Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 16 February 2024 7:44 pm

  EUR/USD falls as PPI signals policy tightening

  

  The EUR/USD pair has fallen to 1.0759 as US inflation data surpasses expectations, indicating sustained Fed attentiveness. January’s Producer Price Index (PPI) increased 0.3% MoM, exceeding estimates, while the core PPI also beat forecasts, jumping sharply to 0.5% MoM from -0.1% in December. The ECB’s cautious approach to rate cuts …

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• 16 February 2024 5:41 pm

  US Core Producer Price Index Surges, Exceeding Expectations

  

  In January 2024, the US core producer price index, which excludes food and energy costs, experienced a notable surge, rising by 0.5% compared to the previous month. This robust rebound marked a significant turnaround from the 0.1% decline observed in the preceding month, surpassing market forecasts that had anticipated a …

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• 16 February 2024 2:50 pm

  Dollar Slips Amid Strong US Data but Anticipation of Fed Rate Cut Persists

  

  The US dollar faced a second consecutive session of decline on Thursday, following the release of a mix of robust US economic data. However, market sentiment remains geared towards the Federal Reserve’s potential interest rate cut in June, marking the first adjustment since the onset of the Covid-19 pandemic. Dollar …

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• 16 February 2024 1:36 pm

  Turkish Lira Faces Significant Decline Amid Economic Uncertainties

  

  The Turkish lira experienced a notable decline in trading on Friday, nearing the threshold of 31 lira against the US dollar. This downturn comes amidst ongoing economic challenges and concerns over inflationary pressures. Government’s Optimism on Portfolio Flows: Turkish Finance Minister Mehmet Simsek expressed optimism regarding net portfolio flows to …

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• 16 February 2024 12:47 pm

  Positive Retail Sales Data Boosts British Economy

  

  Data released by the National Bureau of Statistics in Britain on Friday morning revealed a positive uptick in retail sales during January, signaling encouraging signs for the country’s economic recovery. The report indicated a notable growth in retail sales, surpassing market expectations and showcasing resilience amidst ongoing economic challenges. Annual …

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• 16 February 2024 12:46 pm

  Turkish Finance Minister Optimistic About Portfolio Flows and Collaborations

  

  During a Turkish-Saudi investment and business forum in Istanbul, Turkish Finance Minister Mehmet Simsek expressed optimism about the trajectory of net portfolio flows to Turkey, noting an increase in the second half of last year. He further anticipated an acceleration in these flows following local elections scheduled for the end …

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• 16 February 2024 12:45 pm

  Nikkei Index Nears All-Time High, Hits 34-Year Peak

  

  Nikkei’s Historic Surge:Japan’s Nikkei index surged to its highest level in 34 years on Friday, edging closer to surpassing the all-time high reached during the country’s economic bubble era in the 1980s. The index breached the post-bubble economic era’s previous peak, setting the stage for potentially eclipsing the record set …

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• 16 February 2024 10:40 am

  Gold Under Pressure Amid Shifting Rate Cut Expectations

  

  Subdued Performance Overview:Gold faces downward pressure for the second consecutive week on Friday, as unexpected upticks in US consumer prices prompt traders to reassess their outlook on interest rate cuts. However, the precious metal sees a partial recovery following a decline in consumer spending. Gold Price Movement:Spot gold settled at …

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• 16 February 2024 10:14 am

  Oil Prices Reflect Mixed Sentiment Amid Economic Data and Demand Concerns

  

  Subdued Movement Overview:Oil prices displayed a mixed performance on Friday as market participants weighed expectations of slowing demand against hopes for potential interest rate cuts in the United States. Brent crude futures experienced a marginal decline, while US West Texas Intermediate crude futures saw marginal gains. Price Dynamics:Brent crude futures …

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• 16 February 2024 2:20 am

  Market Drivers – US Session, February 15

  

  The Atlanta Fed GDPNow estimates for first-quarter growth dipped to 2.9% from 3.4%. Atlanta Fed GDPNow’s report reads as follows: “The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.9 percent on February 15, down from 3.4 percent on February …

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• 16 February 2024 1:36 am

  S&P 500 hits record high in late session rally

  

  All three main indices finished Thursday’s trading day in the green territory, recovering from sharp losses earlier in the week. The S&P 500 closed at a new record high. As of now this year, the 500-stock benchmark has closed on 11 consecutive record highs.The Nasdaq Composite gained 0.30% to conclude …

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• 16 February 2024 12:31 am

  Gold marks beginning bullish reversal on mixed US data

  

  Gold prices have been trading at $2,003.70 per ounce, up 0.73% since yesterday’s price and down 3.03% from the beginning of the year. At the time of writing, gold is trading at $2004.44 per ounce, up +0.63%. Mixed US economic data has impacted the US Dollar, with US Treasury yields …

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• 15 February 2024 11:42 pm

  Fed’s Powell prepares for congressional testimony in early March

  

  Fed Chair Jerome Powell is set to give the Senate banking committee its biannual monetary policy update on March 7. The House Financial Services Committee is expected to host Powell at a hearing at least a day earlier, based on past practice. Investors will be keenly interested in Powell’s congressional …

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