Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 7 June 2023 5:50 pm

  BoC Preview: Forecasts from four major banks

  

  The Bank of Canada (BoC) is scheduled to publish its Interest Rate Decision on Wednesday, June 7 at 14:00 GMT, and as the day approaches, here are the forecasts of four major banks’ economists and academics on the impending announcement. The Bank of Canada is likely to hold interest rates …

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• 7 June 2023 4:51 pm

  High oil prices, supported by Saudi pledges to cut production

  

  Oil prices rose on Wednesday, supported by Saudi Arabia’s surprise pledges this week to cut production further, which offset the impact of weak Chinese data and an increase in US fuel inventories. Brent crude futures rose 36 cents, or 0.5 percent, to $76.65 a barrel by 0949 GMT. West Texas …

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• 7 June 2023 2:46 pm

  Turkish lira plunged 7%, amid the largest selling since the 2021 crisis

  

  The Turkish lira plunged 7 percent on Wednesday to a new record high amid the biggest sell-off in the currency since its historic collapse in 2021, as the new Turkish government appeared to ease stabilization measures after hinting at a shift to more traditional policies. The lira has been under …

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• 7 June 2023 12:59 pm

  Dollar fluctuates with the receding expectations of an interest rate hike

  

  The dollar saw a volatile performance on Wednesday as expectations of a Federal Reserve rate hike this month receded, however moves remained range-bound as traders focused on whether an end to monetary tightening was in sight around the world. The Australian dollar recorded the highest level in three weeks, extending …

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• 7 June 2023 12:06 pm

  Oil continues its losses as fears of an economic slowdown return

  

  Oil prices extended losses on Wednesday as fears of headwinds from the global economy exacerbated gains gained after top crude exporter Saudi Arabia pledged earlier this week to deepen production cuts. Brent crude futures fell 40 cents, or 0.5 percent, to $75.89 a barrel by 0456 GMT. US West Texas …

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• 7 June 2023 12:00 pm

  Japan’s Nikkei index records its biggest decline in 12 weeks after a series of gains

  

  Japan’s Nikkei index recorded its biggest drop in 12 weeks on Wednesday, as investors exercised caution after a series of gains. The Nikkei index fell 1.82 percent to close at 31,913.74 points, its biggest daily decline since March 14, ending a four-day streak of gains. The index rose 0.6 percent …

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• 7 June 2023 1:46 am

  Market Drivers – US Session – 06/06/2023

  

  The dollar posted mixed results on Tuesday in a cautious market ahead of a crucial week. The USD Dollar Index rose 0.15% but was unable to break the 104.40 area again. US Treasury yields held relatively steady. There are no Federal Reserve speakers ahead of next week’s FOMC meeting. Fed …

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• 7 June 2023 1:18 am

  What Could SEC’s Battle Bring About In Cryptocurrency Market?

  

  What Changes In The Cryptocurrency Markets Could The SEC Fight Bring About?The US Securities and Exchange Commission filed a new lawsuit against Coinbase on Tuesday, just 24 hours after filing one against Binance. The entire business model of the cryptocurrency sector, according to SEC Chairman Gary Gensler, is “built on …

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• 6 June 2023 11:58 pm

  AUD/USD rallies post RBA policy meeting

  

  The AUD/USD pair rallied to the highest since mid-May following the RBA’s policy meeting that unexpectedly raised interest rates. The cash rate was at an 11-year high of 4.1% earlier on the day. At the time of writing, the pair is trading at 0.6672. This development leaves the technical outlook …

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• 6 June 2023 10:41 pm

  India registers record oil imports from Russia

  

  In May 2023, India recorded its highest oil import from Russia with 1.96 million barrels per day, a 15% increase from the previous peak in April. Indian imports of Russian oil surpassed the total purchases from Saudi Arabia, Iraq, UAE, and the US combined, according to industry data. Russian crude …

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• 6 June 2023 9:34 pm

  Oil steadies amid economic fears counterbalancing Saudi decision

  

  Oil prices were little changed on Tuesday after erasing earlier losses as worries over sluggish global economic growth offset Saudi Arabia’s pledge to deepen output cuts. Brent futures remained unchanged at $76.71 a barrel, while US West Texas Intermediate crude rose 12 cents, or 0.2%, to $72.27 for some time …

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• 6 June 2023 8:27 pm

  NY Fed: Global supply chain pressures further cooled in May

  

  The New York Fed data showed that supply chain pressures cooled again in May, further easing what had been one of the key factors that had helped drive surging inflation pressures around the world. The Global Supply Chain Pressure Index stood at -1.71, from the revised -1.35 for April. The …

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• 6 June 2023 7:21 pm

  Rate hike expectations to influence gold till FOMC decision

  

  Gold price is struggling to capitalize on Monday’s recovery gains and trades in a narrow range at around $1,960.25 on Tuesday. The benchmark 10-year US Treasury bond yield holds steady near 3.7% and doesn’t allow XAU/USD to gather bullish momentum. Economists claim that gold price will be influenced by the …

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