Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 16 February 2024 1:36 am

  S&P 500 hits record high in late session rally

  

  All three main indices finished Thursday’s trading day in the green territory, recovering from sharp losses earlier in the week. The S&P 500 closed at a new record high. As of now this year, the 500-stock benchmark has closed on 11 consecutive record highs.The Nasdaq Composite gained 0.30% to conclude …

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• 16 February 2024 12:31 am

  Gold marks beginning bullish reversal on mixed US data

  

  Gold prices have been trading at $2,003.70 per ounce, up 0.73% since yesterday’s price and down 3.03% from the beginning of the year. At the time of writing, gold is trading at $2004.44 per ounce, up +0.63%. Mixed US economic data has impacted the US Dollar, with US Treasury yields …

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• 15 February 2024 11:42 pm

  Fed’s Powell prepares for congressional testimony in early March

  

  Fed Chair Jerome Powell is set to give the Senate banking committee its biannual monetary policy update on March 7. The House Financial Services Committee is expected to host Powell at a hearing at least a day earlier, based on past practice. Investors will be keenly interested in Powell’s congressional …

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• 15 February 2024 10:03 pm

  BoE’s Greene: Evidence on cooling inflation is prerequisite for rate cut

  

  Bank of England policymaker Megan Greene has stated that she will not vote to cut the cost of borrowing until more evidence of inflation returning to the central bank’s target is found. Greene believes that UK monetary policy will need to remain restrictive for some time for inflation to sustainably …

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• 15 February 2024 9:09 pm

  Canadian dollar edges up after US Retail Sales

  

  The Canadian Dollar has recovered on Thursday after missing expectations and shrinking in January. The US dollar’s midweek surge on CPI-fueled risk aversion is getting pared back, and the CAD is finding additional support from recovering crude oil bids heading into the back end of the trading week. Canadian Housing …

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• 15 February 2024 8:01 pm

  EUR/USD advances following weak US retail sales

  

  The euro has gained ground on the US Dollar following a drop in US retail sales and Treasury yields, leading to a decline in US rates and the dollar. The EUR/USD pair trades at 1.0784, with softer Eurozone data indicating a rise in the euro. Retail sales decreased by -0.8%, …

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• 15 February 2024 3:09 pm

  International Energy Agency Revises Downward Global Oil Demand Growth Forecast

  

  IEA’s Revised Outlook:The International Energy Agency (IEA) announced on Thursday a downward revision in its forecast for global oil demand growth, indicating a loss of momentum in the sector. The agency anticipates a slower pace of growth, projecting an increase of 1.22 million barrels per day in 2024. This figure …

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• 15 February 2024 2:59 pm

  European Stocks Rally on Weaker Inflation Data and Positive Corporate Results

  

  Inflation Data Boosts Sentiment:European stocks regained ground on Wednesday, buoyed by weaker-than-expected inflation data in Britain. This bolstered hopes that the Bank of England would implement interest rate cuts soon, providing a positive outlook for investors. Additionally, positive earnings reports from select companies contributed to the market’s upward momentum. STOXX …

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• 15 February 2024 2:43 pm

  Japan’s GDP Contracts in Q4 Contrary to Expectations

  

  Unexpected GDP Contraction:Data released by the Prime Minister’s Office in Japan early Thursday morning revealed a contraction in the country’s gross domestic product (GDP) during the fourth quarter. Contrary to expectations of growth by approximately 1.4%, the GDP contracted by 0.4% on an annual basis. Furthermore, the previous reading for …

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• 15 February 2024 12:39 pm

  UK GDP Contracts in January, Exceeding Market Expectations

  

  GDP Data Release:Data released Thursday morning by the Office for National Statistics in Britain revealed that the country’s gross domestic product (GDP) contracted by 0.1% on a monthly basis in January. This figure exceeded market expectations, which had predicted a contraction of 0.2%. Notably, the previous reading for December indicated …

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• 15 February 2024 12:11 pm

  Dollar Holds Below Three-Month High Amid Uncertainty Over Fed Rate Cuts

  

  Dollar’s Stance Amidst Fed Rate Cut Speculations:The dollar remained below a three-month high on Thursday as investors grappled with the question of when the Federal Reserve would initiate interest rate cuts. Central bank officials’ comments on Tuesday’s inflation data further complicated the situation, leading to cautious market sentiment. Yen’s Resilience …

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• 15 February 2024 11:28 am

  Gold Prices Hold Steady Near Two-Month Low Amidst Mixed Fed Comments

  

  Gold prices remained resiliently near a two-month low, reflecting the market’s response to mixed commentary from Federal Reserve officials regarding January’s inflation data. This dynamic has tempered expectations for a significant cut in interest rates, prompting investors to closely monitor developments in the precious metals market. Assessment of Market Movement:In …

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• 15 February 2024 2:37 am

  Market Drivers – US Session, February 14

  

  The US Dollar retreated after a strong rebound on Tuesday due to CPI, easing the pressure in the risk-linked universe. The USD Index (DXY) fell from multi-week highs near the 105.00 barrier due to uneven improvement in the risk complex.Economic DataRetail Sales, the Philly Fed Manufacturing Index, Industrial Production, the …

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