Noor Trends News, Technical Analysis, Educational Tools and Recommendations

December, 2023

• 6 December 2023 12:46 pm

  Variation in oil prices as the market assesses OPEC+ cuts and Chinese demand concerns

  

  Oil prices varied in Asian trading on Wednesday, after recording losses over four sessions, as markets evaluated the effectiveness of OPEC+ production cuts and concerns about the deteriorating demand prospects in China. By 0438 GMT, Brent crude futures rose one cent to $77.21 per barrel. US West Texas Intermediate crude …

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• 6 December 2023 4:15 am

  BoC Preview: Interest rate policy expected to remain on pause

  

  Economists expect the Bank of Canada to hold interest rates unchanged when it announces key policy this week, with some saying they expect the central bank to be done raising rates.The Bank of Canada will announce its decision on interest rates on Wednesday after choosing to keep interest rates at …

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• 6 December 2023 3:57 am

  Market Drivers – US Session, Dec. 5

  

  On Wednesday morning during the early Asian session, the price of gold (XAU/USD) declines. The yellow metal declines due to the renewed demand for US dollars (USD). The US Dollar Index (DXY), which measures the value of the US dollar relative to a weighted basket of currencies that is used …

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• 6 December 2023 2:04 am

  EUR/USD dives amidst broad US dollar’s momentum

  

  The market is heavily heading towards safe havens, and the EUR/USD pair has broken through the 1.0800 handle. The Euro is expected to fall against the US dollar for a fifth day in a row. Even better-than-expected Eurozone economic data was easily ignored by most market players.With the Euro falling …

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• 5 December 2023 11:44 pm

  AUD/JPY retreats post RBA’s dovish hold

  

  The AUD/JPY pair retreated below key support levels. If AUD/JPY buyers reclaim 97.00, a rally to 98.00 is on the cards.The AUD/JPY began Wednesday’s Asian session with a negative tone after registering losses of more than 1% on Tuesday. This is courtesy of the Reserve Bank of Australia (RBA), which …

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• 5 December 2023 10:39 pm

  Explainer: How could Moody’s warning affect China’s economy?

  

  Moody’s has downgraded China’s sovereign credit rating to negative, citing growing growth risks and a property sector crisis in the world’s second-largest economy. The downgrade follows a month-long lower of the US’s triple-A credit rating, indicating a growing likelihood of default over the past year. The AUD/USD pair was up …

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• 5 December 2023 9:50 pm

  Gold down after diving $100 in two days on stronger US dollar

  

  Gold’s $100 two-day decline challenges the metal’s reputation as a safe haven in the face of growing dollar appeal. The US Dollar Index rises 0.29% to 103.93, indicating a change in the way the market views the dollar. Following an unexpectedly high ISM Non-Manufacturing PMI of 52.7, the US economy …

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• 5 December 2023 9:06 pm

  US stocks mixed on slowing US labour market demand

  

  US stocks were mixed on Tuesday following the release of fresh jobs data by the US Bureau of Labour Statistics. Tech stocks reversed earlier losses, leading the mid-morning session with the Nasdaq Composite up about 0.6%. The benchmark S&P 500 inched more than 0.1% higher, while the Dow Jones Industrial …

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• 5 December 2023 8:11 pm

  US JOLTS Job Openings fall below estimates to 8.7 million in October

  

  The number of job openings on the last business day of October stood at 8.7 million, the US Bureau of Labor Statistics (BLS) reported in the Job Openings and Labor Turnover Survey (JOLTS) on Tuesday. This reading followed 9.35 million (revised from 9.55 million) openings in September and came in …

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• 5 December 2023 7:29 pm

  Oil’s losses extended for fourth day amid OPEC+ uncertainty

  

  The US Crude Oil benchmark, WTI, has extended its losses for four consecutive days due to factors such as the Greenback’s recovery and demand concerns countering supply worries. The benchmark is trading at $72.72 per barrel, down 0.41%. In the latest OPEC+ meeting, members agreed to output cuts of 2.2 …

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• 5 December 2023 7:00 pm

  US ISM Services PMI slightly rises in November

  

  The US ISM Service PMI Index increases to 52.7 in November from 51.8 in October. The US dollar slides after JOTLS report and ISM Service PMI.Economic activity in the services sector expanded in November for the 11th consecutive month. The ISM Services PMI stood at 52.7, up from 51.8 in …

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• 5 December 2023 3:30 pm

  European stocks decline, affected by a decline in financial sector stocks

  

  European stocks fell on Tuesday, affected by a decline in financial sector stocks after Qatar reduced its stake in Barclays Bank, while investors remained cautious ahead of important economic data later on Tuesday. The European STOXX 600 index fell 0.1 percent by 8:12 GMT. Barclays shares fell 3.3 percent a …

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• 5 December 2023 2:11 pm

  Nikkei records its largest daily loss in about 6 weeks

  

  Japan’s Nikkei index recorded its biggest daily decline in about six weeks on Tuesday, as rising US Treasury yields led to heavy selling in shares of Advantest and other chip-related companies. The Nikkei fell 1.37 percent to close at 32,775.82 points on Tuesday, the largest daily decline since October 26. …

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