Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 24 November 2023 5:30 pm

  Dollar declines in limited deals with expectations that interest rates will reach their peak

  

  The dollar fell on Friday as investors bet that US interest rates had peaked, while the yen rose after Japan’s core consumer prices grew, boosting expectations that the Bank of Japan may soon roll back monetary stimulus. With US markets closed on Thursday due to the Thanksgiving holiday and a …

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• 24 November 2023 3:38 pm

  Brent rises ahead of OPEC+ decision on production

  

  Brent crude futures rose on Friday, recouping some of the previous session’s losses as traders tried to guess whether the OPEC+ alliance would reach an agreement that would lead to further production cuts. By 0800 GMT, Brent crude futures rose 19 cents, equivalent to 0.23 percent, to $81.61, after falling …

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• 24 November 2023 1:08 pm

  European stocks fell due to losses in mining and technology stocks

  

  The main European stock index fell on Friday due to declines in mining and technology stocks, as investors evaluated economic data and the start of a four-day truce between Israel and Hamas. By 0810 GMT, the European STOXX 600 index fell 0.1 percent, but was still on track to achieve …

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• 23 November 2023 10:40 pm

  Gold price modestly gains amid US Thanksgiving

  

  Gold price has increased by 0.14% due to thin trading conditions during Thanksgiving, with the price currently trading at $1992, gaining 0.14% after hitting a daily low of $1989.56. The gold price benefits from declining US Treasury yields and USD weakness, trading near the $2000 mark. European equities closed in …

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• 23 November 2023 8:38 pm

  Economic indicators incite pessimistic outlook for 2024

  

  As of next January, a recession is predicted to hit the US economy as investment and production decline. According to a press release from the Conference Board, the Leading Economic Index (LEI) fell 0.8% in October and 3.3% over the previous six months, marking the 19th consecutive m-o-m decline. The …

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• 23 November 2023 7:17 pm

  China reduces oil imports from Venezuela

  

  China’s independent refiners, known as teapots, are holding off on making new purchases due to wide discrepancies in offer prices. Since the suspension of US sanctions on Venezuelan oil in mid-October for six months, global energy firms and trading houses Vitol, Gunvor, and Trafigura have gradually resumed purchases. The independent …

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• 23 November 2023 4:10 pm

  UK Preliminary Services PMI returns to expansion with 50.5 in November

  

  The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) for November came in at 46.7, surpassing expectations of 45.0 and marking an improvement from October’s final print of 44.8. In addition, the Preliminary UK Services Business Activity Index showed significant progress, reaching a four-month high of 50.5 in …

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• 23 November 2023 3:13 pm

  The Swedish central bank keeps interest rates unchanged at 4%

  

  The Riksbank kept the interest rate unchanged at 4% on Thursday, November 23, but said it was ready to raise it further if inflation expectations deteriorated. The central bank raised interest rates from zero levels in April 2022, in a series of increases to combat high inflation caused by Covid …

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• 23 November 2023 10:53 am

  Oil closed lower amid volatile trading with the postponement of the OPEC+ meeting

  

  Oil prices fell by about one percent on Wednesday in a volatile session, with the OPEC+ alliance suddenly postponed a meeting to determine production policy that was scheduled to be held next Sunday, raising questions about the future path of crude production cuts. Brent crude futures fell 49 cents to …

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• 23 November 2023 1:32 am

  Market Drivers – US Session, Nov. 22

  

  US Data on Wednesday came in mixed, including Durable Goods Orders that fell 5.4% in October, exceeding the expected 3.1% decline. On the positive side, the University of Michigan Consumer Sentiment Index stood at 61.3 in November, revised up from the preliminary reading of 60.3. Initial Jobless Claims that retreated …

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• 23 November 2023 1:08 am

  US stocks surge ahead of Thanksgiving

  

  On Wednesday, stocks experienced a surge following a brief decline in yields to their lowest point in several months, and the market’s rally from November extended into the Thanksgiving holiday. The S&P 500 increased by 0.4%, the Nasdaq Composite advanced by 0.5%, and the Dow Jones Industrial Average gained 178 …

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• 22 November 2023 11:57 pm

  Eurozone banks under pressure on accelerating loan default

  

  The European Central Bank has warned about rising loan default cases and late payments as signs of stress in the eurozone’s banks. The bank is facing higher funding costs, declining asset quality, and fewer lending volumes, despite increased interest rates boosting revenue and profits. The ECB also warns that slower …

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• 22 November 2023 10:39 pm

  Gold continues to face challenge below $2,000

  

  Spot Gold is bidding lower, testing back beneath the $2,000 key handle. The Gold Index (XAU/USD) is trimming back some gains as investors weigh their options post-US data.Gold remains well-bid, but $2,000 is proving to be a challenging level. XAU/USD tipped back into a daily high above the $2,000 mark, …

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