Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2024

• 7 March 2024 1:07 am

  WTI backslides into $78.50 after climbing to $80.00

  

  After US Fed Chair Jerome Powell stated that the Fed does not anticipate an increased danger of recession in the US economy, WTI US Crude Oil surged to its highest bids in a week. WTI immediately changed direction and dropped back into the $78.50 range, but it is still in …

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• 7 March 2024 12:59 am

  EUR/USD touches five-week high ahead of ECB rate decision

  

  The EUR/USD pair has reached a five-week high after Fed Chair Jerome Powell confirmed that policy loosening is likely this year. The pair was on track to close in the green territory for a fourth consecutive trading day and edged higher to the 1.0901 level, as markets prepare for another …

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• 7 March 2024 12:25 am

  USD/JPY, Treasury yields trading lower after Powell’s remarks

  

  The US dollar continues to fall against the Japanese yen for the second trading day in a row, which came on Wednesday after the markets weighed in on expectations that the Federal Reserve could likely start cutting interest rates after ensuring that inflation is duly contained based upon robust data.Treasury …

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• 7 March 2024 12:20 am

  Powell’s no news is good news for US stocks

  

  The S&P 500 rose on Wednesday after losing consecutive sessions on Wall Street. The broad index added 0.4%, while the Nasdaq Composite climbed 0.6%. The Dow Jones Industrial Average traded near its flatline, weighed down by a drop of over 2% in Disney. Investors attempted to push the market higher …

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• 6 March 2024 10:57 pm

  US dollar nosedives after Powell’s testimony, ADP data

  

  The US Dollar Index (DXY) is experiencing losses following the soft print for January’s JOLTs Job Quits and Job Openings as well as the weak ADP Employment Change report for February. The Dollar Index (DXY) is 0.45% down, trading at 103.313 at the time of writing.Federal Reserve Chair Jerome Powell …

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• 6 March 2024 9:32 pm

  Gold stabilizes after soaring to all-time high ever, post Powell’s testimony

  

  Spot Gold prices reached a new record high on Wednesday, with XAU/USD reaching a tentative all-time high ever at $2,150.00. the precious metal is trading at $2143.64, and is still up 0.74% at the time of writing.This comes after Federal Reserve Chair Jerome Powell’s two-day appearance, where he clarified the …

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• 6 March 2024 7:23 pm

  Fed’s Powell reiterates need for more data before rate cut

  

  US Federal Reserve Chair Jerome Powell has assured the members of Congress that upcoming decisions on when and how fast to cut interest rates will be based solely on economic data. Powell stated that rate cuts “really will depend on the path of the economy. Powell stressed that Fed’s focus …

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• 6 March 2024 6:01 pm

  US ADP private sector employment rises in February

  

  Private sector employment in the US increased by 140,000 in February, according to the Automatic Data Processing (ADP) report released on Wednesday. This figure represented a rise from the revised January number of 111,000 (previously reported as 107,000), but fell short of market expectations, which had anticipated a gain of …

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• 6 March 2024 3:36 pm

  European Stocks Find Stability Ahead of Key Economic Data and Powell’s Testimony

  

  In early trading on Wednesday, European stocks stabilized, with positive gains offsetting losses, ahead of the release of key economic data for the euro zone and Federal Reserve Chairman Jerome Powell’s testimony before Congress. The European STOXX 600 index remained steady at 0809 GMT, showing signs of stability. The basic …

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• 6 March 2024 2:18 pm

  Gold gives up record peak but remains above $2,100 ahead of Powell’s testimony

  

  On Wednesday, gold prices experienced a slight decline but remained above the $2,100 per ounce mark, following a surge driven by increased expectations of a US interest rate cut in June, which pushed the precious metal to a record high in the previous session ahead of Federal Reserve Chairman Jerome …

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• 6 March 2024 1:17 pm

  Steady Currency Markets Precede Powell’s Speech; Bitcoin Shows Resilient Rebound

  

  On Wednesday, the dollar maintained stability as traders adopted a cautious approach ahead of key events such as Federal Reserve Chairman Jerome Powell’s testimony, the European Central Bank’s interest rate decision, and US jobs data later in the week. Bitcoin showed renewed strength but remained below its recent record high …

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• 6 March 2024 12:33 pm

  Oil Prices Surge Amid Concerns Over Tight Supply

  

  Oil prices rebounded during Wednesday’s trading session following previous declines, with indicators pointing towards tight supply amidst production cuts by major oil producers. Brent crude reached $82.35 per barrel, up from the opening price of $81.99, while West Texas Intermediate crude rose to $78.54 per barrel compared to $78.13 per …

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• 6 March 2024 5:33 am

  BoC’s March Meeting: Potential for its Inaugural Rate Cut?”

  

  Since its January meeting, the Bank of Canada has refrained from using the phrase “the bank is still ready to raise interest rates if necessary,” which was previously a frequent mention in its statements. This adjustment comes at a time when the market anticipates rate cuts by other central banks. …

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