Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2023

• 31 July 2023 7:47 pm

  OPEC oil output retreats by 840,000 bpd in July

  

  Crude oil prices continue to push higher following news reports confirming that crude oil output by OPEC declined by 840,000 barrels per day from June to July to 27.34 million bpd, according to Reuters’ recent survey.After this headline, and at the time writing, WTI crude is trading at its highest …

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• 31 July 2023 6:59 pm

  European stocks surge on declining Eurozone inflation

  

  The Stoxx Europe 600 Index rose 0.1% on Monday as new data showed the euro zone economy returned to growth in the three months through June and inflation fell.The combined gross domestic product of the 20 countries that use the euro grew at an annualized rate of 1.1% in the …

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• 31 July 2023 4:35 pm

  Positive data from Euro area

  

  Positive data from the Eurozone showed a growth in the GDP in the first reading of the second quarter at 0.6%, and a slowdown in inflation to levels of 5.3% in July. The Eurozone has been battling high inflation for the past year, which has prompted the European Central Bank …

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• 31 July 2023 2:55 pm

  Nikkei rose to the highest level in 4 weeks

  

  Japan’s Nikkei index rose on Monday to a four-week high, amid an improvement in investor sentiment on the back of calm in the bond market after the Bank of Japan’s sudden policy adjustment and optimism over slowing inflation in the United States. The results of some companies led to an …

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• 31 July 2023 12:41 pm

  European stocks fell ahead of Eurozone inflation data

  

  European stocks fell on Monday ahead of data expected to show inflation slowing in the euro zone in July, likely supporting expectations that the European Central Bank will keep interest rates unchanged in September. The pan-European Stoxx 600 index fell 0.1% by 0714 GMT, but looked set to record gains …

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• 31 July 2023 11:07 am

  Goldman Sachs adjusts its forecast for oil demand upwards

  

  Goldman Sachs revised upward its forecast for global oil demand for this year, but kept its 12-month Brent crude price forecast at $93 a barrel, as increased inventories offset the support demand received from ebbing pessimism about the growth outlook. Goldman Sachs analysts estimated a jump in global oil demand …

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• 31 July 2023 10:01 am

  Oil is heading for its biggest monthly gain in more than a year

  

  Oil prices hovered near a three-month high on Monday and were on track for their biggest monthly gain in more than a year amid expectations that Saudi Arabia will extend voluntary output cuts into September and global supplies tighten. By 0005 GMT, Brent crude futures fell 9 cents to $84.90 …

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• 31 July 2023 5:06 am

  Financial Markets’ Weekly Recap, July 24-28

  

  More central bank decisions are in the pipeline for the new trading week, with live meetings at the Reserve Bank of Australia and the Bank of England. US data will continue in the spotlight with key employment data, including Nonfarm Payrolls. Canada and New Zealand will also release job market …

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• 29 July 2023 4:18 am

  Market Drivers – US Session, July 28

  

  Due to strong US economic data, the US Dollar increased throughout the week and was among the best performers. The dollar needs one more set of positive figures in order for the rise to continue. After Thursday’s surge in response to the release of US GDP statistics, the DXY recorded …

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• 29 July 2023 1:58 am

  GBP/USD dropped on BoE’s policy decision speculations

  

  The GBP/USD exchange rate fell to its lowest point since July 6 on Friday, and investors are still worried that the Federal Reserve will be attacked by hawks in the wake of the US’s release of stronger-than-expected second-quarter GDP figures.On August 3, the Bank of England is expected to raise …

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• 29 July 2023 12:25 am

  USD/JPY volatile as investors digest PCE data, BOJ’s Decision

  

  After four days of losses, the USD/JPY pair almost reached 150.00. After the BOJ’s Monetary stance Statement reiterated its ultra-loose stance, USD/JPY gave up earlier gains.US Core PCE declined to 4.1% YoY in June, which fueled a drop in US rates. The USD/JPY pair hit a daily low of 138.05. …

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• 28 July 2023 11:24 pm

  Oil surges for fifth week ahead of OPEC meeting

  

  There are a number of reasons why the price of oil should be anticipated to rise, including constant official announcements about Saudi supply reductions, US economic growth that has surpassed forecasts, and fewer Americans filing jobless claims despite moderate jobs growth, among others.Although weekly petroleum data from the US government …

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• 28 July 2023 10:39 pm

  How Have Treasury Yields Reacted to BoJ’s Tweak?

  

  On Friday, as markets processed the Bank of Japan’s decision to alter its ultra-loose monetary policy as well as data showing a continuing reduction in annual US inflation, global shares surged and US Treasury yields decreased.The Bank of Japan modified its yield curve control strategy on Friday by offering to …

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