Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 26 May 2023 8:39 pm

  Oil is watching contradicting OPEC, Russian messages

  

  Oil prices ticked up on Friday by 1%, as the market weighed conflicting messages from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting. Brent crude was last up 53 cents at $76.79 a barrel, while US WTI rose 63 cents to $72.46 a barrel. Russian President Vladimir …

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• 26 May 2023 7:34 pm

  AUD/USD declines for four consecutive days on economic data

  

  The AUD/USD pair is currently trading at its year-low due to positive economic developments and hot Core PCE inflation from the US. However, the Australian Retail Sales from April data indicated no variation in sales levels compared to the previous period. This lackluster performance reflects the challenges faced by consumers …

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• 26 May 2023 4:53 pm

  US Core PCE inflation rises to 4.7% vs. 4.6% expected

  

  The change in the Personal Consumption Expenditures (PCE) Price Index in the United States increased to 4.4% on an annual basis in April, up from 4.2% in March, according to the US Bureau of Economic Analysis on Friday. This number was higher than the market’s forecast of 3.9%. The annual …

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• 26 May 2023 3:38 pm

  Sterling gains as UK shoppers weather high inflation and rates

  

  The pound surged on Friday as statistics indicated that retail sales volumes in the United Kingdom increased at their quickest rate in nearly two years, as restored consumer confidence helped offset the pain of high inflation and interest rates. According to figures from the Office for National Statistics, sales increased …

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• 26 May 2023 2:10 pm

  UK retail sales rise more than expected in April

  

  Retail sales climbed by 0.5% after falling by 1.2% in March. This was more than the 0.3% growth predicted by experts. Food shop sales increased by 0.7%, while non-food store sales increased by 1%. Other retail and department store sales increased by 2.1% and 1.7%, respectively, month over month. ONS …

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• 26 May 2023 1:09 pm

  European stocks are rising from their lowest levels in 8 weeks

  

  European stocks rose on Friday, supported by the mining and technology sectors, although the main indices were on their way to incur big weekly losses, as investors feared the US debt ceiling crisis and the global economic slowdown. The pan-European STOXX 600 index was up 0.4 percent by 0707 GMT, …

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• 26 May 2023 12:26 pm

  Nikkei rose for the seventh week, thanks to chip stocks

  

  The Japanese Nikkei index rose on Friday, supported by gains in chip companies, as the strong profits achieved by the US company Nvidia continued to enhance the gains of the sector. The Nikkei index closed up 0.37 percent to 30,916.31 points, achieving gains for the seventh consecutive week, the longest …

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• 26 May 2023 11:23 am

  Dollar is heading for a third weekly gain, amid expectations of continuing interest rate hikes

  

  The dollar fell on Friday, but remained close to the highest level in two months against major currencies, amid expectations that US interest rates will remain high for a longer period. Tension still hangs over the market due to the US debt ceiling negotiations between President Joe Biden and Republican …

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• 26 May 2023 1:56 am

  Market Drivers – US Session – 25/05/2023

  

  US data pointed to a resilient economy while progress on US debt ceiling talks remained elusive, helping Treasury yields higher and the US Dollar to score its highest level in over two months. Traders were wary of a possible default in early June while US President Joe Biden and top …

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• 25 May 2023 11:47 pm

  Gold price retreats to March lows after US data

  

  Gold price has retreated to $1,940.00, during Thursday’s US session after US GDP revised up to 1.3% in the first quarter of 2023, while Jobless Claims come in below expectations.Core PCE inflation rises by 5% in Q1, the strong US data was dragging gold to its lowest level since March …

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• 25 May 2023 10:38 pm

  US debt-ceiling concerns drag EUR/USD to two-month low

  

  The EUR/USD pair hits a two-month low amid US debt-ceiling concerns as well as positive US economic data though Fitch places US “AAA” debt rating on negative watch despite lower unemployment claims and a rise in Q1 GDP. Germany’s Q1 GDP plunge puts additional pressure on the Euro, with central …

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• 25 May 2023 9:49 pm

  USD/CAD surges amid higher T-yields; US default uncertainty

  

  The USD/CAD pair surged past the 1.3600 mark amidst rising US bond yields and US political uncertainty. The US economy displayed recovery signs with lower-than-expected jobless claims and an upwardly revised Q1 GDP, while the Fed hints at a pause in rate hikes. On the Canadian front, Manufacturing Sales declined …

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• 25 May 2023 9:08 pm

  ECB’s Knot: We need at least two more rate hikes

  

  ECB policymaker Klaas Knot said that the ECB needs to raise the policy rate at least two more times. Knot further argued that rates should stay put for a significant period of time following these increases.“Headline inflation peak behind us but not sure if at peak of underlying inflation”, Knot …

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