Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 6 February 2024 3:35 am

  Market Drivers – US Session, February 5

  

  Stronger US fundamentals as well as Powell’s hawkish tone over the weekend were more than enough to propel the US dollar to new yearly highs and place the risk-associated universe under increased pressure at the start of a new trading week.The US dollar surged to fresh yearly highs well above …

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• 6 February 2024 2:24 am

  Oil climbs as traders digest geopolitical developments

  

  Oil prices climbed by nearly a dollar per barrel on Monday, on concerns that Middle Eastern tensions and Russia’s escalating invasion of Ukraine could limit world supplies.Brent crude prices closed at $78.22 per barrel, up 66 cents (0.9%), while US West Texas Intermediate crude futures settled at $72.78 per barrel, …

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• 6 February 2024 1:52 am

  EUR/USD extends recent decline after German data

  

  The EUR/USD pair fell by half a percent on Monday, reaching 12-week lows near 1.0723. The OECD predicts pan-European inflation will remain above the 2% level set by the European Central Bank until after 2025, reducing investor confidence. The Euro’s trade balance rose to €22.2 billion after German imports fell …

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• 6 February 2024 12:21 am

  US stocks abandon recent positive sentiment after Powell’s interview

  

  US stocks fell on Monday after Federal Reserve Chair Jerome Powell tempered expectations for an early interest rate cut, raising the stakes for a busy week of corporate reports to keep the recent surge going.The S&P 500 fell 0.1%, indicating a minor reversal from the benchmark’s record-breaking surge. The Dow …

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• 6 February 2024 12:08 am

  Canadian Dollar hits eight-week low after US PMI data

  

  The Canadian dollar is experiencing a significant drop on Monday due to a strong market dogpile towards the US dollar, with US ISM Services Purchasing Managers Index figures coming in well above expectations. Mixed comments from US Federal Reserve policymakers risk investor outlooks and hamper risk appetite. Bank of Canada …

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• 5 February 2024 11:46 pm

  Top Treasury officials visiting Beijing seeking to ease Sino-US economic tensions

  

  The Treasury will send officials to China this week to discuss a variety of economic issues. Talks will focus on business and market practices that have put the superpowers at odds. The Treasury envoy will visit China this week as the two giants work to resolve economic tensions following last …

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• 5 February 2024 10:38 pm

  Rate cut outlook in light of recent remarks by Powell, Kashkari

  

  Fed’s Neel Kashkari has stated that US interest rates at their highest levels in about 23 years are not hurting the economy and could buy policymakers more time before deciding whether to cut.Economic developments show that Fed policy is not as restrictive on growth as it appears on the surface, …

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• 5 February 2024 10:10 pm

  EUR/GBP surges following Eurozone PMIs

  

  The EUR/GBP pair saw a 0.25% increase in Monday’s trading, trading at 0.8560, gaining 0.25% and moving towards the 20-day Simple Moving Average (SMA) at 0.8565. Despite pressures from a stagnant Euro Area economy and anticipations of the ECB’s rate cut, the daily chart indicates buyers’ dominance. However, hourly indicators …

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• 5 February 2024 9:08 pm

  Caterpillar stock on track for record high on higher than expected earnings

  

  Higher prices helped Caterpillar boost profit margins and offset a drop in sales volume. Higher prices helped Caterpillar boost profit margins and offset a drop in sales volume. Caterpillar shares were on pace to close at a record high after the excavator and bulldozer builder reported a fourth-quarter profit that …

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• 5 February 2024 8:27 pm

  McDonald’s stock slightly dipped after sales disappoint

  

  McDonald’s stock fell marginally in premarket trade Monday as the world’s largest fast food restaurant failed earnings projections and, like Starbucks last week, blamed weaker sales on the Israel-Hamas war.McDonald’s reported Q4’s revenue of $6.41 billion, 7.5% higher than the $5.92 billion recorded in the same period previous year and …

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• 5 February 2024 7:33 pm

  RBA Rate Decision Preview: Forecast by eight major banks

  

  The Reserve Bank of Australia will announce its next Interest Rate Decision on Tuesday, February 6 at 03:30 GMT. As the release date approaches, here are estimates from economists and researchers at eight major banks about the next central bank decision.The customary rate decision and post-meeting statement will be followed …

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• 5 February 2024 3:21 pm

  Gold Prices Retreat Amid Dollar Strength and Rising Treasury Yields

  

  On Monday, gold prices experienced a decline as the dollar strengthened, and U.S. Treasury bond yields rose following a robust jobs report. The data indicated a strong performance in the job sector, dampening expectations of an imminent interest rate cut by the Federal Reserve. Gold Price Movements Spot Gold Drops …

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• 5 February 2024 2:57 pm

  European stocks open higher on positive business results

  

  European stocks saw a positive start to the trading session on Monday, fueled by more upbeat corporate results, although investor confidence faced headwinds from global economic considerations and reassessment of interest rate expectations. Market Overview STOXX 600 Index Rises 0.2 Percent The European STOXX 600 index demonstrated resilience, rising by …

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