Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 14 November 2023 11:01 am

  Oil prices rose after a key OPEC report

  

  Oil prices rose on Tuesday after a report by the Organization of the Petroleum Exporting Countries (OPEC) said that market fundamentals remained strong and against the backdrop of concerns about possible supply disruptions as the United States tightens the noose on Russian oil exports. By 0113 GMT, Brent crude futures …

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• 14 November 2023 3:23 am

  Market Drivers – US Session, Nov. 13

  

  The US Consumer Price Index is the crucial report on Tuesday. The Australian Westpac Consumer Confidence Index and the National Australia Bank’s Business Survey are due during the Asian session. Later in the day, the Eurozone will release Q3 GDP and employment figures, the UK will report jobs data, and …

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• 14 November 2023 3:07 am

  US Government faces shutdown next week

  

  The federal government faces a shutdown next week if Republicans and Democrats in Congress cannot agree on a spending plan. Moody’s has reaffirmed America’s credit rating to “negative” due to concerns about the nation’s worsening fiscal position and political polarization. The change, which falls short of a downgrade to the …

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• 14 November 2023 2:47 am

  Oil closes higher as OPEC’s report eases demand woes

  

  Following OPEC’s monthly market report, which allayed fears about declining demand and a US investigation into Russian oil sanctions violations, WTI crude oil prices rose by 1.43% on Monday. US West Texas Intermediate crude futures gained 1.4% to settle at $78.40 per barrel, while Brent crude futures increased by 1.29% …

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• 14 November 2023 2:26 am

  EUR/GBP softer ahead of key economic data

  

  A downward trend is observed in the EUR/GBP ahead of Tuesday’s key data points. After a consistent increase last week, the Euro is now declining. A major data double-header featuring labour, wages, and GDP figures for the UK and the EU is causing the EUR/GBP to weaken. As we approach …

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• 14 November 2023 1:07 am

  How will China’s deflation make Powell’s mission harder?

  

  As he gets ready to leave for San Francisco, Fed Chair Jerome Powell may want to discuss China’s plans with Chinese officials on how to avoid a prolonged deflationary slump. However, it is worth noting that 4 years ago, on the thirteenth of November 2019, Powell said it is hard …

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• 13 November 2023 10:42 pm

  Could China’s deflation impact global markets more than expected?

  

  Only China wants its inflation to increase, whereas the rest of the world is trying to bring inflation down from current levels. China’s CPI decreased by two basis points in October. Although the country’s official statements indicate that deflation is unlikely, the PPI fell by more than 2.5%.There are also …

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• 13 November 2023 9:29 pm

  GBP/JPY reacts to looming options expiration

  

  The GBP/JPY is trading into the high side, following a spike in Yen rates due to Yen options expiries. However, the moves were short-lived, and the pair is now trading back into recent highs. Japanese Finance Minister Shunichi Suzuki warned that the Japanese government is closely monitoring currency markets, which …

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• 13 November 2023 7:55 pm

  Euro maintains narrow range below 1.0700

  

  The Euro is trading below the 1.0700 level against the US Dollar, with European stocks maintaining positive performance. US inflation figures are expected to drive market sentiment this week, as the Euro loses its initial shine against the USD. The dollar’s upward movement to the pivotal level of 106.00 has …

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• 13 November 2023 7:33 pm

  US Dollar Back to Green Territory on Government Shutdown News

  

  The US dollar is mildly in green territory, with traders focusing on Tuesday and Wednesday as pivotal points this week. The Dollar Index is expected to make no significant moves with a light Monday calendar. The AUD/USD and the USD/SEK pairs are outliers gaining against the US dollar. Markets experience …

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• 13 November 2023 5:30 pm

  OPEC raises forecast for global demand growth to 2.44 million barrels in 2023

  

  In its monthly report issued on Monday, November 13, 2023, OPEC raised its expectations for growth in global oil demand to 2.44 million barrels per day in 2023. OPEC also maintained its expectations for growth in global oil demand in 2024 at 2.25 million barrels per day, and its expectations …

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• 13 November 2023 5:22 pm

  USD rises to its highest level in more than a year against JPY

  

  The dollar rose to its highest level in more than a year against the Japanese yen on Monday, supported by declining expectations that the Federal Reserve (the US central bank) will cut interest rates next year. Japanese Finance Minister Shunichi Suzuki said that the government will continue to monitor the …

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• 13 November 2023 4:54 pm

  Gold is near a 3-week low as the dollar rises and eyes are on US inflation data

  

  On Monday, gold prices hovered near the lowest level in three weeks in light of the rise in the dollar and investors awaited US inflation data to obtain more indications about the path of US interest rates. Gold rose in spot transactions by 0.1 percent, recording $1,938.12 per ounce by …

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