Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 2 February 2024 3:42 am

  Market Drivers – US Session, February 1

  

  The US Dollar Index retreated, putting the 103.00 support to the test, dropping back below the important 200-day SMA. On Friday, all eyes will be on January’s nonfarm payrolls, the unemployment rate, factory orders, and the final print of Michigan Consumer Sentiment.Renewed selling pressure in the dollar, combined with more …

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• 2 February 2024 3:18 am

  What could January’s NFP Data bring about in financial markets?

  

  The US Bureau of Labour Statistics will release its jobs report for January on Friday, February 2, and economists and researchers predict a 180,000 rise in Nonfarm Payrolls following the stronger-than-expected 216,000 recorded in December. Investors’ focus now shifts to Friday’s nonfarm payrolls for further clarity on the future of …

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• 2 February 2024 1:03 am

  Middle East talks drag WTI lower after early surge on supply concerns

  

  Crude oil prices were volatile on Thursday due to geopolitical concerns in the one direction towards calmer Middle East, and supply concerns in the other direction; triggering an earlier rally on the day. The likelihood of a negotiated ceasefire in Gaza is growing. The crude oil barrel counts from the …

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• 1 February 2024 10:36 pm

  Canadian dollar eases ahead of NFP data

  

  The Canadian dollar was mixed against major currencies on Thursday, with some gains against the US dollar. Markets are settling following Wednesday’s Federal Reserve outing, which saw Chair Jerome Powell strike a more hawkish tone than expected, knocking equity markets lower and driving risk-off flows into the safe haven US …

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• 1 February 2024 9:54 pm

  Wall Street struggles to recover from post FOMC sell-off

  

  The Dow Jones Industrial Average rose Thursday following a dismal day for the major averages after the Federal Reserve held steady on rates but signaled that a March cut is unlikely.The 30-stock Dow added market index climbed 211 points, or 0.5%, while S&P 500 added 0.7%. The Nasdaq Composite gained …

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• 1 February 2024 8:41 pm

  EUR/GBP modestly surges following BoE’s decision, Eurozone inflation data

  

  On Thursday, the EUR/GBP jumped to 0.8545, up 0.25%. The pair’s daily chart shows a neutral to negative outlook, with bulls striving to restore control and create momentum. Buyers gained pace after the Eurozone’s strong inflation numbers, but the Bank of England’s hawkish stance may limit the gains. The EUR/GBP …

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• 1 February 2024 7:44 pm

  US dollar struggles to recover gains despite upbeat ISM numbers

  

  The US Dollar pops up on the back of Fed rate pause. Traders see the Greenback fade to flat as dust settles over the Fed meeting. The US Dollar Index has 104 in reach if it is able to advance this Thursday. The dollar is falling back to being nearly …

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• 1 February 2024 7:09 pm

  Shell announces lower earnings than expected

  

  On Thursday, Shell recorded Q4 profit of $474 million. The London-based corporation reported a per-share profit of 14 cents. Adjusted for nonrecurring charges, earnings per share were $2.22. The results exceeded Wall Street’s expectations. Average forecast was for earnings of $1.94 per share.The oil and gas company generated $80.13 billion …

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• 1 February 2024 5:48 pm

  US Initial Jobless Claims increased more than expected

  

  In the week ending January 27, the number of US citizens applying for unemployment insurance benefits surged by 224,000, as reported by the US Department of Labor (DoL) on Thursday. Once again, these figures surpassed market estimates, following a 215,000 increase in the preceding week. Further insights from the publication …

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• 1 February 2024 5:46 pm

  Gold Prices Navigate Dollar Strength and Rate Cut Expectations

  

  In the intricate dance of financial markets, gold prices demonstrated resilience on Thursday, holding steady despite the strength of the US dollar. The Federal Reserve’s resistance to the notion of lowering interest rates in March initially bolstered the dollar, yet gold maintained its ground as investors continued to harbor hopes …

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• 1 February 2024 4:08 pm

  BoE holds interest rate steady at 5.25%

  

  The Bank of England (BoE) announced on Thursday that it maintained the policy rate at 5.25% following its February policy meeting. The decision came in line with the market expectations. to be updated …

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• 1 February 2024 3:26 pm

  Currency Overview: Dollar near 7-week peak as rate cut bets ease

  

  Analyzing Dollar Strength, Yen Resilience, and Sterling Stability In the complex arena of global currency markets, the US dollar maintained its position near a seven-week high against the euro on Thursday, following statements from Federal Reserve Chairman Jerome Powell. Powell’s dismissal of the possibility of an interest rate cut in …

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• 1 February 2024 2:01 pm

  European Stock Market Faces Headwinds Amid Earnings Disappointments

  

  As global investors navigate the intricate landscape of financial markets, European stocks faced a downward trajectory on Thursday. The European Stoxx 600 index saw a decline of 0.2 percent by 0820 GMT, with banks bearing the brunt of the negative sentiment, experiencing a notable 1.4 percent drop. This downturn was …

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