Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 21 August 2023 4:03 am

  Financial Markets’ Weekly Recap, August 14-18

  

  Eurozone Eurozone inflation has slowed further, and underlying price pressures appear to have peaked, according to Eurostat statistics released on Friday, lessening pressure on the European Central Bank to continue raising rates following its quickest rate-hike cycle on record. To confront a historic increase in inflation, the ECB has raised …

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• 19 August 2023 3:17 am

  Market Drivers- US Session, August 18

  

  The Yen and the Swiss Franc were among the top performers due to risk aversion and the retreat in government bond yields. The Japanese Yen finished marginally higher above 145.00, while the Swiss Franc gained for the fifth consecutive week. The Pound was the biggest gainer, supported by UK economic …

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• 19 August 2023 2:59 am

  Could China’s slowdown throw US economy into recession?

  

  What happens in China doesn’t just stay in China. Flooding in northeastern China has caused numerous deaths and severe damage to infrastructure, homes, and crops. President Xi Jinping urges action to reduce damage. At least 90 rivers have risen beyond alert threshold, with 24 already flooded. Local governments must prioritize …

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• 19 August 2023 1:48 am

  Oil rises on signs of lower US output

  

  WTI surged more than 1% on Friday and found resistance near $81.30, above the 20-day SMA. US Oil and natural rigs decreased for the sixth week in a row.The USD trading neutral allowed the black gold to gain traction. Chinese financial woes may limit the WTI’s upwards momentum.At the end …

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• 19 August 2023 12:45 am

  US stocks mixed ahead of weekend

  

  After the market closed on Friday, US equities were mixed, with gains coming from the oil and gas, utilities, and telecoms industries while losses came from the technology, basic materials, and consumer goods industries.The NASDAQ Composite index lost 0.20%, the S&P 500 index lost 0.01%, and the Dow Jones Industrial …

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• 18 August 2023 11:50 pm

  Bitcoin’s decline stirring more crypto liquidation

  

  Bitcoin price experienced a significant decline, trading at $26,116, -5.46 down on the day. This decline has led to more crypto positions being liquidated than during the FTX collapse in November 2022.The drop caused $855 million in long positions and $194 million in short positions to be wiped out, resulting …

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• 18 August 2023 10:22 pm

  Argentina freezes oil price at $56 to restrict inflation

  

  Argentina’s economy ministry has agreed to freeze domestic crude oil prices at $56 per barrel until the end of October, following an agreement with the industry. The price cap, which comes after meetings between Economy Minister Sergio Massa and executives from oil companies like YPF and Vista, aims to help …

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• 18 August 2023 9:39 pm

  No plans for Ukrainian-Russian talk on gas transit contract

  

  Ukrainian Energy Minister German Galushchenko said that Kyiv will not join in talks with Russia about a renewal of the contract for the transit of Russian gas through Ukrainian territory which is due to expire next year.“We will not be a party at the talks with the Russians for sure, …

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• 18 August 2023 8:44 pm

  GBP/USD retreats after soft UK retail sales data

  

  UK Retail Sales for July are looked upon as disappointing with a -1.2% MoM drop, surpassing the anticipated -0.5% decline. Strong UK GDP readings and high wages keep BoE rate hike expectations alive, with a 6% peak on the Bank Rate anticipated.Nevertheless, strong readings on UK GDP and steadily high …

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• 18 August 2023 7:41 pm

  Gold expected to recover in medium term on rate hike cycle bets

  

  Gold is trading at %1891.40 at the time of writing. It is up 0.09%. The precious metal now finds itself at its lowest level since mid-March. Economists expect Fed Chair Powell will probably leave all options open regarding interest rate hikes in the next FOMC meetings.The recent renewed rise in …

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• 18 August 2023 7:04 pm

  Was Russian simple oil trick successful in evading sanctions?

  

  The G7 oil price cap has been evaded by Russia’s oil exporters, resulting in an extra $1.2 billion in extra shipping costs for oil shipments to India alone. The cap targets G7-based insurers, brokers, and other service providers, allowing Western governments to cut back on Russia’s income without affecting the …

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• 18 August 2023 4:14 pm

  Fears of the Chinese economy tend to cut oil’s 7-week series of gains

  

  Oil is set to end the week lower after a seven-week winning streak, as worries about China’s economy outweigh indicators of tight supply. The seven-week price rally, driven by supply cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC +), was the longest streak of gains …

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• 18 August 2023 2:34 pm

  Gold is recovering from its lowest level in 5 months

  

  Gold rose from its lowest level in five months on Friday, as the dollar and bond yields fell, but the yellow metal is heading for another weekly decline, as encouraging data from the United States reinforced expectations that the Federal Reserve is not finished raising interest rates. Spot gold rose …

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