Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 6 February 2024 10:33 pm

  US dollar slides on profit taking, Mester’s comments

  

  The Dollar Index temporarily dipped below 104.20 on Tuesday, one day after reaching its best level in nearly three months on good economic data and the Fed’s hawkish stance on interest rates, with the US service sector exhibiting resilience, prompting markets to disregard an interest rate cut in March. Loretta …

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• 6 February 2024 9:31 pm

  Wall Street opens mostly higher as focus shifts to earnings

  

  After opening mostly higher, US stocks experienced a decline in early trading on Tuesday, with the S&P 500 falling about 0.1% and the Nasdaq Composite dropping about 0.3%. The Dow Jones Industrial Average rose by 0.1% on Monday, following a warning from Fed Chair Jerome Powell that the Federal Reserve …

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• 6 February 2024 9:03 pm

  China’s imports of key commodities make a strong new year start

  

  China’s imports of major commodities have made a strong start to the new year. However, caution is needed due to the potential influence of the Lunar New Year holidays, which fall entirely in February this year. This could have boosted imports of crude oil, liquefied natural gas (LNG), thermal coal, …

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• 6 February 2024 8:35 pm

  Could China Admit Need for Urgent Economic Recovery?

  

  As China prepares for the Lunar New Year holiday, the mood is generally positive, with state media expressing optimism. However, there is growing discontent and hopelessness among the population, who are feeling battered by months of economic uncertainty, falling employment, and a warning housing crisis. The Chinese government’s attempts to …

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• 6 February 2024 7:48 pm

  USD/JPY closer to weekly highs amid Powell’s hawkish comments, US data

  

  The USD/JPY pair is slightly down close to week’s high, following Powell’s hawkish comments.Powell’s caution on early rate cuts contrasts with strong US job growth in January.Rising US Treasury yields and solid ISM PMIs highlight a robust US economic outlook, supporting the Dollar.Despite BoJ’s negative rate policy hints, Japan’s data …

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• 6 February 2024 4:36 pm

  Gold Prices Hover as Investors Await Clarity on Fed’s Stance

  

  Gold Prices Hover as Investors Await Clarity on Fed’s Stance In the European trading session on Tuesday, Gold prices (XAU/USD) exhibit a lack of decisive movement, ensnared within a tight range, as market participants eagerly await key insights from Federal Reserve (Fed) officials regarding their outlook on interest rates. The …

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• 6 February 2024 4:05 pm

  German Government Approves $17 Billion Plan to Support Hydrogen-Ready Gas Power Plants

  

  The German Economy Ministry announced on Monday its approval of plans to provide subsidies totaling $17 billion to support gas power plants capable of converting to hydrogen. This initiative aims to address the intermittency of renewable energy sources and expedite the transition to low-carbon power generation. Key Points: Purpose: The …

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• 6 February 2024 2:44 pm

  Toyota Raises Profit Forecast Amid Strong Q3 Performance

  

  On February 6, Japanese automaker Toyota Motors revised its operating profit forecast for the fiscal year upwards by approximately 9%, following better-than-expected profits in the third quarter. The company’s success was attributed to a weakened yen and robust sales of high-margin cars and hybrid vehicles. Key Points: Profit Forecast Increase: …

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• 6 February 2024 2:08 pm

  European Stocks Rise on BP Earnings and Chinese Stimulus Hopes

  

  European stocks opened higher on Tuesday, buoyed by positive earnings from oil giant BP and indications of fresh stimulus measures to support struggling Chinese financial markets. Key Points: Stoxx 600 Index Gains: The European Stoxx 600 index advanced by 0.27%, following a 1.3% surge in Asian stocks driven by efforts …

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• 6 February 2024 1:11 pm

  Surprise Increase in German Industrial Orders

  

  The Federal Statistics Office in Germany announced on Tuesday that industrial orders in the country experienced an unexpected upturn in December, defying analysts’ projections. Key Findings: December Industrial Orders Surprising Growth: Industrial orders surged by 8.9 percent from the previous month after adjusting for seasonal variations and calendar factors. This …

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• 6 February 2024 12:31 pm

  Profit-Taking Drives Nikkei Lower Amid Earnings Evaluation

  

  Evaluation of Market Performance and Corporate Results The Nikkei stock index in Japan experienced a downturn on Tuesday as investors engaged in profit-taking activities following recent gains, all while scrutinizing the latest earnings reports from domestic companies. Market Performance Nikkei’s Decline The Nikkei index concluded the session with a decline …

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• 6 February 2024 11:55 am

  US Dollar Holds Firm, Australian Dollar Rises on Central Bank’s Hawkish Stance

  

  The US dollar maintained its position near a three-month high on Tuesday, bolstered by reduced expectations of significant interest rate cuts by the US Federal Reserve. Conversely, the Australian dollar saw an uptick following indications from the Reserve Bank of Australia (RBA) suggesting a potential interest rate hike to address …

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• 6 February 2024 3:35 am

  Market Drivers – US Session, February 5

  

  Stronger US fundamentals as well as Powell’s hawkish tone over the weekend were more than enough to propel the US dollar to new yearly highs and place the risk-associated universe under increased pressure at the start of a new trading week.The US dollar surged to fresh yearly highs well above …

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