Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2024

• 9 May 2024 11:42 am

  Gold is locked in a narrow range ahead of data

  

  Gold prices remained relatively stable on Thursday as investors redirected their attention towards upcoming US economic data, which could offer insights into the Federal Reserve’s stance on interest rate adjustments. At 0456 GMT, spot gold edged up by 0.2 percent to $2,314.26 per ounce, while US gold futures dipped slightly …

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• 9 May 2024 10:24 am

  Dollar rises slightly ahead of key inflation data

  

  The dollar maintained a steady stance against most major currencies on Thursday, with traders awaiting crucial US inflation data for insights into the Federal Reserve’s policy direction. Meanwhile, the substantial interest rate differential between Japan and the United States provided some support for the US dollar against the yen. Following …

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• 9 May 2024 10:02 am

  Oil prices climb amid decreasing US crude inventories

  

  Oil prices experienced a boost in early trading on Thursday, driven by multiple factors including a decrease in US crude inventories, which suggests a tightening of supply. Brent crude futures for July delivery climbed 23 cents to reach $83.81 per barrel, while US West Texas Intermediate crude futures for June …

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• 9 May 2024 2:40 am

  Market Drivers; US Session, May 8

  

  Ahead of the Bank of England’s interest rate decision on Thursday, the GBP/USD pair managed to recover from multi-session lows around 1.2470. Despite this, the pair remained cautious. On May 9, it is generally anticipated that the BoE would maintain its policy rate. BoE’s Bailey and Pill are also scheduled …

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• 9 May 2024 2:18 am

  Bitcoin Declines On Interest Rate, Regulatory Concerns

  

  Bitcoin price declined on Wednesday, reversing a rebound seen over the weekend due to persistent concerns over more regulatory scrutiny against the cryptocurrency industry. The dollar rebounded from recent losses after Federal Reserve officials signaled that the central bank was more likely to keep rates unchanged in 2024. Bitcoin fell …

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• 9 May 2024 1:21 am

  USD/JPY rises towards 156.00.

  

  This week’s US economic data schedule is somewhat low; up to Friday’s University of Michigan Consumer Sentiment Index, the only available data is of a moderate quality. In May, the UoM’s indexed poll of consumer economic expectations is predicted to decline slightly from 77.2 to 76.0 MoM. In March, the …

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• 9 May 2024 12:35 am

  Oil prices erase intraday loss following reserves draw down

  

  Oil prices have erased all intraday losses after the Energy Information Administration (EIA) release, with WTI crude prices reaching their lowest levels in almost two months. The US benchmark crude is +0.12% up trading at $78.10 and Brent is trading is also +0.16% up trading at $82.91 per barrel, at …

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• 8 May 2024 11:41 pm

  Gold Retreats Amid Rising T-Yields, China’s gold purchases

  

  Despite higher US Treasury yields and a stronger US dollar during the North American session, gold is still trading firmly over $2,300. This is a slight move. Now, traders’ and investors’ attention is focused on impending US data, such as unemployment claims, University of Michigan consumer sentiment, and the Fed’s …

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• 8 May 2024 10:39 pm

  Airbnb’s Q1 Earnings Surpass Expectations

  

  Airbnb reported Q1 results that beat analysts’ estimates on both the top and bottom lines. Revenue increased 18% to $2.14 billion from $1.82 billion a year earlier, with Airbnb citing “robust demand for travel” ahead of the peak summer season. The company reported a net income of $264 million, or …

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• 8 May 2024 9:08 pm

  BoE’s Policy Preview: Implications for the Pound Sterling

  

  The Bank of England is at a crossroads as it prepares to announce its interest rate decision. Financial markets are abuzz with anticipation, expecting the BoE to start reducing interest rates from the June meeting. Traders have already priced in 53 basis points (bps) of easing this year, implying at …

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• 8 May 2024 3:51 pm

  Uber Predicts Second Quarter Gross Bookings Below Expectations

  

  Uber’s forecast for second-quarter gross bookings fell short of expectations on Wednesday, causing its shares to plummet nearly 10% before the opening bell. The shortfall in this key metric, which indicates the total revenue earned on the Uber platform, suggests weakened demand for its ride-share and food delivery services. Despite …

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• 8 May 2024 1:29 pm

  European Stocks Rally on Optimism Surrounding Corporate Earnings

  

  European stocks commenced trading on a positive note on Wednesday, buoyed by robust quarterly performances from Anheuser-Busch InBev and Siemens Energy shares. Investors also remained attuned to forthcoming decisions on interest rates from major central banks. As of 0720 GMT, the European STOXX 600 index climbed 0.3 percent, reaching its …

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• 8 May 2024 11:45 am

  Gold Consolidates in Tight Range as Traders Assess Timing of Interest Rate Cut

  

  On Wednesday, gold prices exhibited a subdued performance as traders weighed the prospective timeline for potential US interest rate cuts and awaited clearer signals on monetary policy. In spot transactions, gold edged up by 0.1 percent to reach $2,317.44 per ounce by 0444 GMT, while US gold futures recorded a …

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