Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2023

• 8 March 2023 11:41 pm

  EU buys Russian LNG at the highest level in 3 years

  

  The EU is purchasing Russian LNG at the highest level in three years. Though the bloc has sanctioned Russian oil and fuel oil, LNG imports are still free-flowing.The EU snapped up 19.2 billion cubic meters of Russian LNG last year, a 35% increase from 2021. Despite efforts to keep distant …

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• 8 March 2023 10:51 pm

  Dow drops points as Wall Street encounter higher rates for longer woes

  

  Market volatility, on Wednesday, is low because of correlation going down. The Dow Jones Industrial Average fell as Wall Street fought to recover from Tuesday’s selloff, triggered by comments from Fed Chair Jerome Powell signaling higher interest rates for longer.The Dow fell 202 points, or 0.6%, dragged down by declines …

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• 8 March 2023 9:13 pm

  Powell : Aware of lags of monetary policy effects

  

  FOMC Chairman Jerome Powell testifies on the Semi-annual Monetary Policy Report before the US House Financial Services Committee.The US Dollar Index continues to fluctuate in its daily range at around 105.50 after these comments.Key Quotes“We are aware of lags of monetary policy effects.”“They are highly uncertain in timeframe though.”“Slowing down …

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• 8 March 2023 8:29 pm

  Addressing Congress, Powell Defends Fed’s Hawkish Stance

  

  Fed Chair Jerome Powell indicated that the “costs of not getting inflation down will be extremely high”. FOMC Chairman Jerome Powell testifies on the Semi-annual Monetary Policy Report before the US House Financial Services Committee on Wednesday.The US Dollar stays under modest bearish pressure during Powell’s testimony and the US …

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• 8 March 2023 7:22 pm

  US: JOLTS Job Openings decline to 10.8 million in January

  

  Job openings in the United States have declined marginally in January, meanwhile, the US Dollar Index continues to fluctuate within the daily range slightly above 105.50.So far, the dollar’s performance showed no immediate reaction to this report and was last seen trading virtually unchanged on the day at 105.700 at …

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• 8 March 2023 7:04 pm

  BoC’s interest rates unchanged citing inflation falling as forecast

  

  The Bank of Canada on Wednesday left its key overnight rate on hold at 4.50%, as expected, becoming the first major central bank to suspend its monetary tightening campaign in the face of an anticipated easing of high inflation.Over the past year, the Canadian central bank raised rates eight times …

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• 8 March 2023 6:16 pm

  Eurozone economy did not record any quarterly growth at the end of 2022

  

  The European Union’s statistics office (Eurostat) said that the eurozone did not record any economic growth on a quarterly basis in the last three months of 2022, in a slight downward revision of GDP and employment data, yet employment data remained strong. Eurostat said in a statement that the growth …

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• 8 March 2023 4:50 pm

  Barclays cuts 2023 oil price forecasts on resilient Russian output

  

  Barclays lowered its 2023 oil price projections on Wednesday, citing higher-than-expected Russian output, and warned the market might go into deficit in the second half of the year due to rising Chinese demand. The bank reduced its average projections for the Brent and West Texas Intermediate (WTI) benchmarks to $92/b …

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• 8 March 2023 3:49 pm

  Dollar climbs to 3-month highs; hawkish Powell provides support

  

  On the first day of his hearing before the United States Congress, Federal Reserve Chair Jerome Powell led towards a higher terminal rate than previously predicted, sending the US dollar to three-month highs. The US Dollar Index, which monitors the dollar against a basket of six other currencies, was 0.1% …

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• 8 March 2023 3:06 pm

  Continental forecasts 2023 profit margin improvement, sending shares higher

  

  Shares of Continental AG increased on Wednesday after the German tyre manufacturer said it anticipated better profitability for its 2023 fiscal year as the automotive industry recovered from supply chain and logistical issues. The adjusted profit before interest and tax margin for the current 12-month period is expected to be between …

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• 8 March 2023 2:14 pm

  China’s passenger car sales in February rose 10.4% year on year

  

  China’s passenger car sales totaled 1.42 million units in February, data from the China Passenger Car Association showed on Wednesday, up 10.4 percent from the same period in 2022 when the week-long Lunar New Year holiday led to a decline in business activities. It said car sales in the first …

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• 8 March 2023 1:23 pm

  European stocks drop as Powell signals a larger interest rate hike

  

  European stocks fell on Wednesday after Federal Reserve Chairman Jerome Powell said there was a possibility of more sharp interest rate increases, while sportswear company Adidas fell after announcing plans to cut its annual dividend. The pan-European Stoxx 600 index fell 0.3 percent by 0805 GMT, hitting its lowest level …

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• 8 March 2023 11:45 am

  Gold records its lowest level in a week after Fed

  

  Gold prices fell to a one-week low on Wednesday after Federal Reserve Chairman Jerome Powell said that it would likely take a higher-than-expected interest rate hike to curb inflationary pressures. Gold fell 0.1 percent in spot transactions to $ 1812.44 an ounce by 0634 GMT. US gold futures also fell …

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