Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2024

• 7 June 2024 4:39 pm

  U.S. Economy Adds More Jobs Than Expected, Challenging Rate Cut Expectations

  

  The U.S. economy defied expectations in May, adding a robust 272,000 jobs, significantly exceeding forecasts of 182,000. This surprisingly strong job growth, coupled with a 0.4% increase in average hourly earnings and a slight uptick in the unemployment rate to 4.0%, suggests that the labor market remains resilient and may …

  Read More »
• 7 June 2024 2:32 pm

  U.S. Stock Futures Await Jobs Report, Tech Sentiment Mixed as Nvidia Slips

  

  U.S. stock index futures remained relatively flat on Friday as investors awaited the release of the crucial May nonfarm payrolls report. This data is expected to provide insights into the labor market’s strength and potentially influence the Federal Reserve’s interest rate decisions. While the benchmark S&P 500 and Nasdaq closed …

  Read More »
• 7 June 2024 1:09 pm

  Dollar Holds Steady, Euro Pauses After ECB Rate Cut as U.S. Jobs Data Looms

  

  The U.S. dollar remained stable in early European trading on Friday as traders awaited the release of crucial U.S. employment data, while the euro steadied following the European Central Bank’s (ECB) historic rate cut. At 05:00 ET, the Dollar Index, tracking the greenback against a basket of six other currencies, …

  Read More »
• 7 June 2024 11:43 am

  Oil Prices Edge Up on Supply Reassurances, but Weekly Losses Loom

  

  Oil prices experienced a slight uptick on Friday as Saudi Arabia and Russia, key members of OPEC+, signaled their willingness to adjust output agreements if necessary. However, the market remains on track for its third consecutive weekly loss, primarily due to concerns about increased supply following the recent OPEC+ meeting. …

  Read More »
• 7 June 2024 10:40 am

  Gold Prices Climb as Rate Cut Bets Strengthen, Focus Turns to U.S. Jobs Data

  

  Gold prices surged in Asian trading on Friday, approaching key highs as expectations of Federal Reserve interest rate cuts gained momentum in anticipation of crucial nonfarm payrolls data due later in the day. The precious metal was poised for weekly gains following a series of weak U.S. economic readings that …

  Read More »
• 7 June 2024 9:59 am

  Japan’s Economic Contraction Expected to Narrow in Q1, but Risks Persist

  

  According to a Reuters poll, Japan’s economy likely contracted at a slightly slower pace than initially reported in the first quarter of 2024, due to upward revisions in capital spending figures. However, economists warn that significant risks continue to cloud the outlook for recovery. The revised gross domestic product (GDP) …

  Read More »
• 7 June 2024 3:55 am

  Gold hits two-week high ahead of NFP data

  

  Gold reached a two-week high of $2,378 on Thursday following weaker-than-expected jobs data announced by the US Bureau of Labor Statistics (BLS). The BLS report had a significant impact on US Treasury bond yields, which remained virtually unchanged, providing a tailwind for the precious metal. As a result, the XAU/USD …

  Read More »
• 7 June 2024 2:32 am

  Will NFP Report Reveal Continued Cooling Labour Market?

  

  The eagerly awaited Employment Change Report for May, scheduled for release on Friday, June 7th, 2024 at 8:30 AM ET, is poised to provide crucial insights into the status of the US labour market. As economic indicators hint at a potential slowdown, investors are closely monitoring the data for signals …

  Read More »
• 7 June 2024 12:21 am

  Oil’s Recovery Continues Amid Rate Cut Hopes, Supply Challenges

  

  WTI crude oil has rebounded to $75.75 per barrel in thin market trading. Energy traders are cautiously optimistic, focusing on expectations of a Federal Reserve rate cut in Q3 while grappling with oversupply risks.The American Petroleum Institute (API) and the Energy Information Administration (EIA) have reported a significant increase in …

  Read More »
• 6 June 2024 10:10 pm

  Canadian dollar trades flat ahead of awaited NFP

  

  As markets brace for Friday’s crucial labour data from both the US and Canada, the Canadian dollar fell into a holding pattern on Thursday. Although there is still a chance of a push-out to November, investors are still inclined towards betting on a September rate cut from the US Fed. …

  Read More »
• 6 June 2024 9:42 pm

  Treasury Yields Surge Ahead of NFP Data

  

  US Treasury bond yields have shifted upward since the start of Thursday’s trading session on Wall Street. This change comes after preliminary employment indicators sparked speculation that the Federal Reserve may maintain interest rates at elevated levels for some time.The US Challenger Job Cuts Index recorded a decline to 63,816 …

  Read More »
• 6 June 2024 8:54 pm

  Gold surges after ECB’s interest rate cut

  

  Gold trades 0.74% higher as bets the Fed will cut rates in September remain elevated despite strong US service sector data. Gold breaks out of its range higher, muddying the short-term technical picture. Gold (XAU/USD) is trading up by about 0.2% in the $2,360s on Thursday just after the European …

  Read More »
• 6 June 2024 5:23 pm

  ECB Cuts Rates, but Future Path Clouded by Inflation Uncertainty

  

  The European Central Bank (ECB) announced a rate cut for the first time in five years, lowering the deposit rate by 25 basis points to 3.75%. However, the central bank refrained from signaling its next move due to heightened uncertainty surrounding the inflation outlook after a significant slowdown in the …

  Read More »