Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 21 June 2023 6:18 am

  Gold price pressured ahead of Fed’s Powell Testimony

  

  Gold price remains pressured after breaking 100-DMA support during three-day downtrend. Risk aversion underpins US Dollar strength and weighs on the Gold Index. Fears of economic slowdown originating from China, higher rates in the West roil sentiment and favuor gold sellers. Fed’s Jerome Powell’s bi-annual Testimony will be crucial to …

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• 21 June 2023 3:00 am

  Japan manufacturers’ sentiment positive for second month

  

  Business sentiment at big Japanese manufacturers edged up in June, staying in positive territory for a second straight month and reflecting a post-COVID economic recovery though uncertainty remains high amid slowing global growth for June.Following the release, USD/JPY stretches the previous day’s retreat from the highest level in seven months …

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• 21 June 2023 1:16 am

  Euro defended despite Fed’s signals ahead of Powell Testimony

  

  The EUR/USD began the US session hesitating due to the US dollar’s strength, but the pair eventually managed to become higher after three-day downtrend. ECB policymakers keep suggesting higher rates even as inflation clues, growth numbers ease. Fed OFFICIALS ALSO reiterate hawkish bias ahead of Powell’s bi-annual Testimony before the …

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• 21 June 2023 12:05 am

  Stronger US dollar drags GBP/USD pair lower

  

  The GBP/USD pair retraces below 1.2800 on the stronger US dollar ahead of Powell testimony and the Bank of England’s policy decision. The stronger US Dollar, driven by expectations of further tightening by the Fed and an overbought US equity market, has influenced the pair’s price movement. Fed Chair Jerome …

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• 20 June 2023 10:34 pm

  Cryptocurrency prices still with no clear directions

  

  With no obvious directional bias, the price of bitcoin is still ambiguous. Ethereum, Ripple, and other altcoins are therefore constrained to consolidation. But when BTC gets closer to a breakout, things might change quickly. The most famous cryptocurrency is trading at $28262 at the time of writing.Since April 19, the …

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• 20 June 2023 9:30 pm

  Oil prices drop post-BoC decision

  

  The WTI fell to a five-day low of $69.82 before edging higher to $70.63 at the ti9me of writing, seeing more than 1.50% losses. PBoC rate cuts fueled energy demand concerns among Oil traders.World indexes declined following the decision signaling a negative market sentiment. On Tuesday, the West Texas Intermediate …

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• 20 June 2023 7:53 pm

  USD/JPY declines below 141.50 ahead of BoJ minutes

  

  The USD/JPY pair has declined below the 141.50 zone, hitting a daily low of 141.28. Stealth intervention by the BoJ gives the Japanese yen considerable traction. The pair is trading at 141.27 at the time of writing. Cautious market mood amid PBoC rate cut is expected to limit the Yen …

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• 20 June 2023 4:08 pm

  Currencies Overview: Yuan is falling after China cut interest rates

  

  The yuan tumbled to a seven-month low on Tuesday after China cut interest rates, while the Swedish krona slid to its lowest level since 2009 against the euro on persistent concerns about the real estate sector. China cut the key interest rate for one-year and five-year loans by 10 basis …

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• 20 June 2023 3:14 pm

  Gold is becoming more lustrous with the decline of the dollar

  

  Gold rose on Tuesday as the dollar fell, but gains remained limited as traders await Federal Reserve Chairman Jerome Powell’s testimony before Congress later this week to get a clearer picture of the path of interest rates. Gold spot transactions increased 0.15 percent to $ 1952.98 an ounce by 0926 …

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• 20 June 2023 1:24 pm

  German stocks lead losses in Europe

  

  German stocks led losses among European bourses on Tuesday, with speciality chemicals Lanxess falling after the company cut its forecasts, and a modest rate cut in China failed to lift investor sentiment. Germany’s DAX fell 0.3% by 0750 GMT, further away from Friday’s record high. The pan-European Stoxx 600 index …

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• 20 June 2023 11:20 am

  China’s imports of Russian oil rose to a record high of 2.29 million b/d in May

  

  Chinese government data showed on Tuesday that oil imports from Russia rose to an unprecedented level in May, as private refineries continued to flock to Russia’s Espoo and Urals crudes at discounted prices amid sanctions imposed on them. According to data from the General Administration of Customs, total oil imports …

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• 20 June 2023 10:31 am

  Oil retreats after China cut key interest rates less than expected

  

  Oil prices fell on Tuesday after China cut its benchmark lending rates less than expected, raising further concerns about the outlook for oil demand in the world’s largest crude importer. Brent crude fell five cents to $76.04 a barrel at 0310 GMT. US West Texas Intermediate crude for July delivery …

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• 20 June 2023 4:21 am

  US Session – Market Drivers – 19/06/2023

  

  As US markets were closed in observance of the Juneteenth Holiday, markets have had a tranquil start to the week with no data. The American Dollar partially recovered from the enormous losses of the previous week, but it is still struggling as Gold stays around $1,950 per troy ounce and …

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