Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2023

• 3 October 2023 2:10 am

  Gold hits 7-month low at the start of 2023’s Q4

  

  Gold is falling with bonds, equity, and commodity prices as expectations for US interest rates rose after the US government struck a deal with Republican opponents to avert a shutdown until the middle of next month. US President Joe Biden signed a bill to extend government funding for 6 weeks, …

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• 3 October 2023 1:37 am

  Canadian dollar retreats on stronger US counterpart

  

  The US dollar had a substantial increase in momentum on Monday as risk appetite across the board decreased and uneasy investors piled into the USD. Just below 1.3680, the USD/CAD pair is rounding into the midway of the US trading session.The Purchasing Managers Index (PMI) for Canadian Manufacturing fell on …

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• 3 October 2023 12:51 am

  WTI crude declines on increased output

  

  As profit-taking increases and the US Dollar strengthens as a result of rising US Treasury bond yields, WTI crude declines 2.37% to $88.54 per barrel. The demand for oil may be at danger due to worries about the economy’s slowdown, which are emphasized by lower manufacturing data from China and …

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• 2 October 2023 10:27 pm

  Fed’s Barr: Important to ask how long to hold onto tightening policy

  

  Michael Barr, Vice Chair for Supervision of the Federal Reserve, stated on Monday that the central bank should implement monetary policy cautiously.The most important question, in his opinion, is not how much higher interest rates will rise, but rather how long they will stay at a level that is appropriately …

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• 2 October 2023 9:19 pm

  EUR/USD slides amid surging US yields, hawkish Fed

  

  Rising US Treasury bond yields and anticipation of further Fed tightening weigh heavily on the EUR/USD pair, which declines to 1.0500, down 0.69%. The Euro is losing value due to divergent economic forecasts that show growing US business activity and slowing manufacturing activity in the Eurozone.With major support at 1.0500 …

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• 2 October 2023 8:20 pm

  ISM Manufacturing Index Exhibits Recovery Signs

  

  The US economy’s main engine, the industrial sector, is still contracting. However, there are indicators of progress. The purchasing managers index, or PMI, published by the Institute for Supply Management registered 49 in September as opposed to 47.6 in August.According to the data presented on Monday, the US manufacturing sector …

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• 2 October 2023 7:37 pm

  Fed’s Powell: Economy still working through pandemic impact

  

  The U.S. economy is still dealing with the aftermath of the COVID-19 pandemic, Federal Reserve chair Jerome Powell said during a meeting with community and business leaders in York, Pennsylvania.“We are still coming through the other side of the pandemic,” Powell said, noting labour shortages in healthcare, ongoing difficulties with …

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• 2 October 2023 5:33 pm

  While metals markets might be frustrating, the alternatives are even worse

  

  In the United States, inflation, as measured by the change in the Personal Consumption Expenditures (PCE) Price Index, rose to 3.5% on an annual basis in August, up from 3.4% (revised from 3.3%) in July, according to the US Bureau of Economic Analysis on Friday. This reading was consistent with …

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• 2 October 2023 4:03 pm

  Reuters survey: OPEC oil production rose for the second month with support from Nigeria and Iran

  

  A Reuters survey showed on Monday that the Organization of the Petroleum Exporting Countries (OPEC) oil production rose for the second month in a row in September, supported by higher production from Nigeria and Iran, despite Saudi Arabia and other members of the broader OPEC+ alliance continuing to cut production …

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• 2 October 2023 2:42 pm

  Gold fell to its lowest levels in seven months

  

  Gold prices fell to $1,830 per ounce during trading on Monday, reaching their lowest levels in seven months due to pressure resulting from the strong dollar and high Treasury yields, as well as today’s expected speech by Jerome Powell. Gold’s decline today is the worst in two years, incurring monthly …

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• 2 October 2023 1:33 pm

  Manufacturing in Russia grew at its fastest pace in more than 6 years

  

  Factory activity in Russia grew at the fastest pace in more than six years in September, and employment in the sector increased at the fastest rate in more than two decades, a survey showed on Monday. The Standard & Poor’s Global Manufacturing Purchasing Managers’ Index rose to 54.5 from 52.7 …

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• 2 October 2023 1:09 pm

  European stocks start the 4th quarter with gains

  

  European stocks began the last quarter of 2023 with modest gains on Monday after the United States avoided entering a government shutdown, while investors awaited factory activity data for indications about the performance of companies in the euro zone. The European STOXX 600 index rose 0.4 percent by 0717 GMT, …

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• 2 October 2023 11:53 am

  Strength of USD putting pressure on gold

  

  Gold continued its losses on Monday for the sixth session in a row, reaching its lowest level in about seven months in light of the continued rise of the dollar, traders’ evaluation of a major report on inflation in the United States, and their anticipation of a number of labor …

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