Noor Trends News, Technical Analysis, Educational Tools and Recommendations

January, 2024

• 3 January 2024 12:49 pm

  USD stabilizes as risk appetite declines

  

  The dollar experienced a slight decline on Wednesday, despite remaining near its highest level in two weeks. This was supported by factors such as rising US Treasury yields and caution in risk appetite, impacting Wall Street. Trading activity was relatively thin in Asia due to the holiday in Japan. The …

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• 3 January 2024 11:15 am

  Oil prices rise due to continued shipping tensions through the Red Sea

  

  Oil prices experienced a slight increase in early Asian trading on Wednesday, driven by ongoing concerns about shipping disruptions in the Red Sea and escalating tensions in the Middle East. As of 0004 GMT, Brent crude rose by 26 cents, or 0.4 percent, reaching $76.11 per barrel, while US West …

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• 3 January 2024 1:22 am

  Market Drivers – US Session, January 3, 2024

  

  On Tuesday, the US dollar emerged victorious overall, with a strong appreciation vs all of its main competitors. By the end of 2024, investors were back in the USD due to signals of slowing global growth. S&P Global published the Manufacturing PMIs for December for a number of significant economies, …

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• 3 January 2024 1:20 am

  WTI falls by 1% after briefly surging

  

  Earlier on the trading day, oil rose on the back of news reports about ship attacks near Yemen. However, economic data continues to soften. OPEC production unexpectedly increased, further pressuring WTI bids. News reports of ongoing attacks on cargo ships off the coast of Yemen sparked a brief rally in …

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• 3 January 2024 12:52 am

  GBP/USD sees retreats on stronger dollar ahead of jobs data

  

  The GBP/USD pair fell below the 20-day SMA, reaching 1.2320. The US dollar’s recovery was fueled by rising yield rates and a risk-off market mood. December’s labour market figures are expected to influence Fed’s next monetary policy decisions. If the US economy continues to show resilience, the pair is likely …

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• 2 January 2024 11:52 pm

  Traders’ Attention Shifts To FOMC Minutes, JOLTS Report

  

  On Wednesday, traders’ attention will be centered on US economic data, with bets on the direction of interest rates continuing, as earnings and updates are once again scarce.Fed is determined to monitor emerging economic data before indicating any changes to future monetary policy, so the Job Openings and Labour Turnover …

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• 2 January 2024 11:14 pm

  Canada’s dollar slides against US counterpart on PMI data

  

  The Canadian Dollar is easing back against the US Dollar as the 2024 trading year begins, with the Canadian S&P Global Manufacturing Purchasing Managers’ Index (PMI) falling to a 43-month low. The US Manufacturing PMI component also fell below expectations, keeping market risk appetite low and propping up the US …

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• 2 January 2024 9:51 pm

  Wall Street begins 2024 down on surging yields rise

  

  The first trading session of 2024 saw a decline in the US stock market as investors lowered their expectations for interest rate cut this year. Tuesday’s drop in Apple shares is due to a downgrade by Barclays. Tesla continues to deliver record numbers in Q4. The drab beginning comes after …

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• 2 January 2024 8:34 pm

  Swiss Franc weakens against the US Dollar on first 2024’s trading

  

  On first 2024’s trading, the Swiss franc starts losing ground against the US dollar as the latter strengthened due to rising Treasury yields. This implies that bond traders might be indicating that they believe the inflation outlook will be more difficult than anticipated. Higher US Treasury rates, which have increased …

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• 2 January 2024 7:46 pm

  Gold declines, still within bullish zone on rate cut bets

  

  Gold prices are gaining momentum for 2024, with prospects of a Fed interest rate reduction starting in March. Factors boosting rate-cut hopes include a 2% decline in underlying inflation and easing labor market conditions due to restrictive monetary policy. However, the precious metal faces a marginal sell-off as the US …

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• 2 January 2024 4:00 pm

  Dollar begins 2024 with a rise, and Bitcoin exceeds $45,000

  

  On the first trading day of the new year, the dollar saw an increase in value as investors turned their attention to upcoming economic data that could provide insights into the Federal Reserve’s future moves. Bitcoin also experienced a rise, exceeding $45,000 for the first time since April 2022. In …

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• 2 January 2024 2:19 pm

  European stocks begin the new year with the highest level in 23 months

  

  On Tuesday, Europe’s benchmark stock index reached its highest level in nearly two years, driven by optimistic expectations among investors at the beginning of 2024 that major central banks are likely to adopt interest rate cuts. Energy sector stocks led the gains in the European STOXX 600 index, which rose …

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• 2 January 2024 1:26 pm

  The Turkish lira falls to a new record level after falling 37% last year

  

  The Turkish currency, the lira, reached a new record low on Tuesday, dropping to less than 29.7 liras to the dollar. This decline is part of a series of losses that gained momentum towards the end of 2023, with the lira concluding the year down by approximately 37 percent. At …

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