Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 24 August 2023 8:39 pm

  Fed chair could lay the groundwork for a new era of higher interest rates

  

  President Jerome Powell is expected to deliver new monetary policy cues later this week, but while many aren’t expecting the Fed chief’s remarks to be laced with the ‘pain’ warning from last year, there are concerns that he may raise the prospect of higher longer-term interest rates. According to Goldman …

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• 24 August 2023 7:46 pm

  Fed’s Collins suggests US central bank can hold steady

  

  Susan Collins of the Fed indicated on Thursday that the US central bank may be in a position where it doesn’t need to hike rates once more, while she left the door open for further action. These remarks had no immediate response from the US Dollar Index, which was last …

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• 24 August 2023 5:37 pm

  US jobless claims fall as labor market remains tight

  

  The number of Americans filing new unemployment claims declined last week, indicating that labour market conditions remained tight despite the Federal Reserve’s aggressive rate hikes. The Labour Department said on Thursday that initial claims for state unemployment benefits fell by 10,000 to a seasonally adjusted 230,000 for the week ending …

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• 24 August 2023 4:29 pm

  The Turkish Central Bank raises interest by 750 basis points

  

  The Central Bank of Turkey raised the main interest rate “repo” by 750 basis points to 25%, which shocked the markets that were priced at a hike of only 250 basis points, which pushed borrowing costs to their highest levels since January 2004. The central bank’s decision to raise interest …

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• 24 August 2023 2:05 pm

  Gold reaches its highest level in two weeks as Treasury yields decline

  

  Gold prices rose to their highest levels in two weeks on Thursday, as a decline in the dollar and Treasury yields increased the appetite of investors for bullion, as they awaited clues about the path of interest rates during a meeting of central bankers in Jackson Hole. And by 0629 …

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• 24 August 2023 12:41 pm

  Nikkei rises for the fourth day in a row, with the rise of technology stocks

  

  Japan’s Nikkei rose for the fourth straight session on Thursday, posting its longest winning streak since mid-June, after record earnings from US chip designer NVIDIA lifted shares of Japanese technology companies. The Nikkei index increased 0.87 percent to 32,287.21 points at the close, approaching its highest level during the day, …

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• 24 August 2023 12:16 pm

  Oil declines after weak economic datat

  

  Oil prices fell on Thursday with the release of disappointing economic data from major economies, while investors await Federal Reserve Chairman Jerome Powell’s speech on Friday, looking for any indications on the path of interest rates. And by 0619 GMT, Brent crude fell 19 cents, or 0.2 percent, to $ …

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• 24 August 2023 5:58 am

  What is a BRICS currency?

  

  In a bid to lessen their sensitivity to changes in the dollar exchange rate, Brazil’s president called on the BRICS countries to establish a single currency for trade and investment between one another on Wednesday.At the Johannesburg BRICS conference, Luiz Inacio Lula da Silva proposed the idea. Given the variations …

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• 23 August 2023 11:43 pm

  Powell to reveal next Fed steps to combat inflation

  

  Fed Chair Jerome Powell is expected to outline the final steps the US central bank could implement in the framework of the ongoing campaign to tame inflation during his speech at Jackson Hole Symposium. Powell’s speech comes as policymakers enter the most difficult stage of the fight against inflation, calibrating …

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• 23 August 2023 10:39 pm

  US stocks rise ahead of Nvidia’s crucial results

  

  Wall Street’s key indexes rose on Wednesday due to Nvidia stock’s surge in shares, driven by expectations of a positive future outlook from the chip designer. Nvidia’s sales target exceeded Wall Street projections, leading to a record high for the chip designer’s shares. Analysts worry about a bigger selloff if …

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• 23 August 2023 9:29 pm

  Slowdown woes, surging US inventories drag WTI to four-week low

  

  As a result of waning worldwide economic activity, as shown by the S&P worldwide PMIs, WTI crude oil declined to $77.68 per barrel, down 0.54%, before improving to $79.01 at the time of writing. While oil stockpiles decline by 6.1 million barrels, US petrol inventories increase by 1.5 million barrels, …

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• 23 August 2023 8:44 pm

  AUD/USD rises past 0.6450 amid US dollar’s weakness

  

  The AUD/USD pair sets a third consecutive day of gains, rising more than 0.60% towards 0.6470. PMIs from August from the US and Australia came in lower than expected.Dovish bets on the Fed are applying pressure on the USD. The AUD/USD gained traction in Wednesday’s session, driven by a weaker …

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• 23 August 2023 4:50 pm

  Jackson Hole: Market overreacts?

  

  US equities are trading higher on Wednesday as lower 10-year US Treasury yields aid long-term technology sectors thrive. The 10bps drop in 10-year yields is likely due to investors dialling back some of the recent build-up in growth expectations that saw yields climb to the highest levels since the Great …

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