Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 6 February 2024 7:48 pm

  USD/JPY closer to weekly highs amid Powell’s hawkish comments, US data

  

  The USD/JPY pair is slightly down close to week’s high, following Powell’s hawkish comments.Powell’s caution on early rate cuts contrasts with strong US job growth in January.Rising US Treasury yields and solid ISM PMIs highlight a robust US economic outlook, supporting the Dollar.Despite BoJ’s negative rate policy hints, Japan’s data …

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• 6 February 2024 4:36 pm

  Gold Prices Hover as Investors Await Clarity on Fed’s Stance

  

  Gold Prices Hover as Investors Await Clarity on Fed’s Stance In the European trading session on Tuesday, Gold prices (XAU/USD) exhibit a lack of decisive movement, ensnared within a tight range, as market participants eagerly await key insights from Federal Reserve (Fed) officials regarding their outlook on interest rates. The …

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• 6 February 2024 4:05 pm

  German Government Approves $17 Billion Plan to Support Hydrogen-Ready Gas Power Plants

  

  The German Economy Ministry announced on Monday its approval of plans to provide subsidies totaling $17 billion to support gas power plants capable of converting to hydrogen. This initiative aims to address the intermittency of renewable energy sources and expedite the transition to low-carbon power generation. Key Points: Purpose: The …

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• 6 February 2024 2:44 pm

  Toyota Raises Profit Forecast Amid Strong Q3 Performance

  

  On February 6, Japanese automaker Toyota Motors revised its operating profit forecast for the fiscal year upwards by approximately 9%, following better-than-expected profits in the third quarter. The company’s success was attributed to a weakened yen and robust sales of high-margin cars and hybrid vehicles. Key Points: Profit Forecast Increase: …

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• 6 February 2024 2:08 pm

  European Stocks Rise on BP Earnings and Chinese Stimulus Hopes

  

  European stocks opened higher on Tuesday, buoyed by positive earnings from oil giant BP and indications of fresh stimulus measures to support struggling Chinese financial markets. Key Points: Stoxx 600 Index Gains: The European Stoxx 600 index advanced by 0.27%, following a 1.3% surge in Asian stocks driven by efforts …

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• 6 February 2024 1:11 pm

  Surprise Increase in German Industrial Orders

  

  The Federal Statistics Office in Germany announced on Tuesday that industrial orders in the country experienced an unexpected upturn in December, defying analysts’ projections. Key Findings: December Industrial Orders Surprising Growth: Industrial orders surged by 8.9 percent from the previous month after adjusting for seasonal variations and calendar factors. This …

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• 6 February 2024 12:31 pm

  Profit-Taking Drives Nikkei Lower Amid Earnings Evaluation

  

  Evaluation of Market Performance and Corporate Results The Nikkei stock index in Japan experienced a downturn on Tuesday as investors engaged in profit-taking activities following recent gains, all while scrutinizing the latest earnings reports from domestic companies. Market Performance Nikkei’s Decline The Nikkei index concluded the session with a decline …

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• 6 February 2024 11:55 am

  US Dollar Holds Firm, Australian Dollar Rises on Central Bank’s Hawkish Stance

  

  The US dollar maintained its position near a three-month high on Tuesday, bolstered by reduced expectations of significant interest rate cuts by the US Federal Reserve. Conversely, the Australian dollar saw an uptick following indications from the Reserve Bank of Australia (RBA) suggesting a potential interest rate hike to address …

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• 6 February 2024 3:35 am

  Market Drivers – US Session, February 5

  

  Stronger US fundamentals as well as Powell’s hawkish tone over the weekend were more than enough to propel the US dollar to new yearly highs and place the risk-associated universe under increased pressure at the start of a new trading week.The US dollar surged to fresh yearly highs well above …

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• 6 February 2024 2:24 am

  Oil climbs as traders digest geopolitical developments

  

  Oil prices climbed by nearly a dollar per barrel on Monday, on concerns that Middle Eastern tensions and Russia’s escalating invasion of Ukraine could limit world supplies.Brent crude prices closed at $78.22 per barrel, up 66 cents (0.9%), while US West Texas Intermediate crude futures settled at $72.78 per barrel, …

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• 6 February 2024 1:52 am

  EUR/USD extends recent decline after German data

  

  The EUR/USD pair fell by half a percent on Monday, reaching 12-week lows near 1.0723. The OECD predicts pan-European inflation will remain above the 2% level set by the European Central Bank until after 2025, reducing investor confidence. The Euro’s trade balance rose to €22.2 billion after German imports fell …

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• 6 February 2024 12:21 am

  US stocks abandon recent positive sentiment after Powell’s interview

  

  US stocks fell on Monday after Federal Reserve Chair Jerome Powell tempered expectations for an early interest rate cut, raising the stakes for a busy week of corporate reports to keep the recent surge going.The S&P 500 fell 0.1%, indicating a minor reversal from the benchmark’s record-breaking surge. The Dow …

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• 6 February 2024 12:08 am

  Canadian Dollar hits eight-week low after US PMI data

  

  The Canadian dollar is experiencing a significant drop on Monday due to a strong market dogpile towards the US dollar, with US ISM Services Purchasing Managers Index figures coming in well above expectations. Mixed comments from US Federal Reserve policymakers risk investor outlooks and hamper risk appetite. Bank of Canada …

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