Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2023

• 5 October 2023 1:30 am

  GBP/USD rallies despite UK business activity contraction

  

  The GBP/USD pair has rallied from a daily low of 1.2037 to trade at 1.2144 at the time of writing, despite UK Services PMI and Composite figures indicating a contraction in business activity. The US ADP Employment Change report and ISM Non-Manufacturing PMI reveal a slowdown in private sector hiring …

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• 5 October 2023 12:45 am

  US agencies worried although Congress avoided shutdown

  

  US agencies have stopped clearing fuel in heavily forested areas to prevent wildfire spread. A 45-day stopgap funding bill was passed just hours before agencies would have been forced to close, but employees say everything stops as the work process shifts gears. The Office of Management and Budget formally kicked …

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• 5 October 2023 12:18 am

  Canadian dollar slides as oil prices decline

  

  The USD/CAD pair reached a seven-month high of 1.3780 before falling back to 1.3730. The pair experienced an initial rebound from the 1.3700 level and is expected to climb higher if bullish momentum persists. The Canadian dollar’s chances of a short-side reversal may be increasing as the Relative Strength Index …

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• 4 October 2023 11:02 pm

  EUR/USD hits daily high post-EU Retail Sales, US ADP data

  

  The EUR/USD reached a daily high of 1.0532 on Wednesday, but Euro upside remains limited due to mixed economic data for the EU and US. Eurozone Retail Sales fell 2.1% YoY in August versus -1.2% expected, while the European Producer Price Index (PPI) improved slightly over the forecast -11.6%. European …

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• 4 October 2023 10:28 pm

  Oil dragged lower as OPEC maintains its output target

  

  While US WTI slid $3.29, or 3.69 percent, to $85.94 per barrel, Brent crude oil futures were down $3.30, or 3.63 percent. On Wednesday, October 4, oil plummeted by more than $3 a barrel as worries about macroeconomic headwinds’ impact on demand outweighed Saudi Arabia’s and Russia’s commitments to maintain …

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• 4 October 2023 8:54 pm

  Has Lagarde meant to arouse doubts about Euro, US dollar?

  

  ECB’s Christine Lagarde, has cautioned that the United States and the Eurozone should never take the status of their currencies as reserve currency for granted because nations like China and Russia are working to develop their own financial systems.The eighty-year dominance of the dollar as the world’s reserve currency has …

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• 4 October 2023 7:46 pm

  Gold price eyes recovery after a long selloff

  

  Gold price up by 0.07%; trading at $1823.78 per ounce at the time of writing. The precious metal is looking forward to recovery due to softer than expected US ADP Employment Change data. Job vacancies by US employers were upbeat in August, indicating strong labor demand. However, the US Services …

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• 4 October 2023 3:57 pm

  Reuters: The OPEC+ will likely not change its production policy

  

  OPEC+ sources told Reuters that the alliance is unlikely to change its current oil production policy when the Joint Ministerial Monitoring Committee meets on Wednesday, while Saudi Arabia and Russia said they would maintain voluntary supply cuts to support the market. Ministers of the Organization of the Petroleum Exporting Countries …

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• 4 October 2023 2:46 pm

  Gold declines as dollar and bond yields rise

  

  Gold prices returned on Wednesday, heading towards the lowest level in seven months, in light of the rise in the dollar and Treasury bond yields after strong US jobs data, which maintained expectations of further monetary tightening, while palladium fell to its lowest level since late 2018. Spot gold prices …

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• 4 October 2023 1:30 pm

  Bond rally keeps European stocks lower for third day

  

  European stocks were affected for the third day in a row on Wednesday by the significant effects on US and European stock returns in general due to the presence of a large number of investors for the idea and thus the severe negative impact of the small run out. The …

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• 4 October 2023 12:01 pm

  Yen is close to 150 to USD amid speculation that authorities have intervened

  

  On Wednesday, the Japanese yen fell slightly against the dollar after its unexpected rise in the previous session, which raised speculation that the Japanese authorities intervened to support the currency. The Japanese currency fell slightly to 149.12 to the dollar in early Asian trading, after jumping about two percent during …

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• 4 October 2023 11:18 am

  Oil fell amid fears of rising interest rates and ahead of an OPEC+ meeting

  

  Oil prices fell on Wednesday ahead of a meeting of a committee of OPEC+ ministers as the market balanced expectations of supply shortages with fears that higher interest rates would reduce demand for oil. Brent crude futures fell six cents to $90.86 a barrel by 0345 GMT, while US West …

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• 4 October 2023 3:29 am

  US House Speaker Removed for First Time in History

  

  It is the first time in the US history that House representatives have voted the Speaker out.US House Speaker, Kevin McCarthy, has been removed from office for first time in history.It follows a decision made by McCarthy over the weekend to cooperate with the Democrats to keep the government running …

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