Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 7 February 2024 3:43 pm

  EIA Raises Forecast for Global Oil Demand Growth

  

  EIA Raises Forecast for Global Oil Demand Growth In a recent statement, the US Energy Administration (EIA) announced a revised forecast for global crude oil demand, indicating an increase in growth projections for both 2024 and 2025. According to the statement released on Tuesday, the EIA anticipates a growth of …

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• 7 February 2024 3:06 pm

  Mixed Start for European Stocks: Deutsche Post Weighs Down

  

  Flat Opening European stocks kicked off Wednesday’s trading session with little change, as declines in Deutsche Post offset gains made by companies reporting positive earnings data. The STOXX 600 index hovered around 486.57 points by 0826 GMT. Upbeat Earnings from TeamViewer TeamViewer shares surged by 10.9 percent, claiming the top …

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• 7 February 2024 1:48 pm

  Industrial production in Germany continues to contract for the eighth month in a row

  

  German Industrial Production Contracts, Exceeding Expectations December Figures Disappoint Data released by the German Statistics Office (Destat) on Wednesday revealed a sharper-than-expected contraction in industrial production for the month of December, marking the eighth consecutive decline for the largest economy in the euro zone. Monthly Contraction Germany witnessed a notable …

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• 7 February 2024 12:33 pm

  Dollar is under pressure after falling from its highest level in nearly 3 months

  

  Easing Off Recent Highs The dollar took a step back on Wednesday, relinquishing some of its recent gains against the euro, as US bond yields softened, adding pressure on the greenback. Technical Corrections The reversal in the dollar’s trajectory was largely attributed to technical factors, following a two-day surge against …

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• 7 February 2024 11:55 am

  Oil Prices Rise Amid Stable US Production Outlook

  

  Steady US Production Forecasts Boost Oil Market Confidence Oil prices saw a modest uptick on Wednesday, fueled by optimistic projections regarding the stability of US oil production growth over the coming years. This positive outlook has helped alleviate concerns surrounding potential oversupply in the market, providing some relief to investors …

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• 7 February 2024 11:18 am

  Gold Prices Stabilize Amid Awaited Fed Comments

  

  Gold prices found stability on Wednesday as traders eagerly anticipated insights from numerous Federal Reserve officials scheduled to speak this week, seeking clarity on the potential timeline for interest rate adjustments. Spot Gold Holds Steady In the early hours of trading, the price of gold in spot transactions held firm …

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• 7 February 2024 2:08 am

  Market Drivers – US Session, February 6

  

  The US dollar’s correction caused the USD Index (DXY) to retreat from its previous annual highs, which were located at 104.60, in the face of similarly low US yields. On February 7, a number of Fed speakers, including Kugler, Collins, Barkin, and Bowman, will be speaking along with the Balance …

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• 7 February 2024 2:03 am

  Gold seen firmer on softer US dollar as traders await Fed speakers

  

  Following a decline in the US dollar and Treasury yields, gold saw a rise on Tuesday as traders braced themselves for statements from multiple Federal Reserve officials this week, which would likely provide insight into the rate of interest rate reductions this year.Gold Firmer on softer US Dollar As of …

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• 7 February 2024 12:50 am

  EUR/USD flat despite positive European data

  

  The EUR/USD is trading near previous lows as Euro bidders seek a foothold. European numbers came in better than predicted, but they still show a sluggish home European economy. The pair has little momentum as both the US dollar and the Euro fall. At the time of writing, the pair …

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• 7 February 2024 12:05 am

  WTI surges amid output adjustment, softer dollar

  

  The US crude oil benchmark, WTI, rose 0.87% to $73.51, driven by a weaker US Dollar and lower oil output forecasts. The Fed’s cautious interest rate outlook, with Loretta Mester highlighting a data-driven approach, has influenced market sentiment. The US Energy Department’s report lowering oil output and the Fed’s cautious …

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• 6 February 2024 11:29 pm

  What challenges and opportunities does Eurozone have next months?

  

  The eurozone economy has weakened throughout 2023, with the Composite Purchasing Managers’ Index dropping below 50 in June, signifying a moderate contraction. This weakness stemmed from Europe’s recovery from an energy shock, as well as a lack of fiscal support in comparison to the more resilient US economy. Interest rate …

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• 6 February 2024 10:33 pm

  US dollar slides on profit taking, Mester’s comments

  

  The Dollar Index temporarily dipped below 104.20 on Tuesday, one day after reaching its best level in nearly three months on good economic data and the Fed’s hawkish stance on interest rates, with the US service sector exhibiting resilience, prompting markets to disregard an interest rate cut in March. Loretta …

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• 6 February 2024 9:31 pm

  Wall Street opens mostly higher as focus shifts to earnings

  

  After opening mostly higher, US stocks experienced a decline in early trading on Tuesday, with the S&P 500 falling about 0.1% and the Nasdaq Composite dropping about 0.3%. The Dow Jones Industrial Average rose by 0.1% on Monday, following a warning from Fed Chair Jerome Powell that the Federal Reserve …

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