Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 22 June 2023 12:27 pm

  USD declines after the testimony, GBP goes up

  

  On Thursday, the dollar approached its lowest level in a month against a basket of currencies, after Jerome Powell, Chairman of the Federal Reserve, stuck to his usual messages in his semi-annual testimony, which did not include any surprises. Sterling rose to near a one-year high ahead of the Bank …

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• 22 June 2023 11:20 am

  Oil stabilizes after a sudden drop in US crude inventories

  

  Oil prices maintained most of the gains achieved on Wednesday in early trading on Thursday, while markets assessed a sudden drop in US crude stocks against the possibility of weak demand after the Federal Reserve Chairman hinted at the possibility of further interest rate hikes. And by 0015 GMT, Brent …

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• 22 June 2023 2:57 am

  Market Drivers – US Session – 21/06/2023

  

  Cryptocurrencies rose sharply, with BTC/USD rising more than 5% above $30,400, the highest level in two months. Ethereum climbed towards $1,900. Crude oil prices rose more than 2% to the strongest level in two weeks. The WTI barrel surpassed $72.50The US dollar dropped despite cautious market sentiment, amid a decline …

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• 22 June 2023 2:04 am

  Gold pressured at key levels despite weakened US dollar

  

  Financial markets were focusing on the Fed Chairman Powell’s testimony. Gold retreated on Wednesday even as the US dollar fell and bond yields climbed. The Gold Index declined from the $1,939.57 high to the $1,919.24 low. Markets were reacting to the congressional testimony from Federal Reserve chair Jerome Powell on …

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• 22 June 2023 1:34 am

  GBP/USD fluctuates in volatile session ahead of BoE’s decision

  

  Following the release of UK inflation data, the GBP/USD pair is benefiting from the US dollar’s decline as a result of testimony made by Fed Chair Jerome Powell regarding rate hikes.Powell’s comments keep investors on edge, but the GBP/USD pair seems unaffected by the testimony. With a potential increase of …

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• 21 June 2023 11:31 pm

  US stocks retreat for a third day on Powell’s testimony

  

  Fed Chair Jerome Powell clarified the Fed’s stance by saying that the process of getting inflation back down to 2% has a long way to go. The S&P 500 was lower Wednesday as investors took a breather from last week’s market rally, and weighed Federal Reserve Chair Jerome Powell’s latest …

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• 21 June 2023 9:06 pm

  Powell’s hawkishness is expected to support US dollar’s gains

  

  Federal Reserve Chairman Powell’s hawkish words are significantly weighing on market sentiment as broadly expected. Wall Street extends losses ahead of the opening, hinting at more risk-off trading. The EUR/USD pair is technically neutral in the near term and could correct lower once below 1.0890. The EUR/USD pair keeps trading …

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• 21 June 2023 8:04 pm

  Natural gas bounces on stalling US Dollar during Powell testimony

  

  The US Dollar stalls giving Natural Gas a boost after a three-day rally during Fed Chair Powell’s testimony before the Congress.Natural Gas finds support after Tuesday’s decline as higher-than-expected demand for Gas used in cooling puts a floor under prices. Concerns regarding Norwegian supply after data showed a slump in …

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• 21 June 2023 7:27 pm

  Fed’s Powell: Battle to bring down inflation still has ‘a long way to go’

  

  Fed’s Chair Jerome Powell is testifying before congressional lawmakers this week, starting Wednesday morning with the House Financial Services Committee, just one week after the central bank paused its most aggressive rate-hiking campaign in decades.Powell doubled down on the hawkish view that the Fed isn’t done battling inflation in his …

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• 21 June 2023 5:52 pm

  BoE Preview: Banks expect 25 bps

  

  The Bank of England (BoE) will publish its Interest Rate Decision on Thursday, June 22 at 11:00 GMT, and as the day approaches, below are the expectations anticipated by five major banks’ economists and experts. The “Old Lady” is projected to raise interest rates by 25 basis points (bps), to …

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• 21 June 2023 4:29 pm

  Gold is falling amid anticipation of Powell’s testimony

  

  Gold prices fell on the rise of the dollar on Wednesday, as investors await clues about interest rates from US Federal Reserve Chairman Jerome Powell’s testimony before Congress. And gold in instant transactions fell 0.1 percent to 1934.20 dollars an ounce by 1112 GMT, and its movements are limited to …

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• 21 June 2023 3:28 pm

  UK manufacturers see lowest inflation since Feb 2021 – CBI

  

  According to a study released on Wednesday, British manufacturers anticipate to boost prices by the fewest amount since February 2021 during the next three months, while price hikes will still be substantially quicker than their long-run average. The Confederation of British Industry (CBI) said that its monthly index of manufacturers’ …

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• 21 June 2023 1:18 pm

  Dollar stabilizes ahead of Powell’s speech and inflation data supports the pound

  

  The dollar rose on Wednesday before Federal Reserve Chairman Jerome Powell speaks to Congress as his comments are expected to reflect tightening monetary policy, while the British pound rose slightly after stronger-than-expected British inflation data. Britain’s consumer price index held steady at 8.7 percent in May, despite hopes that it …

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