Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 25 November 2023 12:59 am

  Oil settles lower, but records weekly gain

  

  Oil prices fell on Friday due to the release of hostages in Gaza, but prices gained their first week of gains in over a month ahead of the OPEC+ meeting to decide on production cuts in 2024. Brent crude futures settled down 84 cents at $80.58 a barrel, while American …

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• 24 November 2023 11:46 pm

  EUR/USD looks forward to climb over 1.0950

  

  The EUR/USD pair is experiencing a broad-market risk rally to close out the trading week, with market sentiment seeing a late break. US PMI data came in mixed, softening the US Dollar. The EUR/USD is trading into the 1.0950 level as the trading week winds up, with markets set for …

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• 24 November 2023 10:35 pm

  US dollar set to close with second straight weekly loss

  

  The DXY Index fell to 103.45, a 0.30% loss, and the index is expected to experience a 0.30% weekly loss. S&P PMIs showed mixed economic outlook, with the manufacturing sector weakening and the service sector expanding. The US economy is showing signs of cooling inflation and job creation, and soft …

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• 24 November 2023 9:50 pm

  European stocks rise on improved business sentiment

  

  Although a series of indicators issued by the German Ifo Institute recorded levels below expectations, they were able to support stocks on the European stock exchanges on Friday because the recent figures were higher than previous readings.The Ifo Business Climate Index for Germany, corporate confidence, rose 87.3 points this November …

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• 24 November 2023 8:47 pm

  Gold find demand after mixed S&P PMIs

  

  The Gold Index is surging to $2000. Following mixed S&P PMIs, the US dollar declined. Increased US interest rates could restrict the precious metal’s growth. Profiting from mixed S&P PMIs and a declining US dollar, gold is gaining ground on Friday. The pair, which is often known as the price …

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• 24 November 2023 7:28 pm

  US dollar reacts to declining Manufacturing PMI, rising Services PMI

  

  The flash estimate for November showed the US S&P Global Composite PMI remained stable at 50.7.The US Dollar Index was last trading slightly lower on the day at roughly 103.50, showing no immediate reaction to these data. The US Dollar Index remains below 100, hovering around 103.50. The economic activity …

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• 24 November 2023 5:30 pm

  Dollar declines in limited deals with expectations that interest rates will reach their peak

  

  The dollar fell on Friday as investors bet that US interest rates had peaked, while the yen rose after Japan’s core consumer prices grew, boosting expectations that the Bank of Japan may soon roll back monetary stimulus. With US markets closed on Thursday due to the Thanksgiving holiday and a …

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• 24 November 2023 3:38 pm

  Brent rises ahead of OPEC+ decision on production

  

  Brent crude futures rose on Friday, recouping some of the previous session’s losses as traders tried to guess whether the OPEC+ alliance would reach an agreement that would lead to further production cuts. By 0800 GMT, Brent crude futures rose 19 cents, equivalent to 0.23 percent, to $81.61, after falling …

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• 24 November 2023 1:08 pm

  European stocks fell due to losses in mining and technology stocks

  

  The main European stock index fell on Friday due to declines in mining and technology stocks, as investors evaluated economic data and the start of a four-day truce between Israel and Hamas. By 0810 GMT, the European STOXX 600 index fell 0.1 percent, but was still on track to achieve …

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• 23 November 2023 10:40 pm

  Gold price modestly gains amid US Thanksgiving

  

  Gold price has increased by 0.14% due to thin trading conditions during Thanksgiving, with the price currently trading at $1992, gaining 0.14% after hitting a daily low of $1989.56. The gold price benefits from declining US Treasury yields and USD weakness, trading near the $2000 mark. European equities closed in …

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• 23 November 2023 8:38 pm

  Economic indicators incite pessimistic outlook for 2024

  

  As of next January, a recession is predicted to hit the US economy as investment and production decline. According to a press release from the Conference Board, the Leading Economic Index (LEI) fell 0.8% in October and 3.3% over the previous six months, marking the 19th consecutive m-o-m decline. The …

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• 23 November 2023 7:17 pm

  China reduces oil imports from Venezuela

  

  China’s independent refiners, known as teapots, are holding off on making new purchases due to wide discrepancies in offer prices. Since the suspension of US sanctions on Venezuelan oil in mid-October for six months, global energy firms and trading houses Vitol, Gunvor, and Trafigura have gradually resumed purchases. The independent …

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• 23 November 2023 4:10 pm

  UK Preliminary Services PMI returns to expansion with 50.5 in November

  

  The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) for November came in at 46.7, surpassing expectations of 45.0 and marking an improvement from October’s final print of 44.8. In addition, the Preliminary UK Services Business Activity Index showed significant progress, reaching a four-month high of 50.5 in …

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