Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 2 August 2023 10:06 pm

  Washington outraged, stocks sink on US credit rating’s historic downgrade

  

  Following a historic downgrade of the US credit rating by Fitch Ratings, which lowered the US debt rating from the highest AAA rating to AA+, stocks have declined. The rating was lowered after lawmakers risked the country’s first default by negotiating a debt ceiling agreement earlier this year. According to …

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• 2 August 2023 8:52 pm

  US dollar surges following employment data

  

  The US Dollar has risen to its highest level since July 7 above 102.50, following to the US government’s credit rating downgrade by Fitch. The USD Index held above 102.50 despite the pullback in the American session and advanced to a 25-day-high above 102.50 on Wednesday. US private sector employment …

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• 2 August 2023 7:38 pm

  Euro retreats on absence of momentous catalysts

  

  The Euro is experiencing losses against the US dollar as the European session draws to a close. The EUR/USD pair slides back to the 1.0919 zone, at the time of writing, as the American currency advances further. The USD Index maintains a positive mood past 102.76. Spanish unemployment shrank by …

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• 2 August 2023 3:46 pm

  Putin confirms Russia’s position on the grain deal in a call with Erdogan

  

  Russian President Vladimir Putin told his Turkish counterpart Recep Tayyip Erdogan on Wednesday that Moscow is ready to return to the deal to export grain across the Black Sea once the West fulfills its obligations regarding Russia’s grain exports. The Kremlin said in a statement that Putin, in a call …

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• 2 August 2023 2:46 pm

  Reuters: The OPEC+ committee will not likely change oil policy at Friday’s meeting

  

  Sources in the OPEC + group told Reuters that the group is unlikely to change the current oil production policy during the meeting of the ministerial committee on Friday, as the lack of supplies and the strength of the demand trend lead to an increase in oil prices. Ministers from …

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• 2 August 2023 1:49 pm

  BoE is torn between fighting inflation and recession danger

  

  The Bank of England, which is expected to increase interest rates once again on Thursday, must balance the need to combat an inflation rate that is already running at more than four times its objective against the harm that 13 consecutive rate increases have already done to the economy. Most …

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• 2 August 2023 1:22 pm

  European shares fell to their lowest in two weeks

  

  European stocks fell on Wednesday to their lowest levels in nearly two weeks, with technology and auto stocks leading the losses, as investors globally fled from risky assets after Fitch Ratings suddenly downgraded the credit rating of the United States. The pan-European Stoxx 600 index fell 1.1% by 0708 GMT, …

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• 2 August 2023 11:52 am

  Japan’s stocks recorded the biggest daily decline this year

  

  Japanese stocks posted their largest daily decline in percentage terms this year, as caution spread in Asian markets after an unexpected downgrade of the credit rating of the United States negatively affected sentiment. The Nikkei index fell 2.30 percent to close at 32,707.69 points, the largest daily decline since December …

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• 2 August 2023 10:28 am

  Gold rises after the decline in the dollar and Treasury yields following Fitch’s decision

  

  Gold prices rose on Wednesday after the decline in the dollar and US Treasury bond yields following Fitch’s decision to downgrade the credit rating of the United States, which undermined confidence in the US economy ahead of the release of important data expected this week. The spot gold price rose …

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• 2 August 2023 9:17 am

  Dollar is falling after the downgrade of the credit rating of the United States

  

  The dollar fell on Wednesday after Fitch’s decision to downgrade the credit rating of the United States raised questions about the country’s fiscal outlook, but got some support from a series of relatively strong economic data. On Tuesday, Fitch lowered the US rating to AA+ from AAA, in a move …

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• 1 August 2023 10:43 pm

  Could China’s weak PMI figures be good news for commodities?

  

  For the past three months, China’s Purchasing Managers’ Index has been below 50, a sign that the second-largest economy in the world is getting more and more pessimistic. The sub-index for the important construction industry dropped significantly from a high of 65.6 in March to 51.2 in July. Beijing’s most …

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• 1 August 2023 9:43 pm

  USD/JPY jumps above 143.00 after US data

  

  The USD/JPY pair advances for a third day in a row, gaining 0.70% and moving up towards the 143.53 region, as at the time of writing. Although it accelerated in July, the ISM Manufacturing PMI fell short of expectations. Additionally, JOLTs statistics fall short of predictions.Prior to important labour market …

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• 1 August 2023 8:17 pm

  AUD declines post RBA’s surprise decision

  

  The Australian dollar experienced a significant decline on Tuesday due to the Reserve Bank of Australia’s decision to keep its key interest rate unchanged at 4.10% at its August meeting. This decision was surprising as higher interest rates tend to strengthen a currency by attracting more foreign capital. The release …

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