Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2023

• 20 July 2023 4:20 am

  Market Drivers – US Session – July 19

  

  Markets responded favourably to the UK’s Consumer Price Index reading that came in below expectations while anticipating a slew of tech profits that were scheduled to be released after the US session. The value of the US dollar increased significantly. The US Dollar index, or DXY, ranged from a low …

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• 20 July 2023 2:18 am

  EUR/GBP rises to its highest level since May post UK CPI data

  

  The The EUR/GBP cross peaked at a daily high of 0.8700 and then settled near 0.8660. UK’s headline CPI declined to 7.9% YoY, lower than expected.Lower British yields and dovish bets on the BoE made the GBP struggle to find demand on Wednesday. The EUR/GBP set a fourth consecutive day …

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• 20 July 2023 1:55 am

  Oil prices retreat on profit-taking despite tighter U.S. supplies

  

  Oil prices edged lower on Wednesday, as investors took profits following earlier gains on tighter U.S. crude supplies and China’s pledge to reinvigorate its economic growth.Brent futures dipped 17 cents at $79.46 a barrel, while U.S. West Texas Intermediate (WTI) crude dropped 40 cents at $75.35 a barrel.Prices pared gains …

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• 20 July 2023 12:56 am

  Netflix earnings in Q2 mixed despite password crackdown, ad tier rollout

  

  On Wednesday, Netflix reported second-quarter financial results that came in mixed as the platform continues efforts to trim costs and boost engagement in an increasingly competitive streaming landscape.Revenue, although 2.7% higher compared to the year-ago period, missed estimates despite new initiatives like the crackdown on password sharing, which rolled out …

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• 19 July 2023 10:43 pm

  Dollar’s rebound extends despite US soft housing data

  

  The US dollar is gathering momentum against its major rival currencies midweek. The Dollar Index rose above 100.50 earlier during the US trading session. At the time of writing the Index posts 100.417.The US housing data missed expectations but failed to trigger a market reaction. The dollar started to outperform …

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• 19 July 2023 9:45 pm

  BoE’s big hike unlikely after inflation surprise

  

  The Bank of England (BoE) is unlikely to raise interest rates due to the UK’s unexpected drop in inflation in June. The BoE raised rates 13 times since December 2021 to counter soaring price rises, which have driven up borrowing costs for millions. However, the UK’s inflation rate remains almost …

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• 19 July 2023 8:39 pm

  ECB, BoE policymakers comment on Inflation in Eurozone, UK

  

  European Central Bank Governing Council member Yannis Stournaras told CGTN Europe on Wednesday that he wasn’t sure whether the ECB would hike rates again after 25 bps increase next week.“We might have one further move next week of 25 basis points, but I’m not sure that we’re going to go …

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• 19 July 2023 7:41 pm

  Canada’s dollar drops on crude oil inventory draw

  

  The USD/CAD pair is trading in the 1.31s during the US session. The Canadian dollar wavers after data shows a lower-than-estimated crude oil inventory draw, reflecting weaker demand. The US dollar holds up surprisingly well despite lower-than-expected US housing data. Canada’s dollar trades lower against its US counterpart after crude …

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• 19 July 2023 3:51 pm

  Inflation in the Eurozone slowed in June to 5.5%

  

  Inflation in the Eurozone slowed to 5.5% in June, in line with expectations, after 6.1% in May. Inflation in the eurozone for the month of June came in at the lowest level since January 2022. Despite this slowdown, core inflation, which excludes volatile items such as food and energy, rose …

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• 19 July 2023 2:48 pm

  Kering stock raises the Stoxx 600

  

  European stocks rose on Wednesday, supported by a boost from Kering after it appointed a new CEO for Gucci, while stocks rose in London after data showed a slower-than-expected inflation in Britain. The pan-European Stoxx 600 index rose 0.5% by 0706 GMT, extending its gains for the second consecutive session. …

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• 19 July 2023 1:50 pm

  Disappointing results for Goldman Sachs in the second quarter of 2023

  

  The American bank, Goldman Sachs, recorded earnings per share below expectations in the second quarter of 2023, at $ 3.08 per share, compared to expectations of $ 3.18 per share. The bank recorded revenues of $10.9 billion in the second quarter, compared to expectations of $10.84 billion. The bank is …

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• 19 July 2023 12:28 pm

  Gold is falling due to the rise in USD

  

  Gold fell on Wednesday, after touching a one-and-a-half-month high in the last session, affected by a slight rise in the dollar, despite investors’ expectations that recent US economic readings will convince the Federal Reserve to stop the cycle of raising interest rates. Spot gold fell 0.1 percent to $1,976.05 an …

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• 19 July 2023 11:36 am

  Oil is falling on concerns about US demand, despite Chinese stimulus

  

  Global oil prices fell on Wednesday after rising in early Asian trade, as markets balanced concerns about demand in the United States, China’s pledge to support economic growth, falling Russian supplies and falling US inventories. Brent crude futures fell 22 cents to $79.41 a barrel by 0403 GMT, and US …

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