its previous high of 1.3711 and trades at the highest since 2018.

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• 20 January 2021 2:39 pm

  Currencies Overview: Dollar Facing Pressure as Sentiment Revives Supported by Hopes of Fresh Stimulus

  

  The US dollar faces limited pressure in Asia today, Wednesday, while the euro is receiving some support, as investors are enthusiastic as political tension subsides in Italy, sentiment improves in Germany, and a renewed focus on spending to mitigate the repercussions of the Corona pandemic in the United States. The …

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• 20 January 2021 2:07 pm

  Gold is Gaining as The Dollar Weakens on US Stimulus Outlook

  

  Gold prices rose today, Wednesday, as the dollar retreated after Janet Yellen, a candidate for the position of US Treasury Secretary, stressed the need for a major stimulus to help the economy recover from the Coronavirus crisis, which boosted the demand for the yellow metal as a hedge. On Tuesday, …

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• 20 January 2021 1:48 pm

  Saudi Arabia Bypasses Russia, Consolidating its Position as The Largest Oil Supplier to China

  

  Government data revealed today, Wednesday, that Saudi Arabia overtook Russia to maintain its position as the largest supplier of crude oil to China in 2020. China, the world’s largest oil importer, bought 542.4 million tons of crude oil in 2020, or 10.85 million barrels per day, which is an increase …

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• 20 January 2021 11:59 am

  Nikkei Drops Profit-Taking

  

  Japanese stocks gave up early trade gains on Wednesday on profit-taking as US Treasury nominee Janet Yellen’s call for big spending did not come as a surprise to investors. The Japanese Nikkei index fell 0.38% to 28,523 points, while the broader Topix index fell 0.34% to 1,849 points. Asian stocks …

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• 20 January 2021 1:02 am

  Natural Gas Futures Record Largest Decline in 2021

  

  Natural gas prices fell sharply on Tuesday, seeing their biggest decline since the beginning of the year, and closing at their lowest level year-to-date. This comes amid an expected decline in the demand for heat fuel compared with the usual levels in previous winters. Natural gas futures for February delivery …

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• 20 January 2021 12:52 am

  IEA Cuts Oil Demand Forecasts for 2021

  

  The International Energy Agency (IEA) cuts its expectations for the global demand for crude oil during 2021 by 280,000 barrels per day (b/d) to 5.5 million b/d, according to the monthly report released on Tuesday. A decline of 600,000 b/d is expected during the first quarter (Q1) of the year, …

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• 20 January 2021 12:45 am

  Oil Closes Higher as the USD Declines

  

  Oil prices rose on Tuesday, amid the decline of the U.S. Dollar (USD), despite the International Energy Agency (IEA) cutting its expectations for the global demand for crude oil in 2021. Hopes for increased government stimulus by the new administration that is about to take over in the United States …

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• 20 January 2021 12:33 am

  Gold Settles Higher on Promises for Increased Stimulus Spending

  

  Gold prices rose on Tuesday, recovering some its recent losses, as the U.S. Dollar (USD) turned to the negative territory ahead of the inauguration of the President-elect of the United States, Joe Biden. The decline of the USD and the rise of the yellow metal are attributed to the expected …

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• 20 January 2021 12:27 am

  Investors Worry About Bitcoin and Tech Stock Bubbles: Survey

  

  Investors are growing worried about Bitcoin and tech stocks on Wall Street as the biggest risks of market bubbles right now, according to a recent report by Deutsche Bank picked up by CNBC on Tuesday. A survey by Deutsche Bank showed that the majority of investors, 89% of 627 participants, …

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• 19 January 2021 11:51 pm

  EU Wants to Reduce Dependence on USD

  

  The European Commission, the executive body of the European Union (EU) seeks to increase the international role of the Euro (EUR), building more independence away from the dominance of the U.S. Dollar (USD), Reuters reported. “With the withdrawal of the UK from the EU, there is a strong need and …

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