Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 4 November 2023 12:29 am

  Market Drivers – US Session, Nov. 3

  

  Wall Street’s major indexes reached session highs after regaining their 50-day moving averages. The softer October payrolls report boosted stocks, with the Dow Jones Industrial Average holding a 0.9% gain. The S&P 500 rose 1.3%, while the Nasdaq led by 1.6%. Small-cap Russell 2000 surged 3%, while Innovator IBD 50 …

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• 4 November 2023 12:15 am

  EUR/GBP retreats to fortnight low on Sterling’s recovery

  

  The clear winner for Friday is the Sterling. The EUR/GBP pair is retreating into 0.8660 despite the strengthening of the pound sterling on Friday. Next week’s economic schedule includes the UK GDP and EU retail sales in the latter half.As the market approaches the weekly closing bell, the EUR/GBP is …

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• 4 November 2023 12:03 am

  Fed’s Bostic sees no recession ahead

  

  “I may support holding rates for about 8 to 10 months”, Atlanta Fed’s Raphael Bostic said on Friday. Bostic added that monetary policy is in the right place given the economic outlook. He added he may support holding interest rates steady for about 8 to ten months. Bostic also mentioned …

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• 3 November 2023 11:28 pm

  WTI declines following disappointing US data

  

  WTI crude dropped to $80.70, a decrease of more than 2%. Soft labour market data was released by the US. Middle East tensions are reducing, which will help the price drop. The US economy, which consumes the most oil, is the primary cause of the steep losses in US crude …

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• 3 November 2023 10:40 pm

  Why is Yellen slammed concerning T-bonds?

  

  US Treasury Secretary Janet Yellen, who took office in January 2021, is accused of committing the worst mistake in the Department’s history when she “failed to issue cheap bonds before the Fed began its latest series of rate hikes,” which “paved the way for a debt catastrophe” and “exacerbated the …

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• 3 November 2023 9:10 pm

  EUR/USD soaring following weaker NFP data

  

  The 150K weaker US labour market and nonfarm payrolls data that fell short of the 180K estimates, on Friday, does much to refuel a significant rally in the EUR/USD pair’s performance. With hiring slowing down and unemployment rising, there is growing speculation about Fed rate cuts in H2 2024.Notwithstanding the …

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• 3 November 2023 7:56 pm

  Brent could test $80s lows if macro impact continues

  

  For the month of October, both crude oil and refined products have generally traded sideways. Analysts at Rabobank examine Brent’s prospects. Brent will at some point in Q4 2023 or Q1 2024 reach $100, but not on average. Brent is trading at $85.20 at the time of writing, as WTI …

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• 3 November 2023 6:49 pm

  US ISM Services PMI declines to 51.8 in October vs. 53 expected

  

  The US ISM Services PMI fell to 51.8 in October. The US Dollar Index stays deep in red territory below 105.50. Business activity in the US service sector expanded at a softening pace in October, with the ISM Services PMI declining to 51.8 from 53.6 in September.This reading came in …

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• 3 November 2023 5:51 pm

  US NFP data falls shy of forecasts

  

  The greenback slid sharply after the October non-farm payrolls report showed employment rising by 150k, underperforming estimates of 180k. Last month’s print was also revised down from 336k to 297k. Unemployment edged up to 3.9% from 3.8% as participation rates dipped to 62.7%. Meanwhile, wage inflation slowed slightly as average …

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• 3 November 2023 5:39 pm

  Gold poised to post a weekly loss as Dollar gains ground against bullion

  

  The gold market has been seeing some two-way price action of late. After hitting close to $2,000 last month on geopolitical worries, Gold is poised for its first weekly loss in nearly a month as safe-haven demand cools ahead of today’s key US jobs data. Gold edged higher intraday but …

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• 3 November 2023 3:32 pm

  EUR and GBP are heading for weekly gains

  

  The euro and pound are headed for weekly gains against the dollar on Friday, as appetite for global bonds led by the United States pushed yields down, as did the dollar, providing relief even to the faltering Japanese yen. However, the always important US non-farm payrolls data scheduled for 1230 …

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• 3 November 2023 3:11 pm

  CEO of the Russian company Novatek: US sanctions indicate our professionalism

  

  CEO of the Russian natural gas production company Novatek, Leonid Mikhelson, said on Friday that US sanctions on the company’s future Arctic 2 liquefied natural gas project constitute “a recognition of our professionalism.” He added during a conference in Samarkand that Qatar, Russia and the United States will be able …

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• 3 November 2023 2:13 pm

  European stocks are awaiting their best weekly performance since March

  

  The European STOXX 600 index rose on Friday and is heading towards achieving its best weekly performance since March, led by auto stocks, as sentiment was supported by optimism linked to a possible end to the monetary policy tightening cycle in major central banks. The European STOXX 600 index rose …

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