Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2024

• 28 August 2024 9:58 pm

  BTC declines, ETH dashes hopes for a long-term upswing

  

  Ethereum’s recent price plunge has shattered hopes of a sustained uptrend. The cryptocurrency has fallen below its rising trendline, indicating a reversal of bullish momentum. Ethereum’s current price of approximately $2,400 is dangerously low for the second-largest cryptocurrency by market capitalization. This breakdown has pushed the asset below the critical …

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• 28 August 2024 8:47 pm

  Oil Prices Remain Range-Bound Amidst Libyan Uncertainty

  

  Despite the potential for significant disruptions in Libyan oil supplies and heightened tensions in the Middle East, oil prices have remained relatively stable. Traders have largely discounted the threat of supply shortages, focusing instead on factors such as weak demand from China, the risk of a broader economic slowdown, and …

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• 28 August 2024 7:37 pm

  EUR/USD: Rate Cuts, Economic Uncertainty in Volatile Dance

  

  The Euro has faced a tumultuous week, with its value against the US Dollar fluctuating significantly. This volatility can be attributed to a confluence of factors, including the European Central Bank’s (ECB) monetary policy stance, economic indicators, and market sentiment. The EUR/USD pair is trading at 1.1128 at the time …

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• 28 August 2024 2:57 pm

  Gold Prices Slip as Stronger Dollar and Inflation Uncertainty Weigh on Markets

  

  Gold prices fell on Wednesday, pressured by a stronger U.S. dollar and growing uncertainty ahead of a crucial U.S. inflation report that could influence the Federal Reserve’s decisions at its September policy meeting. Gold Slips But Holds Key Level Spot gold dropped 0.6% to $2,510.39 an ounce by 0953 GMT, …

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• 28 August 2024 11:40 am

  Oil Prices Steady After Sharp Decline as Middle East and North Africa Supply Risks Persist

  

  Oil prices remained largely unchanged on Wednesday, following a significant drop in the previous session that ended a three-day streak of gains. This stability comes amid ongoing concerns about potential supply disruptions from the Middle East and North Africa, as well as lingering worries about global fuel demand. Brent and …

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• 28 August 2024 10:06 am

  Asian Stocks Retreat Ahead of Nvidia Earnings, Australian Market Hit by Inflation Concerns

  

  Most Asian stocks declined on Wednesday, with technology-heavy indexes leading the retreat as investors awaited earnings from market favorite Nvidia. Australian stocks also took a hit following a higher-than-expected inflation report, while ongoing concerns about China further dampened market sentiment. Technology Stocks Under Pressure Ahead of Nvidia Earnings Asian technology …

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• 28 August 2024 4:48 am

  Market Drivers: US Session, August 28

  

  The US Dollar struggled to maintain its upward momentum on Tuesday, as market participants adopted a cautious stance ahead of crucial economic data releases later in the week. The British Pound emerged as a standout performer, benefiting from the Bank of England’s persistent hawkish stance.Key Economic Events for Wednesday, August …

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• 28 August 2024 3:16 am

  US dollar weakened against gold and European currencies

  

  The US dollar continued its downward trajectory on Tuesday, succumbing to pressure from rising risk appetite and mounting expectations of a Federal Reserve interest rate cut. The greenback closed lower against a basket of major currencies, including the euro and the pound, as investors flocked to riskier assets. The Federal …

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• 28 August 2024 3:01 am

  US bond yields continue to rise

  

  US Treasury yields have continued to climb since the open, driven by market optimism following a series of positive economic data releases. Additionally, markets are eagerly awaiting the release of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, later this week. The yield on the …

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• 28 August 2024 2:56 am

  USDJPY is decoupling from US Treasury yields

  

  USDJPY has broken its traditional inverse correlation with US Treasury yields, driven by a decline in the US dollar following the Federal Reserve’s meeting and Chairman Jerome Powell’s remarks at the Jackson Hole symposium. Powell’s comments hinted at a potential interest rate cut in September, a prospect further reinforced by …

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• 28 August 2024 1:49 am

  Euro weathered the storm of negative data

  

  Euro has shown resilience despite weaker-than-expected German economic data released on Tuesday. This data highlighted a deterioration in consumer confidence within the Eurozone. The German GfK consumer confidence index fell to -22.0 in September, compared to -18.6 in August, reflecting growing pessimism among European consumers about the economic outlook. Additionally, …

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• 28 August 2024 12:35 am

  Gold climbs as rate cut forecasts increase

  

  Gold prices continued to climb on Tuesday, buoyed by a weakening US dollar. The greenback has been under pressure amid expectations of a future path for Federal Reserve interest rates and the release of positive economic data that has boosted risk appetite in global financial markets. The US dollar has …

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• 27 August 2024 11:28 pm

  US stocks rallied ahead of Nvidia’s earnings report

  

  US stocks rallied on Tuesday, driven by anticipation of Nvidia’s second-quarter earnings and expectations for a potential Federal Reserve interest rate cut. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted modest gains. Nvidia, a tech titan, is under the spotlight as investors await its earnings report, …

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