Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2024

• 5 March 2024 8:04 pm

  US dollar fails to benefit from upbeat S&P Global PMIs

  

  The DXY Index is 0.16% down, pointing to the 103.675 mark at the time of writing. The dollar is experiencing choppy trading due to China’s National People’s Congress, where markets were not impressed by the stimulus package to restore China’s growth and economy. This has triggered risk aversion and pushes …

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• 5 March 2024 2:45 pm

  European stocks open lower and markets await data

  

  At the start of trading on Tuesday, European stocks faced a downturn, echoing the performance of Asian stocks, as investors remained cautious amidst pledges from China that failed to bolster market sentiment. This cautious sentiment prevailed ahead of the release of key economic data from both the euro zone and …

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• 5 March 2024 2:05 pm

  Gold rises to $2,124 per ounce and is approaching historical levels

  

  During Tuesday’s trading session on March 5, gold experienced a 0.45% increase, reaching levels of $2,124 per ounce. This uptrend was supported by growing expectations of a potential interest rate cut by the Federal Reserve. According to Fedwatch, a service that monitors forecasts for the Federal Reserve’s decisions, there is …

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• 5 March 2024 1:22 pm

  Bitcoin’s market value reaches $1.35 trillion for the first time in history

  

  The market capitalization of Bitcoin, the leading cryptocurrency by market value, surged to a historic high of $1.35 trillion before experiencing a slight downturn. Bitcoin climbed to $67.5 thousand, edging close to its previous record of about $69 thousand set in November 2021. Presently, Bitcoin is trading at $66.5 thousand, …

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• 5 March 2024 12:20 pm

  Japan’s Nikkei closed flat

  

  Japan’s Nikkei index managed to recover most of its early losses and closed relatively stable on Tuesday, March 3, as investors seized the opportunity to buy into declining stocks following a dip from record highs. The index dipped marginally by 0.03% to 40,097.63 points, significantly paring down its losses which …

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• 5 March 2024 2:56 am

  GBP/USD fluctuates as markets get prepared for a busy trading week

  

  The GBP/USD pair reached the 1.2700 handle on Monday, but then fell back, reducing gains but hitting the rollover higher than initially expected. The UK’s economic calendar is expected to be thin this week, with a weaker showing from the US Nonfarm Payrolls (NFP) labor report on Friday. The UK …

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• 5 March 2024 1:42 am

  US stocks retreat from record performance, bitcoin advances to fresh highs

  

  US stocks closed lower on Monday as investors have shifted focus to the upcoming congressional testimony by Fed Chair Jerome Powell and the monthly NFP report that could put equity gains to a real test.The S&P 500 fell just below the flatline after ending Friday with its 16th weekly win …

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• 5 March 2024 12:24 am

  WTI slides as demand trumps all other factors

  

  Oil prices fell on Monday due to rising tensions in the Red Sea and the Israel-Hamas conflict, with OPEC+ extending voluntary production cuts and demand sentiment taking a hit from an unusually mild winter. Brent crude was trading up 1.05% at $82.67, while West Texas Intermediate (WTI) was trading up …

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• 4 March 2024 10:49 pm

  Powell expected to encounter pressure from Democrats, Republicans

  

  Jerome Powell has repeatedly said the looming election plays no role in policy decisions, but some Fed watchers worry that rate cuts this year could be perceived as the Fed giving a boost to Democrats. PHOTO: BLOOMBERGJerome Powell JEROME Powell faces heightened pressure this week from Democrats who want interest-rate …

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• 4 March 2024 9:42 pm

  Euro expected to appreciate only slightly against the US dollar

  

  Economists expect the EUR/USD exchange rate to end the year at 1.1000. Limited upside potential is also suggested.Economists see limited upside potential for EUR/USD this year. By the end of the year, economist expect prices to be around 1.1000. The Euro is likely to appreciate slightly over the next few …

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• 4 March 2024 8:47 pm

  USD/JPY trades with gains on hopes of policy normalization

  

  The USD/JPY advances toward 150.47, up +0.28%, at the time of writing, as Bank of Japan might postpone policy-normalization plans. BoJ’s Ueda wants to see more wage data before announcing victory over deflation. The US Dollar will be guided by Fed Powell’s testimony and employment data.The USD/JPY pair marched toward …

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• 4 March 2024 7:57 pm

  Gold soars above $2105 ahead of Jerome Powell’s testimony

  

  Gold price trades near a two-month high as Fed rate-cut bets for June deepen. Weak US Manufacturing PMI data weighs heavily on the US Dollar. Fed Powell may provide fresh insights on the timing for rate cuts this week.Earlier on the day, gold price was hovering near a two-month high …

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• 4 March 2024 4:36 pm

  Oil stabilizes after OPEC+ extends production cuts

  

  Oil prices remained relatively steady on Monday following the decision by the OPEC+ alliance to extend voluntary production cuts until the end of the second quarter, in line with market expectations. Brent crude futures edged down by 14 cents to $83.41 per barrel by 1035 GMT, after experiencing a 2.4 …

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