Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 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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• 18 August 2023 1:26 pm

  European stocks open lower as interest rate pressures and China’s economy mount

  

  On Friday, August 18, European stocks opened lower and are on their way to record a weekly loss, as risk appetite was negatively affected by concerns about interest rates remaining high globally for a longer period, as well as concerns about the growth of the Chinese economy. And by 07:03 …

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• 18 August 2023 11:53 am

  Dollar is heading for gains for the fifth week

  

  The dollar is heading for gains for the fifth week against other major currencies, to record the longest series of gains in 15 months, supported by expectations that US interest rates will remain high for a longer period and by turning to safer assets as a result of concerns about …

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• 18 August 2023 2:30 am

  Market Drivers – US Session, August 17

  

  The US Dollar strengthened across the board amid risk aversion and higher Treasury yields, with the Dow Jones index declining by 0.85%. Concerns over the Chinese economy and expectations of higher interest rates for a longer period contributed to market worries. US Treasury yields ended the session with mixed performance, …

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• 18 August 2023 2:22 am

  Oil reacts to China’s effort to ease economic concerns

  

  Oil prices slightly surged earlier on Thursday after falling for three straight sessions as a result of the sliding US Dollar Index in addition to the significant efforts by China’s central bank to support the country’s real estate sector and overall economy following fears about potential economic slowdown in one …

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• 18 August 2023 1:46 am

  EUR/GBP extends downtrend amid Sterling’s strength

  

  The Pound Sterling gains strength as UK inflation data remains high, indicating further action by the Bank of England. Technical analysis indicates a bearish tilt for EUR/GBP after breaking past the July 27 daily low of 0.8544. The pair’s immediate support lies at the YTD low of 0.8504, and a …

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• 18 August 2023 12:07 am

  EUR/USD slides further on risk aversion, stronger dollar

  

  Equities are down and bond rates are up as investors remain cautious due to expectations of additional monetary tightening by central banks. The July Fed minutes show a unanimous vote in favour of raising rates, but growing reluctance among board members regarding possible over-tightening.Initial Jobless Claims came in at 239K, …

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