Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 23 November 2023 10:53 am

  Oil closed lower amid volatile trading with the postponement of the OPEC+ meeting

  

  Oil prices fell by about one percent on Wednesday in a volatile session, with the OPEC+ alliance suddenly postponed a meeting to determine production policy that was scheduled to be held next Sunday, raising questions about the future path of crude production cuts. Brent crude futures fell 49 cents to …

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• 23 November 2023 1:32 am

  Market Drivers – US Session, Nov. 22

  

  US Data on Wednesday came in mixed, including Durable Goods Orders that fell 5.4% in October, exceeding the expected 3.1% decline. On the positive side, the University of Michigan Consumer Sentiment Index stood at 61.3 in November, revised up from the preliminary reading of 60.3. Initial Jobless Claims that retreated …

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• 23 November 2023 1:08 am

  US stocks surge ahead of Thanksgiving

  

  On Wednesday, stocks experienced a surge following a brief decline in yields to their lowest point in several months, and the market’s rally from November extended into the Thanksgiving holiday. The S&P 500 increased by 0.4%, the Nasdaq Composite advanced by 0.5%, and the Dow Jones Industrial Average gained 178 …

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• 22 November 2023 11:57 pm

  Eurozone banks under pressure on accelerating loan default

  

  The European Central Bank has warned about rising loan default cases and late payments as signs of stress in the eurozone’s banks. The bank is facing higher funding costs, declining asset quality, and fewer lending volumes, despite increased interest rates boosting revenue and profits. The ECB also warns that slower …

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• 22 November 2023 10:39 pm

  Gold continues to face challenge below $2,000

  

  Spot Gold is bidding lower, testing back beneath the $2,000 key handle. The Gold Index (XAU/USD) is trimming back some gains as investors weigh their options post-US data.Gold remains well-bid, but $2,000 is proving to be a challenging level. XAU/USD tipped back into a daily high above the $2,000 mark, …

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• 22 November 2023 9:52 pm

  Nagel: ECB approaching interest rates peak

  

  Interest rates in the Eurozone are close to their peak according to Wednesday’s statements by Bundesbank President Joachim Nagel who also explained that economic data will determine whether more tightening is needed. As for inflation, Nigel mentioned it is on track to move towards the ECB target while speaking at …

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• 22 November 2023 8:57 pm

  Negative sentiment drags CAD to fresh weekly lows

  

  The Canadian dollar has hit a new weekly low due to deteriorating market sentiment and falling crude oil prices. The US data has reduced risk appetite and deflated crude oil bids, leading more markets to turn back towards the US dollar. Fresh weekly lows are expected since crude oil markets …

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• 22 November 2023 8:01 pm

  US dollar gains on rate policy speculations

  

  The US dollar is trading in the green territory against major G20 peers, with traders expecting a quick return to normal rate policy. The latest FOMC Minutes revealed that cuts are not in the plan for the upcoming meetings, which dampens market bets that cuts might be very close, even …

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• 22 November 2023 7:17 pm

  OPEC’s policy meeting postponement drags Oil prices lower

  

  Recent developments, such as the Middle Eastern ceasefire and a notable increase in US stockpiles, are causing oil prices to decline. Following the release of the latest FOMC Minutes, which showed that all Fed’s policymakers decided not to change rates anytime soon, the US dollar has been strengthening as markets …

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• 22 November 2023 3:57 pm

  European stocks rise supported by the real estate and media sectors

  

  European stocks rose to a two-month high on Wednesday, led by media and real estate stocks, and Sage Software jumped to a record high after announcing strong annual operating profits. The European STOXX 600 index rose 0.2 percent by 0807 GMT, after largely quiet trading so far this week. Real …

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• 22 November 2023 2:36 pm

  Japan’s Nikkei index rises despite the faltering shares of chip manufacturers

  

  Japan’s Nikkei index rose on Wednesday, recovering from declines recorded early in the session, as the decline in the yen supported shares of export companies, but shares of chip manufacturers fell. The Nikkei rose 0.29 percent to close at 33,451.83 points. The broader Topix index rose 0.44 percent. Cyber Agent …

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• 22 November 2023 1:22 pm

  Gold declines to less than $2,000 after the dollar’s decline stopped

  

  Gold prices fell on Wednesday to less than $2,000 as the dollar stabilized after its decline over the past few days, but expectations that the Federal Reserve had reached the end of the monetary tightening cycle limited the decline in gold prices. Gold fell in spot transactions by 0.1 percent …

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• 22 November 2023 12:12 pm

  Dollar stabilizes and Yen fluctuates as traders evaluate US interest outlook

  

  The dollar stabilized slightly on Wednesday, but remained not far from the lowest level in two and a half months against a basket of currencies after the statement of the latest Federal Reserve meeting did not indicate anything significant to rule out expectations that the interest rate hike cycle was …

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