Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2024

• 28 August 2024 3:16 am

  US dollar weakened against gold and European currencies

  

  The US dollar continued its downward trajectory on Tuesday, succumbing to pressure from rising risk appetite and mounting expectations of a Federal Reserve interest rate cut. The greenback closed lower against a basket of major currencies, including the euro and the pound, as investors flocked to riskier assets. The Federal …

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• 28 August 2024 3:01 am

  US bond yields continue to rise

  

  US Treasury yields have continued to climb since the open, driven by market optimism following a series of positive economic data releases. Additionally, markets are eagerly awaiting the release of the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) price index, later this week. The yield on the …

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• 28 August 2024 2:56 am

  USDJPY is decoupling from US Treasury yields

  

  USDJPY has broken its traditional inverse correlation with US Treasury yields, driven by a decline in the US dollar following the Federal Reserve’s meeting and Chairman Jerome Powell’s remarks at the Jackson Hole symposium. Powell’s comments hinted at a potential interest rate cut in September, a prospect further reinforced by …

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• 28 August 2024 1:49 am

  Euro weathered the storm of negative data

  

  Euro has shown resilience despite weaker-than-expected German economic data released on Tuesday. This data highlighted a deterioration in consumer confidence within the Eurozone. The German GfK consumer confidence index fell to -22.0 in September, compared to -18.6 in August, reflecting growing pessimism among European consumers about the economic outlook. Additionally, …

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• 28 August 2024 12:35 am

  Gold climbs as rate cut forecasts increase

  

  Gold prices continued to climb on Tuesday, buoyed by a weakening US dollar. The greenback has been under pressure amid expectations of a future path for Federal Reserve interest rates and the release of positive economic data that has boosted risk appetite in global financial markets. The US dollar has …

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• 27 August 2024 11:28 pm

  US stocks rallied ahead of Nvidia’s earnings report

  

  US stocks rallied on Tuesday, driven by anticipation of Nvidia’s second-quarter earnings and expectations for a potential Federal Reserve interest rate cut. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all posted modest gains. Nvidia, a tech titan, is under the spotlight as investors await its earnings report, …

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• 27 August 2024 10:21 pm

  USD Continues to Decline After Consumer Confidence Data

  

  The US Dollar has been declining since the start of US trading on Tuesday, continuing the downward trend that began at the end of last week following the release of the Federal Reserve meeting minutes and Jerome Powell’s comments at the Jackson Hole symposium.These comments highlighted a potential interest rate …

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• 27 August 2024 7:11 pm

  GBP/USD Records New Multi-Year High Above 1.3200

  

  The GBP/USD pair has reached a new multi-year high, trading above 1.3200. The uptrend remains intact as long as the pair stays above 1.3043. If buyers reclaim 1.3298, it could expose the March 2022 peak at 1.3437. Conversely, a dip below 1.3200 will reveal further support levels, such as 1.3130 …

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• 27 August 2024 3:07 pm

  Bitcoin Drops as Geopolitical Tensions and Market Uncertainty Weigh on Sentiment

  

  Bitcoin’s price slipped on Tuesday, losing momentum after a weekend rally as escalating geopolitical tensions and anticipation of key economic cues dampened risk appetite. The world’s largest cryptocurrency fell 1.4% to $3,106.6 by 01:10 ET (05:10 GMT), following a broader decline in global stock markets. Geopolitical Concerns and Market Reactions …

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• 27 August 2024 11:40 am

  German Economy Contracts by 0.1% in Q2 2024, Reversing Prior Growth

  

  The German economy experienced a slight contraction of 0.1% in the second quarter of 2024, reversing the modest growth seen in the first quarter, according to official data released by the Federal Statistical Office on Tuesday. Economic Performance Overview The quarter-on-quarter shrinkage follows a 0.2% expansion in Germany’s Gross Domestic …

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• 27 August 2024 10:24 am

  Gold Prices Dip as Dollar Rebounds, but Rate Cut Bets and Safe Haven Demand Support

  

  Gold prices slipped in Asian trading on Tuesday, pressured by a strengthening dollar. However, the potential for lower interest rates and ongoing geopolitical tensions kept the precious metal close to its recent highs. Gold Market Performance Spot gold declined by 0.4% to $2,507.15 an ounce, while December gold futures fell …

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• 27 August 2024 9:44 am

  Oil Prices Retreat After 7% Surge Amid Middle East and Libyan Supply Concerns

  

  Oil prices took a step back on Tuesday, following a sharp rally that saw them rise by more than 7% over the previous three sessions. The recent surge was driven by heightened concerns over potential supply disruptions in the Middle East and Libya, prompting traders to reassess the situation. Market …

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• 27 August 2024 4:01 am

  Market Drivers; US Session, August 26

  

  The US Dollar Index (DXY) initially dipped to new lows near 100.50 on Monday but managed to reverse that decline later in the day, bouncing back toward the 101.00 barrier. Keep an eye on the Consumer Confidence gauge published by the Conference Board and the FHFA’s House Price Index on …

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