Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2023

• 25 October 2023 10:25 am

  BoC: Holding Rates Steady but Keeps Options Open for Future Hikes

  

  Financial markets and economists anticipate that the central bank will maintain the Official Overnight Rate (OOR) at 5.0% for the second consecutive meeting. This expectation is strongly reflected in market pricing, with an 85% probability favoring another pause. Remarkably, market projections extend until late 2024, indicating a prevailing belief in …

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• 25 October 2023 1:54 am

  Disappointing EU PMI data raise concerns on weaker oil demand

  

  Analysts see that disappointing PMI data from the Eurozone raise worries about weaker oil demand. Natural gas is moving higher as traders prepare for colder weather. Trading at $83.42 per barrel, WTI oil is losing ground amid demand worries. Brent oil pulled back towards the $87.00 level. Natural gas is …

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• 25 October 2023 1:03 am

  EUR/CHF retreats on disappointing EU data

  

  The EUR/CHF pair fell 0.5% on Tuesday due to mixed results from the pan-EU Purchasing Managers’ Index (PMI) data print. Germany’s PMIs for October were mixed, with a minor uptick in the Manufacturing component failing to offset a steeper-than-expected decline in the Services side of the indicator. The German Services …

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• 24 October 2023 11:33 pm

  US dollar finds demand as focus shifts to GDP, PCE data

  

  Dollar finds demand as focus shifts to GDP, PCE data The US Dollar has recovered from losses on Monday, with the DXY Index rising above 106.00. The S&P Manufacturing and Services PMI rose to expansion territory above 50.00 in October. US Treasury yields recover, allowing the USD to find demand. …

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• 24 October 2023 10:32 pm

  Microsoft stock leaps as earnings beats estimates

  

  Microsoft beat analysts’ predictions for revenue and earnings per share when it released its quarterly earnings after the bell on Tuesday. The tech giant beat consensus estimates by reporting revenue of $56.5 billion for the quarter.Adjusted earnings per share (EPS) peaked at $2.99 as opposed to the expected $2.66. During …

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• 24 October 2023 9:33 pm

  Gold price retreats as safe-haven status eases

  

  Gold price struggles for a direction as investors seek fresh development on Israel-Hamas conflicts and crucial US economic data.The US Dollar and bond yields drop as investors await US Q3 GDP and the Fed’s preferred inflation gauge. The US Manufacturing PMI is expected to remain below the 50.0 threshold for …

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• 24 October 2023 8:39 pm

  CAD slips back on key US PMI data

  

  The Canadian Dollar has slipped back into its lowest bids in almost three weeks against the US Dollar (USD) as broad-market flows reverse direction and pile back into the Greenback following a bumper reading for the US Purchasing Managers’ Index (PMI) that soundly thumped market expectations.The Bank of Canada is …

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• 24 October 2023 7:44 pm

  EUR/USD retreats on T-yields, disappointing EU data

  

  EUR/USD reverses course at 50-DMA, sliding below 1.0600 as US Treasury bond yields rise.US economy gains momentum with S&P Global Manufacturing PMI at 50 and Services PMI at 50.9.Eurozone business conditions continue to deteriorate, with Manufacturing, Services, and Composite PMIs in recessionary territory. EUR/USD reverses its course at the 50-day …

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• 24 October 2023 4:15 pm

  Dollar is at its lowest level in a month after US bond yields fell

  

  The dollar fell to its lowest level in a month on Tuesday, October 24, against a basket of other major currencies after US Treasury bond yields declined, but it regained some of its gains as the euro declined against the backdrop of weak economic data. The dollar index, which measures …

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• 24 October 2023 1:56 pm

  Gold shines with falling US bond yields and tensions in the Middle East

  

  Gold prices rebounded on Tuesday as benchmark US Treasury bond yields declined and investors awaited economic data for clues about interest rates in light of the growing tensions in the Middle East. Gold rose in spot transactions 0.3 percent to $1,977.79 per ounce by 0712 GMT, while US gold futures …

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• 24 October 2023 1:04 pm

  European stocks rose supported by corporate profits and mining sector gains

  

  European stocks rose on Tuesday, October 24, supported by large profits achieved by heavyweight companies such as the luxury goods giant Hermes and the Italian bank UniCredit, as well as gains in the mining sector resulting from the rise in metal prices. The European STOXX 600 index rose 0.2% by …

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• 24 October 2023 12:12 pm

  Oil prices rebound amid the uncertainty of the situation in the Middle East

  

  Oil prices rose in early trading in Asia on Tuesday, October 24, recouping some of the previous day’s losses as investors continued to worry that the war between Israel and Hamas could escalate into a broader conflict in the oil-exporting region, causing potential supply disruptions. By 00:32 GMT, Brent crude …

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• 24 October 2023 10:50 am

  Japan’s Nikkei stops 3-session losses and rises supported by buying declining stocks

  

  The Japanese Nikkei index stopped a wave of losses that lasted for three consecutive sessions on Tuesday, October 24, and rose in a volatile session as investors bought distressed stocks when they fell. The Nikkei rose 0.2% to close at 31,062.35 points after falling 1.4% earlier in the session. The …

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