Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 2 May 2023 9:43 pm

  Banking selloff drags US stocks lower ahead of FOMC decision

  

  US equities fell on Tuesday as the Federal Reserve started its two-day meeting as the effects of First Republic Bank’s (FRC) failure continued to weigh on bank stocks.During lunchtime trading, the Dow Jones Industrial Average dropped more than 400 points, or 1.4%, while the S&P 500 sank 1.48%. The heavily …

  Read More »
• 2 May 2023 7:52 pm

  Sterling drops after US bank rescue assures Fed’s rate hike

  

  Fed will almost definitely raise interest rates on Wednesday as the value of the pound against the US dollar falls as a result of the US bank rescue. Bearish two-bar reversal pattern suggests short-term downside pressure for GBP/USD which is trading at 1.2460 at the time of typing.Tuesday’s European session …

  Read More »
• 2 May 2023 6:31 pm

  JOLTS Job Openings decline below expectations in March

  

  JOLTS Job Openings in the US continued to decline in March. US Dollar Index holds above 102.00 in the American session.The data published by the US Bureau of Labor Statistics (BLS) revealed on Tuesday that the number of job openings on the last business day of March stood at 9.59 …

  Read More »
• 2 May 2023 4:47 pm

  Limited movements in European stocks ahead of Fed’s rate decision

  

  European stocks moved in a limited range on Tuesday as investors returned from the Labor Day holiday on Monday ahead of decisions by the Federal Reserve and the European Central Bank to raise interest rates later this week. The pan-European Stoxx 600 index rose 0.1% by 0715 GMT, with banks …

  Read More »
• 2 May 2023 3:23 pm

  Pfizer beats profit estimates as new drugs offset COVID products slump

  

  Pfizer Inc surpassed analysts’ expectations for first-quarter earnings on Tuesday, thanks to robust demand for recently acquired drugs and pneumococcal vaccinations, which helped offset the impact of falling sales of its COVID-19 medications. The pharmaceutical company is under pressure to spend the windfall profits from strong demand for its COVID …

  Read More »
• 2 May 2023 2:37 pm

  Euro zone inflation edges up to 7.0% in April

  

  Headline consumer prices in the eurozone rose somewhat more than expected in April, but underlying costs fell unexpectedly, providing regional rate-setters with a mixed picture of inflation as they prepare to announce their next rate decision this week. Following a renewed rise in energy prices, the currency’s area consumer price …

  Read More »
• 2 May 2023 1:16 pm

  Oil is falling on fears of weak demand in China

  

  Oil prices fell in Asian trading on Tuesday, extending losses incurred in the previous session, as weak economic data from China and expectations of a US interest rate hike cast a shadow over the market. Brent crude fell 24 cents, or 0.3 percent, to $79.07 a barrel by 0615 GMT, …

  Read More »
• 2 May 2023 12:11 pm

  Most Japanese stocks fell on concerns about the banking system

  

  Most Japanese stocks fell on Tuesday, as the country’s financial sector shares were affected by the tension surrounding the US banking system, while shares of export companies got a boost from the weaker yen. Brokerage firm Nomura Holdings fell 1.98 percent, hitting a new low for the current year. Banking …

  Read More »
• 2 May 2023 11:09 am

  Gold prices stable amid caution ahead of Fed meeting

  

  Gold prices stabilized on Tuesday, as traders cautiously await new signals from major central banks regarding their monetary policy plans, especially the US Federal Reserve. There was little change in gold in spot transactions, to record $1983.29 an ounce by 0528 GMT. US gold futures fell 0.1 percent to $1,991. …

  Read More »
• 2 May 2023 10:27 am

  Aussie rallies on surprise rate hike, Asia FX flat as Fed approaches

  

  Most Asian currencies changed little on Tuesday as markets braced for the Federal Reserve’s widely anticipated interest rate rise this week, but the Australian dollar jumped on an unexpected rate hike by the Reserve Bank. The Australian currency rose 1% when the Reserve Bank of Australia raised its cash target …

  Read More »
• 2 May 2023 9:34 am

  RBA unexpectedly hikes rates by 25 bps, says inflation still too high

  

  The Reserve Bank of Australia unexpectedly hiked interest rates on Tuesday and said that more monetary policy tightening may still be in order as the bank moves to curb stubborn inflation in the country. The RBA hiked its cash target rate by 25 basis points to 3.85%, ducking market expectations …

  Read More »
• 2 May 2023 1:32 am

  Market Drivers – US Session 01/05/2023

  

  Financial assets went through quite, but volatile, trading conditions on Monday, despite most major countries celebrating Labour Day, keeping local markets closed to observe the occasion.Oil prices were down sharply on Monday after the latest manufacturing data showed that the sector contracted for the 5th straight month in April, ending …

  Read More »
• 2 May 2023 12:23 am

  Bitcoin slides as US dollar celebrates pre-FOMC mood

  

  Despite concerns about the stability of the US banking sector, Bitcoin bulls are unable to gain traction as BTC prices are close to four-day lows. Bitcoin is trading at $27822 at the time of typing. As the US dollar strengthens ahead of the FOMC, the $28K support level for bitcoin …

  Read More »