Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2024

• 10 July 2024 10:24 am

  Dollar Stabilizes Near 3-Week Low as Powell Testimony Impacts Market Sentiment

  

  The U.S. dollar remained near a three-week low on Wednesday, despite slight gains, as Federal Reserve Chair Jerome Powell’s cautious tone in his testimony to Congress tempered risk sentiment. Meanwhile, the New Zealand dollar weakened on the prospect of a rate cut. Powell’s Testimony and Market Reaction In his first …

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• 10 July 2024 4:10 am

  Market Drivers; US Session, July 9

  

  The USD Index (DXY) surged past the 105.00 and flirted with the interim 55-day SMA amidst a decent uptick in US yields. The second semi-annual testimony by Chair J. Powell to the Congress is due on July 10, along with weekly Mortgage Applications, Wholesale Inventories and speeches by the Fed’s …

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• 10 July 2024 3:06 am

  Oil ignores extended decline in API barrel counts

  

  WTI backslid to $81.00 as energy market concerns weigh heavy. API reported a second, albeit smaller drawdown in US Crude Oil supplies.the Chinese demand remains lower than expected in 2024, risk bid from Beryl evaporates. West Texas Intermediate (WTI) US Crude Oil extended a near term decline on Tuesday, falling …

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• 10 July 2024 12:42 am

  Gold consolidates ahead of US inflation data

  

  Following Powell’s Senate testimony, which suggests a cautious approach to rate cuts, gold prices jump beyond $2,360. Although DXY gains 0.14%, the rate on the US 10-year Treasury increases to 4.296%.During Tuesday’s North American session, gold prices marginally increased following remarks made by Federal Reserve Chair Jerome Powell before the …

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• 9 July 2024 11:38 pm

  RBNZ expected to keep rates unchanged

  

  The Reserve Bank of New Zealand is expected to keep rates on hold at 5.50% following its July monetary policy meeting. Market participants are expected to see a rates on-hold decision due to discouraging economic performance and inflation risks. They will look for fresh hints on the timing of the …

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• 9 July 2024 10:14 pm

  Political uncertainty boosts case for ECB’s September interest rate cut

  

  Following the relatively data-insensitive June rate cut, European Central Bank (ECB) speakers have stood firm on the message of data-dependency. Next week’s ECB meeting likely to take stock of the available data and compare it to the latest forecast.Possible rate cut in September Following the relatively data-insensitive June rate cut, …

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• 9 July 2024 9:28 pm

  Canadian Dollar Struggles Following Powell’s Speech

  

  The Canadian dollar struggled to develop momentum with little of note on the docket. Canada is largely absent from the economic calendar this week. Fed Chair Powell stuck close to the usual script, giving investors little to work with.The Canadian dollar found little reason to move in any particular direction …

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• 9 July 2024 7:57 pm

  Powell comments on job creation status in US economy

  

  Fed Chair Jerome Powell is speaking Tuesday before the Senate Banking Committee as part of his semiannual address to Congress on monetary policy.With the Fed still on hold regarding interest rates, Powell’s remarks are closely monitored for hints about what it will take to start easing. At the Fed’s June …

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• 9 July 2024 2:08 pm

  U.S. Stock Futures Rise as Rate Cut Anticipation Grows Ahead of Powell Testimony

  

  U.S. stock index futures climbed on Tuesday as market optimism regarding a potential interest rate cut in September continued to build, ahead of Federal Reserve Chair Jerome Powell’s testimony before Congress. In early morning trading, Dow Jones Futures rose, S&P 500 Futures gained, and Nasdaq 100 Futures advanced. The S&P …

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• 9 July 2024 1:16 pm

  Oil Prices Stabilize as Hurricane Beryl Impact Less Severe Than Anticipated

  

  Oil prices remained relatively stable on Tuesday as the impact of Hurricane Beryl on a major U.S. oil-producing hub in Texas proved less severe than initially feared. The storm, which weakened into a tropical storm after making landfall, caused minimal disruption to major refineries along the U.S. Gulf Coast. Brent …

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• 9 July 2024 12:24 pm

  Gold Prices Rebound as Traders Anticipate Dovish Signals from Powell Testimony

  

  Gold prices climbed in Asian trade on Tuesday, recovering from overnight losses as investors eagerly awaited Federal Reserve Chair Jerome Powell’s upcoming testimony before Congress, hoping for indications of a potential interest rate cut. Gold’s Recent Gains and Rate Cut Expectations: The precious metal saw a notable increase last week, …

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• 9 July 2024 11:40 am

  Asian Stocks Mostly Climb on US Rate Cut Bets

  

  Asian stock markets experienced a mixed day on Tuesday, with most indices rising on growing expectations of lower U.S. interest rates. Japan’s Nikkei 225 index stole the spotlight, surging to a record high fueled by tech stock gains and a weakening yen. However, Chinese markets lagged behind due to persistent …

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• 9 July 2024 5:31 am

  Market Drivers; US Session, July 8

  

  The new trading week began with some respectable gains for the dollar, which shed some of its NFP-related weakness and gained some new momentum in reaction to the risk complex’s widespread knee-jerk. While this was going on, investors were processing the results of the French snap elections and progressively turned …

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