Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 21 February 2024 5:00 am

  Market Drivers – US Session, February 20

  

  The US Dollar has weakened amid speculation that the Federal Reserve will delay the first rate cut. The odds for a 25 basis points (bps) March rate cut have decreased to 34.4%, while June ones have increased to 55.1%. Stock markets are tepid, with Wall Street spending most of the …

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• 21 February 2024 3:33 am

  EUR/USD climbs ahead of FOMC minutes, Eurozone PMIs

  

  Early on Tuesday, the EUR/USD pair moved above 1.0800 and tested the 1.0840 zone. A widespread sell-off of US dollars supports the Euro. Markets are awaiting EU PMIs and Fed meeting minutes.Tuesday saw the EUR/USD pair reach a two-week high just shy of 1.0840 as the dollar widely declined. However, …

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• 21 February 2024 2:14 am

  USD/CAD bounces after Canadian CPI data

  

  The USD/CAD pair experienced early declines before rebounding into an intraday high of 1.3530 after Canadian Consumer Price Index (CPI) inflation fell faster than expected. This softened the Canadian Dollar (CAD) across the board. Markets will focus on the Federal Reserve (Fed) and the Federal Open Market Committee (FOMC) as …

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• 21 February 2024 1:04 am

  WTI crude oil settles lower amid global demand concerns

  

  With worries about global demand outweighing price support from the Israel-Hamas conflict, oil prices settled down on Tuesday. While US West Texas Intermediate (WTI) crude for March delivery finished down $1.01, or 1.3%, at $78.18 a barrel, Brent futures settled down $1.22, or 1.5%, to $82.34 a barrel. At $77.04 …

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• 20 February 2024 11:37 pm

  S&P 500, Nasdaq decline as Nvidia leads tech retreat

  

  On Tuesday, stocks experienced a decline as Nvidia led a broader tech decline ahead of the chipmaker’s earnings report. The Dow Jones Industrial Average dipped 107 points, or less than 0.9%, while the S&P 500 slipped 0.8%. The tech-heavy Nasdaq Composite lost 1.4%. Shares of Nvidia fell about 6%, and …

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• 20 February 2024 10:57 pm

  US dollar weakens after Presidents’ Day, ahead of FOMC minutes

  

  The US Dollar Index, DXY, weakens as the US returns from holiday, trading modestly lower. No relevant reports were released during the session, while markets await fresh catalysts. All eyes are now on FOMC minutes from January’s Federal Reserve meeting on Wednesday.The dollar is trading in the red territory, modestly …

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• 20 February 2024 10:10 pm

  FOMC minutes awaited for clues on inflation battle, growth

  

  The Fed’s recent rate decision meeting minutes are expected to highlight the complex economic challenges the US central bank faces, as it aims to balance inflation control with economic growth. Markets are realigning expectations to the Fed’s gradual rate cut plan, illustrating the complex economic environment investors and market participants …

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• 20 February 2024 9:24 pm

  AUD/USD retreats following RBA-fueled rally

  

  The Australian dollar rose after the Reserve Bank of Australia (RBA) considered rate cuts. The RBA held rates steady, but investors will be watching the Federal Open Market Committee’s latest Meeting Minutes on Wednesday to determine the US Fed’s proximity to cutting interest rates.The RBA’s internal dialogue appears to lean …

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• 20 February 2024 8:27 pm

  Gold price surges as Fed sees inflation declining in long term

  

  Gold is up +0.58%, trading $2029.70 per ounce at the time of writing. The belief among Fed policymakers that inflation will eventually decline has helped to drive up the price of gold by decreasing the opportunity cost of storing non-yielding assets like gold. It is anticipated that the preliminary S&P …

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• 20 February 2024 7:16 pm

  EUR/USD climbs after EU’s Current Account surplus

  

  EUR/USD has risen to 1.0833 due to the Eurozone’s widened current account surplus and a quiet US market. The ECB wage data and Lagarde’s remarks suggest a measured easing stance, awaiting Q1 insights. The US Leading Index and forthcoming FOMC minutes are expected to guide EUR/USD amidst varying expectations. The …

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• 20 February 2024 5:56 pm

  Softening Inflation in Canada Eases Market Concerns

  

  Statistics Canada’s latest report revealed a softening in inflation for Canada, with the Consumer Price Index (CPI) showing a decrease to 2.9% on a yearly basis in January from 3.4% in December. This figure fell below market expectations, which were anticipating a rate of 3.3%. Additionally, on a monthly basis, …

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• 20 February 2024 3:59 pm

  Russia Affirms Commitment to OPEC+ Quota Amid Oil Refining Decline

  

  Russian Deputy Prime Minister Alexander Novak reaffirmed Moscow’s commitment to adhere to its quota within the OPEC+ agreement, despite a recent decline in oil refining. Novak’s statement, reported by the Russian TASS news agency on Tuesday, underscores Russia’s dedication to the collaborative effort led by the Organization of the Petroleum …

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• 20 February 2024 3:30 pm

  Barclays Reports Fourth Quarter Loss Amid Strategic Update

  

  British bank Barclays revealed a net loss of £111 million in the fourth quarter of 2023, equivalent to $139.8 million, marking a significant development as the bank unveils its first major strategy update since 2016. This announcement comes as Barclays initiates a substantial restructuring effort to combat declining profits. Analyst …

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