Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 24 August 2023 4:29 pm

  The Turkish Central Bank raises interest by 750 basis points

  

  The Central Bank of Turkey raised the main interest rate “repo” by 750 basis points to 25%, which shocked the markets that were priced at a hike of only 250 basis points, which pushed borrowing costs to their highest levels since January 2004. The central bank’s decision to raise interest …

  Read More »
• 24 August 2023 2:05 pm

  Gold reaches its highest level in two weeks as Treasury yields decline

  

  Gold prices rose to their highest levels in two weeks on Thursday, as a decline in the dollar and Treasury yields increased the appetite of investors for bullion, as they awaited clues about the path of interest rates during a meeting of central bankers in Jackson Hole. And by 0629 …

  Read More »
• 24 August 2023 12:41 pm

  Nikkei rises for the fourth day in a row, with the rise of technology stocks

  

  Japan’s Nikkei rose for the fourth straight session on Thursday, posting its longest winning streak since mid-June, after record earnings from US chip designer NVIDIA lifted shares of Japanese technology companies. The Nikkei index increased 0.87 percent to 32,287.21 points at the close, approaching its highest level during the day, …

  Read More »
• 24 August 2023 12:16 pm

  Oil declines after weak economic datat

  

  Oil prices fell on Thursday with the release of disappointing economic data from major economies, while investors await Federal Reserve Chairman Jerome Powell’s speech on Friday, looking for any indications on the path of interest rates. And by 0619 GMT, Brent crude fell 19 cents, or 0.2 percent, to $ …

  Read More »
• 24 August 2023 5:58 am

  What is a BRICS currency?

  

  In a bid to lessen their sensitivity to changes in the dollar exchange rate, Brazil’s president called on the BRICS countries to establish a single currency for trade and investment between one another on Wednesday.At the Johannesburg BRICS conference, Luiz Inacio Lula da Silva proposed the idea. Given the variations …

  Read More »
• 23 August 2023 11:43 pm

  Powell to reveal next Fed steps to combat inflation

  

  Fed Chair Jerome Powell is expected to outline the final steps the US central bank could implement in the framework of the ongoing campaign to tame inflation during his speech at Jackson Hole Symposium. Powell’s speech comes as policymakers enter the most difficult stage of the fight against inflation, calibrating …

  Read More »
• 23 August 2023 10:39 pm

  US stocks rise ahead of Nvidia’s crucial results

  

  Wall Street’s key indexes rose on Wednesday due to Nvidia stock’s surge in shares, driven by expectations of a positive future outlook from the chip designer. Nvidia’s sales target exceeded Wall Street projections, leading to a record high for the chip designer’s shares. Analysts worry about a bigger selloff if …

  Read More »
• 23 August 2023 9:29 pm

  Slowdown woes, surging US inventories drag WTI to four-week low

  

  As a result of waning worldwide economic activity, as shown by the S&P worldwide PMIs, WTI crude oil declined to $77.68 per barrel, down 0.54%, before improving to $79.01 at the time of writing. While oil stockpiles decline by 6.1 million barrels, US petrol inventories increase by 1.5 million barrels, …

  Read More »
• 23 August 2023 8:44 pm

  AUD/USD rises past 0.6450 amid US dollar’s weakness

  

  The AUD/USD pair sets a third consecutive day of gains, rising more than 0.60% towards 0.6470. PMIs from August from the US and Australia came in lower than expected.Dovish bets on the Fed are applying pressure on the USD. The AUD/USD gained traction in Wednesday’s session, driven by a weaker …

  Read More »
• 23 August 2023 4:50 pm

  Jackson Hole: Market overreacts?

  

  US equities are trading higher on Wednesday as lower 10-year US Treasury yields aid long-term technology sectors thrive. The 10bps drop in 10-year yields is likely due to investors dialling back some of the recent build-up in growth expectations that saw yields climb to the highest levels since the Great …

  Read More »
• 23 August 2023 3:20 pm

  UK Preliminary Services PMI enters contraction with 48.7 in August

  

  The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell further in August to 42.5 from 45.0 predicted and 45.3 in July. Meanwhile, the Preliminary UK Services Business Activity Index fell to a seven-month low of 48.7 in August, compared to a final print of 51.5 in July …

  Read More »
• 23 August 2023 2:02 pm

  European stocks open higher supported by mining and healthcare companies

  

  European stocks opened higher on Wednesday, as mining stocks led gains thanks to higher metal prices, while Swiss pharmaceutical Roche supported health care stocks. And by 0707 GMT, the European Stoxx 600 index rose 0.4 percent. Mining stocks rose 0.9 percent as prices of most industrial minerals rose. Roche shares …

  Read More »
• 23 August 2023 12:39 pm

  Oil rises as markets assess the prospects of interest rate hikes and weak Chinese demand

  

  Oil prices rose on Monday as global supply tightened due to reduced exports from Saudi Arabia and Russia outweighed concerns about global demand growth amid high interest rates. And by 0301 GMT, Brent crude oil prices rose 75 cents to 85.55 dollars a barrel. West Texas Intermediate crude rose 80 …

  Read More »