Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2023

• 7 July 2023 11:38 pm

  US Is Buying M6 Barrels of Crude Oil for Emergency Reserve

  

  President Joe Biden’s administration announced Friday it’s purchasing 6 million more barrels of crude oil for the Strategic Petroleum Reserve as it continues to slowly refill the emergency stockpile. The purchases, scheduled for October and November, come as the nation’s oil reserve is at its lowest point in 40 years …

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• 7 July 2023 10:42 pm

  Gold seen crawling above $1,925 as NFP misses estimates

  

  Gold price has moved higher near $1,915.00 ahead of US NFP data. After the NFP data release that missed expectations and indicated the addition of 309k jobs in the US during June, gold touched $1,925 per ounce. S&P500 futures are consistently extending losses as investors are anxious ahead of the …

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• 7 July 2023 9:37 pm

  EUR/USD rises on weaker US dollar

  

  The US dollar weakens across the board after the US official jobs report. The EUR/USD pair gains momentum after breaking above 1.0930. The pair is heading for its highest weekly close since May.The EUR/USD pair gained momentum amid a weaker US Dollar following the release of US employment data. After …

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• 7 July 2023 8:16 pm

  Fed’s Goolsbee: It is clear job market is strong but cooling

  

  In an interview with CNBC on Friday, Chicago Federal Reserve Bank President Austan Goolsbee said that they don’t need a recession to eliminate inflation concerns, per Reuters.These comments were not able to help the US Dollar find demand. As of writing, the US Dollar Index was down 0.72% on the …

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• 7 July 2023 7:34 pm

  Canadian Dollar reverses losses after NFP data

  

  Canada’s dollar claws back losses suffered overnight after underwhelming NFP data bursts Thursday’s optimism. The Canadian simultaneously surges with crude oil prices after oil-related data shows a fall in stockpiles. The USD/CAD is trading at 1.3289 at the time of writing.The USD/CAD pair’s trend is now bullish both on shorter …

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• 7 July 2023 3:32 pm

  Saudi Aramco announces an increase in the official selling price of oil

  

  The Kingdom of Saudi Arabia announced on Friday that it will raise the selling prices of its crude oil to most of its customers in Asia during the month of August, for the second month in a row, after announcing at the beginning of this week the extension of the …

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• 7 July 2023 1:53 pm

  European stocks drop ahead of the US jobs report

  

  European stocks fell on Friday, continuing the heavy losses incurred in the previous session, in the wake of US data that showed that the labor market remains strong, while investors await an important report on US jobs, which is scheduled to be issued later in the day, to search for …

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• 7 July 2023 12:50 pm

  Dollar is stable with the continued resilience of the US economy

  

  Dollar index futures moved in narrow ranges on Friday as investors awaited a key report on US jobs and assessed the possibility of the Federal Reserve raising interest rates for a longer period in light of economic growth expectations. The US Nonfarm Payrolls report is due later on Friday, while …

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• 7 July 2023 2:14 am

  Market Drivers – US Session – 06/07/2023

  

  The US Dollar posted mixed results, weakening versus the Euro, the Pound, and the Yen, and rising sharply against commodity currencies. Upbeat US data boosted expectations of another interest rate hike from the Federal Reserve (Fed) and weighed on US stocks. The deterioration in market sentiment and lower commodity prices …

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• 7 July 2023 2:06 am

  Gold retreats on strong labour data ahead of NFP

  

  Gold has experienced a 0.20% loss due to robust US job readings and mounting rate hike expectations, driving US Treasury yields higher. Dallas Fed President Lorie Logan’s hawkish comments and a strong ADP report support the expectation of a July rate hike. Traders anticipate further clues from the upcoming US …

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• 7 July 2023 1:50 am

  USD/CAD rises to multi-week highs on hawkish stance

  

  On Thursday, the USD/CAD pair increased by more than 0.60%, moving near the 1.3370 level. On Thursday, the USD/CAD gained traction and surged to 1.3370, its highest level since mid-June. However, despite continuing to trade in the red, the DXY index has recovered some of its daily losses and is …

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• 7 July 2023 1:08 am

  NFP Preview: Will markets’ optimism on key data be right?

  

  The majority of economists tend to be more optimistic when it comes to the number of jobs added in the US last month. However, that could be an overcorrection due to continually underestimating the labour market’s strength this year. However, there are other elements that make forecasting Friday’s release a …

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• 6 July 2023 10:39 pm

  WTI declines as the US dollar strengthens on US labour data

  

   WTI crude declines by more than 1% as the dollar-denominated commodities are hurt by a stronger US dollar and concern about Fed tightening. Mixed labour market indicators from the US and increased business activity heighten the likelihood of a rate hike in June. Fears of a recession brought on by …

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