Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2024

• 5 June 2024 8:48 pm

  USD/CAD spiked after BoC rate decision, US ISM Services PMI data

  

  The USD/CAD pair rallies after the Bank of Canada decides to cut its key interest rate at its June meeting. The decision was widely expected but still weighs on the Canadian Dollar, lifting the pair which also gets a second boost after US ISM Services PMIs surprise to the upside, …

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• 5 June 2024 6:53 pm

  Following First Rate Cut, BoC Governor Comments on inflation, Soft Landing

  

  At his press conference on Thursday, BoC’s Governor Tiff Macklem reiterated that decisions on interest rates will be on a meeting-by-meeting basis.The USD/CAD pair climbed to four-day tops past the 1.3700 mark as investors continue to assess the BoC’s rate decision, while Toronto stocks (TSX index) rose after the bank …

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• 5 June 2024 4:27 pm

  US Private Payrolls Slow Down, Fueling Rate Cut Speculation

  

  U.S. private payrolls grew at a slower pace than expected in May, signaling a potential cooling in the labor market. According to ADP, companies added 152,000 workers during the month, falling short of economists’ forecasts of 173,000 and lower than the downwardly revised figure of 188,000 for April. This report …

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• 5 June 2024 2:39 pm

  China’s Exports Poised for Growth, Boosting Economic Outlook Amidst Challenges

  

  China’s exports are expected to accelerate for the second consecutive month in May, driven by improving global demand and a favorable base of comparison. This positive development offers some comfort to officials grappling with various domestic challenges to sustain the nation’s uneven economic recovery. The trade data, scheduled for release …

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• 5 June 2024 2:12 pm

  Oil Prices Edge Up Despite Looming OPEC+ Supply Boost and Growing U.S. Stocks

  

  Oil prices saw a modest rebound on Wednesday, even as the market anticipates an increase in supply later this year when OPEC+ begins to unwind its output cuts. U.S. jobs data and rising oil stocks also influenced trading. Brent crude futures experienced a 0.3% increase to $77.78 a barrel, while …

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• 5 June 2024 12:44 pm

  Dollar Stabilizes Ahead of U.S. Economic Data and Rate Cut Expectations

  

  The U.S. dollar held steady on Wednesday, maintaining its position near a two-month low. This stability comes as investors await key U.S. economic data and a monetary policy meeting in Canada, which could trigger a series of interest rate cuts in major economies. Traders are keenly anticipating the release of …

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• 5 June 2024 12:41 pm

  Eurozone Economy Accelerates, Fuelled by Booming Service Sector

  

  The Eurozone economy experienced its fastest growth in a year during May, primarily driven by a flourishing service sector that outpaced the ongoing contraction in manufacturing. This positive trend, revealed in a private survey, also highlighted easing price pressures, potentially providing the European Central Bank (ECB) with room to maneuver …

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• 5 June 2024 11:23 am

  European Stocks Rebound Ahead of ECB Meeting and PMI Data

  

  European stock markets experienced a modest recovery on Wednesday, bouncing back from Tuesday’s losses, as investors eagerly awaited key regional activity data and the European Central Bank’s (ECB) latest policy meeting. The DAX index in Germany climbed 0.4%, the CAC 40 in France rose 0.5%, and the FTSE 100 in …

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• 5 June 2024 10:53 am

  Asian Stocks Mostly Rise as U.S. Jobs Data Signals Potential Rate Cut

  

  Asian stock markets experienced a broad rally on Wednesday, while the U.S. dollar remained steady. This positive sentiment was fueled by a softening U.S. labor market, strengthening expectations for a Federal Reserve interest rate cut in September. However, concerns about a cooling U.S. economy tempered risk appetite. MSCI’s broadest index …

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• 5 June 2024 2:21 am

  Market Drivers; US Session, June 4

  

  The USD Index (DXY) advanced slightly after briefly testing two-month lows near 104.00. On June 5, MBA’s Mortgage Applications are due seconded by ADP Employment Change, the final S&P Global Services PMI and the ISM Services PMI.The dollar managed to reverse part of the recent weakness after bottoming out in …

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• 5 June 2024 2:04 am

  What is behind speculations on looming US economic slowdown?

  

  As a result of recent weaker than expected US data, particularly from last week and the first two days of the current new trading week, worries and concerns have surfaced regarding the likelihood that the US economy could slide into a deep slowdown in the near future. Investors first thought …

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• 4 June 2024 11:01 pm

  Gold price retreats amid risk aversion

  

  Gold prices have fallen by 0.90% in the mid-North American session on Tuesday, amid risk-off sentiment and falling US Treasury bond yields. The latest tranche of US economic data shows the economy is slowing down, warranting lower interest rates. However, the Gold Index, XAU/USD, trades with losses and exchanges hands …

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• 4 June 2024 10:25 pm

  Growing on-chain activity to push BNB to all time highs

  

  Binance Coin (BNB) is on the verge of a potential breakout to a new all-time high, driven by growing on-chain activity, a recent price surge, and the resolution of ex-CEO Changpeng Zhao’s legal issues. The token has been trading within an ascending triangle pattern since May 16, with a bullish …

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