Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2024

• 9 May 2024 2:40 am

  Market Drivers; US Session, May 8

  

  Ahead of the Bank of England’s interest rate decision on Thursday, the GBP/USD pair managed to recover from multi-session lows around 1.2470. Despite this, the pair remained cautious. On May 9, it is generally anticipated that the BoE would maintain its policy rate. BoE’s Bailey and Pill are also scheduled …

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• 9 May 2024 2:18 am

  Bitcoin Declines On Interest Rate, Regulatory Concerns

  

  Bitcoin price declined on Wednesday, reversing a rebound seen over the weekend due to persistent concerns over more regulatory scrutiny against the cryptocurrency industry. The dollar rebounded from recent losses after Federal Reserve officials signaled that the central bank was more likely to keep rates unchanged in 2024. Bitcoin fell …

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• 9 May 2024 1:21 am

  USD/JPY rises towards 156.00.

  

  This week’s US economic data schedule is somewhat low; up to Friday’s University of Michigan Consumer Sentiment Index, the only available data is of a moderate quality. In May, the UoM’s indexed poll of consumer economic expectations is predicted to decline slightly from 77.2 to 76.0 MoM. In March, the …

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• 9 May 2024 12:35 am

  Oil prices erase intraday loss following reserves draw down

  

  Oil prices have erased all intraday losses after the Energy Information Administration (EIA) release, with WTI crude prices reaching their lowest levels in almost two months. The US benchmark crude is +0.12% up trading at $78.10 and Brent is trading is also +0.16% up trading at $82.91 per barrel, at …

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• 8 May 2024 11:41 pm

  Gold Retreats Amid Rising T-Yields, China’s gold purchases

  

  Despite higher US Treasury yields and a stronger US dollar during the North American session, gold is still trading firmly over $2,300. This is a slight move. Now, traders’ and investors’ attention is focused on impending US data, such as unemployment claims, University of Michigan consumer sentiment, and the Fed’s …

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• 8 May 2024 10:39 pm

  Airbnb’s Q1 Earnings Surpass Expectations

  

  Airbnb reported Q1 results that beat analysts’ estimates on both the top and bottom lines. Revenue increased 18% to $2.14 billion from $1.82 billion a year earlier, with Airbnb citing “robust demand for travel” ahead of the peak summer season. The company reported a net income of $264 million, or …

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• 8 May 2024 9:08 pm

  BoE’s Policy Preview: Implications for the Pound Sterling

  

  The Bank of England is at a crossroads as it prepares to announce its interest rate decision. Financial markets are abuzz with anticipation, expecting the BoE to start reducing interest rates from the June meeting. Traders have already priced in 53 basis points (bps) of easing this year, implying at …

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• 8 May 2024 3:51 pm

  Uber Predicts Second Quarter Gross Bookings Below Expectations

  

  Uber’s forecast for second-quarter gross bookings fell short of expectations on Wednesday, causing its shares to plummet nearly 10% before the opening bell. The shortfall in this key metric, which indicates the total revenue earned on the Uber platform, suggests weakened demand for its ride-share and food delivery services. Despite …

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• 8 May 2024 1:29 pm

  European Stocks Rally on Optimism Surrounding Corporate Earnings

  

  European stocks commenced trading on a positive note on Wednesday, buoyed by robust quarterly performances from Anheuser-Busch InBev and Siemens Energy shares. Investors also remained attuned to forthcoming decisions on interest rates from major central banks. As of 0720 GMT, the European STOXX 600 index climbed 0.3 percent, reaching its …

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• 8 May 2024 11:45 am

  Gold Consolidates in Tight Range as Traders Assess Timing of Interest Rate Cut

  

  On Wednesday, gold prices exhibited a subdued performance as traders weighed the prospective timeline for potential US interest rate cuts and awaited clearer signals on monetary policy. In spot transactions, gold edged up by 0.1 percent to reach $2,317.44 per ounce by 0444 GMT, while US gold futures recorded a …

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• 8 May 2024 10:06 am

  Dollar Gains Momentum While Yen Weakens

  

  On Wednesday, the dollar regained its momentum, marking modest gains following earlier losses fueled by renewed speculation about potential Federal Reserve rate cuts later this year. Meanwhile, the yen weakened, surpassing the 155 per dollar mark and keeping intervention concerns from Tokyo at the forefront. Experiencing a 0.3% decline, the …

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• 8 May 2024 10:04 am

  Asian Stocks Decline as China’s Rally Pauses and Rate Optimism Cools

  

  On Wednesday, most Asian stocks navigated within a flat-to-lower range, pausing for breath after a recent rebound in Chinese markets, while comments from Federal Reserve officials stirred speculation about the timing of potential U.S. interest rate adjustments. Drawing cues from a largely stagnant overnight session on Wall Street, regional markets …

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• 8 May 2024 10:00 am

  Oil declines as US inventories increase

  

  In the early hours of Wednesday’s Asian trading session, oil prices experienced a decline amidst indications of increased crude and fuel inventories in the United States. This trend suggested a potential softening in demand, prompting a cautious stance among investors regarding supply expectations ahead of the upcoming OPEC+ bloc meeting …

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