Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2023

• 12 October 2023 4:03 pm

  OPEC maintains its forecast for global oil demand growth in 2024

  

  The Organization of the Petroleum Exporting Countries (OPEC) on Thursday maintained its forecast for relatively strong growth in global oil demand in 2023 and 2024, citing signs of a resilient global economy so far this year and forecasting increased demand in China. The organization stated in a monthly report that …

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• 12 October 2023 2:50 pm

  Britain’s economy turns to growth in August

  

  The UK’s GDP grew by about 0.2% last August, and by the same rate during the second quarter of 2023. According to data from the National Statistics Authority issued today, Thursday, the twelfth of October, the growth of the economy during August came after a contraction in the gross domestic …

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• 12 October 2023 2:19 pm

  European stocks touch 3-week high after interest rate hike fears subside

  

  European stocks hit a three-week high on Thursday, supported by a new round of decline in government bond yields and investor relief due to dovish comments from Federal Reserve officials. The European STOXX 600 index rose 0.6 percent by 0711 GMT, with the mining and car manufacturing sectors leading the …

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• 12 October 2023 12:11 pm

  US dollar hovers near two-week lows ahead of CPI data

  

  There was little change in the dollar, but it hovered near the lowest level in two weeks on Thursday, after the minutes of the last meeting of the Federal Reserve revealed that policymakers are taking a cautious stance, at a time when investors are awaiting key data on inflation in …

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• 12 October 2023 1:35 am

  Market Drivers – US Session, October 11

  

  Gold broke above $1,860 and jumped to $1,875, boosted by lower yields and the weaker dollar. Silver joined the rally, climbing above $22.00.The US Dollar finished flat despite higher-than-expected US wholesale inflation and the release of the FOMC minutes. The Greenback remains weak as US yields continue to pull back. …

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• 12 October 2023 1:23 am

  CPI Data Preview: Will inflation data support more interest rate hikes?

  

  Markets are eagerly awaiting September’s Consumer Price Index (CPI) report, with the Bureau of Labor Statistics set to release the report on Thursday. The unexpected rise in September’s Producer Price Index (PPI) has heightened anticipation for the upcoming Consumer Inflation Index, especially with the Federal Open Market Committee (FOMC) meeting …

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• 12 October 2023 1:01 am

  Ahead of CPI figures, EUR/USD dips as traders left uncertain post-FOMC minutes

  

  A number of European Central Bank (ECB) officials’ neutral stance caused the Euro to suffer only minor losses against the US Dollar, although data from the US raised worries that the US Federal Reserve (Fed) might raise rates in response to an inflation report. Trading at 1.0598, the EUR/USD is …

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• 11 October 2023 11:47 pm

  WTI dives on Saudi pledges for market stability

  

  Despite an earlier increase amid worries about an Israel-Hamas conflict, WTI crude falls to $82.86 per barrel as at the time of writing; down -1.93%. Price increases are tempered by Saudi Arabia’s commitment to market stability and potential intervention.Data on global inflation as well as US inflation and Russian output …

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• 11 October 2023 11:03 pm

  Gold struggles to find momentum following FOMC minutes

  

  Gold’s minor gain on Wednesday has the pair pushing back to the 50% retracement region of the last top-to-bottom swing on the daily candles, and spot Gold bids are set for a challenge of the 50-day Simple Moving Average (SMA) near the $1,900 handle.Gold remains notably down from the year’s …

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• 11 October 2023 10:08 pm

  FOMC minutes: Participants judged that risks had become more two-sided

  

  The FOMC minutes, released a few minutes ago, indicated that many policymakers and participants saw downside risks to economic activity and upside risks to the unemployment rate.Vast majority of participants just future path of economy as highly uncertain. More evidence needed to be confident price pressures ebbing. Several participants commented …

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• 11 October 2023 9:49 pm

  US Dollar trades flat after hot PPI figures ahead of FOMC minutes

  

  The US dollar is still having trouble gaining traction. In September, US PPI increased by 2.2% YoY, exceeding expectations. Later in the afternoon, the FOMC will make public its minutes from its meeting in September.Despite the tension between Israel and Hamas, markets are still wary. Following the publication of trending …

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• 11 October 2023 8:43 pm

  USD/JPY gains momentum ahead of FOMC minutes

  

  USD/JPY gained 0.20% on the day, rising above 149.00. The US PPI from September accelerated, beating expectations. The trajectory of the pair is determined by the dovish stance of the Bank of Japan (BoJ). Later in the session, markets will monitor the Federal Open Market Committee (FOMC) minutes from the …

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• 11 October 2023 8:04 pm

  Fed’s Waller: Markets are tightening and will do some of the work for us

  

  Fed Governor Christopher Waller noted on Wednesday that inflation data in the last three months has been “very good,” per Reuters. “If current trends continue, inflation will basically be back to the target,” Waller added.The US Dollar Index stays under modest bearish pressure following these comments and was last seen …

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