Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 23 May 2023 11:41 pm

  US stocks tumble on debt ceiling uncertainty

  

  The Wall Street indexes were down on Tuesday as negotiations to raise the US debt ceiling continued, putting investors on edge about the possibility of a historically large government default. According to S&P Global statistics, the US economy experienced significant growth in the services sector in May, driving business activity …

  Read More »
• 23 May 2023 10:49 pm

  US new home sales jump to 13-month highs

  

  US new home sales jumped to a 13-month high in April, boosted by a persistent shortage of previously owned houses on the market and a sharp decline in prices from last year’s lofty levels. The Commerce Department report followed on the heels of data showing a surge in permits for …

  Read More »
• 23 May 2023 9:39 pm

  Oil rallied after Tuesday’s strong US economic data

  

  Tuesday saw a rally in oil prices, and a bullish triangle appeared on the 4-hour chart, indicating that the bearish trend might be changing. The release of API inventory data later on Tuesday may cause some volatility in the movement of Crude Oil prices. A recent EIA report highlights increased …

  Read More »
• 23 May 2023 8:41 pm

  China escalating tech war by restrictions on US Micron

  

  The Chinese ban’s impact on US Micron will vary depending on how China defines critical information structure. Without Micron products, Chinese companies are likely to turn to South Korean chip makers like Samsung. Micron Technology, the largest US memory chip maker, is assessing its losses following a partial sales ban …

  Read More »
• 23 May 2023 7:43 pm

  After PMI data, the dollar jumps to a fresh two-month high.

  

  As a result of equities and bonds doing poorly, the US Dollar Index erased the losses it had incurred on Monday. After mixed sector readings for the Purchase Manager’s Index were released, with Services remaining robust and Manufacturing shrinking, the dollar has maintained its gains. The dollar has stabilised and …

  Read More »
• 23 May 2023 4:55 pm

  Saudi minister warns oil short-sellers ahead of OPEC meeting

  

  Saudi Arabia’s energy minister has cautioned oil speculators to “be careful” ahead of the latest OPEC+ meeting, after the group decided to cut output in early April. “I would just tell them to watch out,” Prince Abdulaziz bin Salman remarked on Tuesday, implying that those wagering against oil price hikes …

  Read More »
• 23 May 2023 3:46 pm

  IMF no longer expects recession in the UK; ups growth forecasts

  

  The UK will avoid a recession this year, according to the IMF, which added that the country’s economy has been “buoyed by resilient demand in the context of declining energy prices.” The Washington-based think tank now predicts UK GDP to expand 0.4% in 2023, owing to higher wage growth, more …

  Read More »
• 23 May 2023 2:22 pm

  BoE’s Bailey says ‘big lessons’ to be learned from inflation surge

  

  Bank of England Governor Andrew Bailey said on Tuesday the central bank had “very big lessons to learn”, with inflation still in double digits and food prices rising at the fastest rate since the 1970s. “I think there are very big lessons about how we operate monetary policy in the …

  Read More »
• 23 May 2023 1:01 pm

  Japan’s Nikkei index retreated from its highest level in 33 years

  

  Japan’s Nikkei index fell sharply on Tuesday after reaching a 33-year high, with some investors rushing to sell stocks to lock in profits, after the index posted eight straight days of gains. The Nikkei index started the day’s trading strongly and reached a new peak at 31352.53 points, a level …

  Read More »
• 23 May 2023 12:17 pm

  European stocks fell, with Julius Baer falling

  

  European stocks fell on Tuesday, dragged down by Swiss wealth manager Julius Baer after weak results, while investors await data on business activity in the euro zone for clues about the path of interest rates. The pan-European Stoxx 600 index was down 0.3% by 0715 GMT, with the travel and …

  Read More »
• 23 May 2023 10:43 am

  Dollar is at its highest level in 6 months against the yen

  

  The dollar touched a six-month high against the yen on Tuesday amid the continuing debt ceiling crisis in the United States and growing expectations that interest rates there will remain higher for a longer period. The dollar rose to a six-month high of 138.80 against the yen in early Asian …

  Read More »
• 23 May 2023 9:25 am

  Gold is falling amid the strength of dollar

  

  Gold prices fell on Tuesday, affected by the strength of the dollar, while investors watched the continued attempts to reach an agreement to end the debt ceiling crisis in the United States. Spot gold fell 0.4 percent to $1,962.06 an ounce by 0306 GMT. US gold futures also fell 0.6 …

  Read More »
• 23 May 2023 3:28 am

  Market Drivers – US Session – 22/05/2023

  

  Gold’s gains from Friday were partially reversed, with XAU/USD slipping towards $1,970/oz. Additionally falling, silver finished the day at $23.60. The performance of cryptocurrencies was uneven, with BTC/USD failing to recoup $27,000. Prices for crude oil increased somewhat; WTI got close to $72.00. On a quiet Monday in the financial …

  Read More »