Noor Trends News, Technical Analysis, Educational Tools and Recommendations

December, 2023

• 6 December 2023 10:17 pm

  Canada’s dollar achieves limited gains post BoC’s policy decision

  

  The Canadian dollar is experiencing limited gains on Wednesday, but is still struggling to recover lost ground after the Bank of Canada held its benchmark interest rate at 5%, in line with market expectations. The Canadian dollar is seeing a step up against most major currency blocs but remains down …

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• 6 December 2023 10:04 pm

  US stocks trading flat post ADP data

  

  US stocks were little changed on Wednesday as investors looked to data that signaled more cooling in the labor market. The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all traded flat after the gauges closed Tuesday mixed.On Wednesday, fresh signs of softening in the labour market were brought …

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• 6 December 2023 9:14 pm

  Oil nosedives losing over 3% in US trading hours

  

  WTI Oil is trading at 69.85 and is even expected to drop lower as US supply hits the export market. Oil looks set to sink even further as OPEC+ countries are reluctant to expand current production cuts. Brent Oil trades at $74.56 per barrel at the time of writing.The US …

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• 6 December 2023 8:33 pm

  US dollar’s earlier gains erased post lower than expected ADP data

  

  The US Dollar Index (DXY) could potentially snap its winning streak after the ADP print, as traders believe the ADP still holds above 100,000 despite undershooting estimates. The dollar is rolling over and trading in the red due to underperforming ADP figures, which have triggered risk on equities and seen …

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• 6 December 2023 7:38 pm

  BoC holds key interest rate at 5% as expected

  

  The Bank of Canada (BoC) opted to maintain its key interest rate at 5% on Wednesday, for the third consecutive decision, as widely expected. According to the BoC the latest data “suggest the economy is no longer in excess demand”. The tone of the statement hints at no rate hikes …

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• 6 December 2023 4:37 pm

  Gold rises as the dollar declines, affected by US jobs data and interest rates

  

  Gold prices rose today, Wednesday, December 6, with the decline of the dollar, and US jobs data, which was weaker than expected, reinforced bets on the end of the US Federal Reserve’s monetary policy tightening cycle. Gold rose in instant transactions by 0.2% to $2,023.39 per ounce. US gold futures …

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• 6 December 2023 2:59 pm

  European stocks rise supported by the mining sector and a rise in the German DAX index

  

  European stocks rose on Wednesday as bets increased that global interest rate hikes had peaked, with the mining sector, a beneficiary of higher metal prices, leading gains while Germany’s DAX index hit a new record high. The European STOXX 600 index rose 0.1 percent by 0809 GMT, while the German …

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• 6 December 2023 1:37 pm

  Dollar is stable as investors evaluate labor market data and the yuan declines

  

  The dollar remained near its highest level in two weeks against a basket of currencies on Wednesday as investors evaluated US economic data that showed a decline in jobs in the labor market, while betting that the Federal Reserve would cut interest rates next year. Attention in Asia focused on …

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• 6 December 2023 12:46 pm

  Variation in oil prices as the market assesses OPEC+ cuts and Chinese demand concerns

  

  Oil prices varied in Asian trading on Wednesday, after recording losses over four sessions, as markets evaluated the effectiveness of OPEC+ production cuts and concerns about the deteriorating demand prospects in China. By 0438 GMT, Brent crude futures rose one cent to $77.21 per barrel. US West Texas Intermediate crude …

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• 6 December 2023 4:15 am

  BoC Preview: Interest rate policy expected to remain on pause

  

  Economists expect the Bank of Canada to hold interest rates unchanged when it announces key policy this week, with some saying they expect the central bank to be done raising rates.The Bank of Canada will announce its decision on interest rates on Wednesday after choosing to keep interest rates at …

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• 6 December 2023 3:57 am

  Market Drivers – US Session, Dec. 5

  

  On Wednesday morning during the early Asian session, the price of gold (XAU/USD) declines. The yellow metal declines due to the renewed demand for US dollars (USD). The US Dollar Index (DXY), which measures the value of the US dollar relative to a weighted basket of currencies that is used …

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• 6 December 2023 2:04 am

  EUR/USD dives amidst broad US dollar’s momentum

  

  The market is heavily heading towards safe havens, and the EUR/USD pair has broken through the 1.0800 handle. The Euro is expected to fall against the US dollar for a fifth day in a row. Even better-than-expected Eurozone economic data was easily ignored by most market players.With the Euro falling …

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• 5 December 2023 11:44 pm

  AUD/JPY retreats post RBA’s dovish hold

  

  The AUD/JPY pair retreated below key support levels. If AUD/JPY buyers reclaim 97.00, a rally to 98.00 is on the cards.The AUD/JPY began Wednesday’s Asian session with a negative tone after registering losses of more than 1% on Tuesday. This is courtesy of the Reserve Bank of Australia (RBA), which …

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