Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 16 November 2023 10:18 pm

  Bleak demand outlook drags WTI down to four-month lows

  

  WTI is trading at $73.055 per barrel as US oil stocks rise more than anticipated. Earlier on the day, the American crude touched four month lows at $72.55.Concerns about declining oil demand are fueled by weak US economic indicators, such as an increase in unemployment claims and a decline in …

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• 16 November 2023 9:36 pm

  Gold surges as soft data trigger bets on Fed

  

  Gold price surged to a peak of $1,987, up 1.35%, earlier in the North American trading session. The Gold Index (XAU/USD) rose to $1,985, indicating a bullish bias. The US Industrial Production figures were below forecast, and the number of jobless claims reached a three-month high. The precious metal is …

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• 16 November 2023 8:34 pm

  US dollar back in red territory after Jobless Claims report

  

  The US Dollar has retreated to the red territory as weekly Jobless Claims contribute to dampen mood for quick recovery of the American currency. Traders are concerned about their future positioning as the US Dollar Index is nearing a break below 104. This suggests that the Fed is not fully …

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• 16 November 2023 7:33 pm

  Are Biden-Xi talks able to achieve a Lot?

  

  Little progress was made during the San Francisco meeting between President Joe Biden and Chinese President Xi Jinping, but both leaders made encouraging remarks about addressing climate change and enhancing communication. According to Biden, US support for China’s faltering economy is desirable, but not at the price of US intellectual …

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• 16 November 2023 5:55 pm

  Saudi crude oil exports rise in September

  

  Data from the Joint Organizations Data Initiative (JODI) showed on Thursday that Saudi crude oil exports in September rose three percent from the previous month to reach 5.75 million barrels per day. At the same time, the world’s largest oil exporters’ crude oil production increased by 0.7 percent to 8.98 …

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• 16 November 2023 2:35 pm

  European stocks fell after rising in recent days

  

  The European benchmark index fell on Thursday after a three-month rise as optimism about the peak of monetary tightening and an eventual interest rate cut faded. The European STOXX 600 index fell 0.2 percent by 0810 GMT, after increasing 2.5 percent over the past three days and recording its highest …

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• 16 November 2023 11:46 am

  Gold rose slightly amid expectations that the US Central Bank will stop raising interest rates

  

  Gold prices rose on Thursday, supported by expectations that the Federal Reserve has reached the end of its monetary tightening cycle, but a stronger dollar limited gains. Gold rose in spot transactions 0.1 percent to $1,961.81 per ounce by 0315 GMT, while US gold futures settled at $1,964.60. Matt Simpson, …

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• 16 November 2023 1:39 am

  Yen falls under pressure from US bond yields

  

  The Japanese yen continues to retreat against the dollar since the beginning of daily trading on Wednesday, driven by the rise in US Treasury bond yields due to the famous correlation between both.The USD/JPY rose to 151.37, compared to the previous daily close of 150.37. The pair fell to its …

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• 16 November 2023 1:30 am

  Does potential further downside await US Dollar?

  

  The US Dollar Index has recovered to 104.40, its lowest point since September. The US Producer Price Index (PPI) saw a less-than-expected 1.3% YoY increase in October, falling short of the projected 1.9% rise. The Core Producer Price Index (PPI) also fell short of expectations, coming in at 2.4% YoY …

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• 16 November 2023 12:56 am

  WTI retreats on surging US oil inventories, global demand woes

  

  Due to record output levels and a greater-than-anticipated buildup in US crude inventories, WTI crude oil drops to $76.58 per barrel at the time of writing, down 1.92%.There are worries about possible drops in oil demand due to the Eurozone’s poor statistics and Japan’s economic contraction. Oil prices are supported …

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• 15 November 2023 11:25 pm

  Can Fed avoid recession that threatens US economy?

  

  The likelihood of a recession is one big question that is being discussed again and again as observers, including former Fed officials still argue that there is still an obvious risk of a recession.Jerome Powell and Co. are seen as walking on a fine line. The extent of fiscal stimulus, …

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• 15 November 2023 10:48 pm

  EUR/GBP closest to multi-month highs as bulls step in

  

  The EUR/GBP increased by 0.40% to reach 0.8740, erasing weekly losses. Bulls have space to test last week’s high of 0.8775. With the pair clearing its losses on Mondays and Tuesdays, the EUR/GBP trades with significant gains in the 0.8740 region. The following goal is 0.8775, which would be a …

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• 15 November 2023 9:38 pm

  USD/CHF trimming losses after solid US Retail Sales

  

  The USD/CHF saw some minor losses before levelling off at 0.8885, suggesting that inflation was slowing down. October’s US Producer Price Index (PPI) increased 1.3% year over year, less than the 1.9% increase that was anticipated.However, October’s Retail Sales performed better than expected, with a 0.1% month-on-month decline. The US …

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