Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 25 May 2023 2:54 pm

  Bank of America raises S&P 500 EPS outlook on strong Q1 earnings

  

  As the first quarter earnings season proved to be stronger than expected, Bank of America analysts increased their forecast for what the S&P 500 may earn in 2023. The updated S&P 500 profits per share forecast is $215, up from $200 before, marking a 5% earnings beat in Q1. According …

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• 25 May 2023 1:24 pm

  European stocks fall; Germany enters recession after 1Q GDP falls

  

  European stock markets fell on Thursday as statistics revealed that Germany, the region’s largest economy, fell into recession in the first quarter of the year. At 03:15 ET (07:15 GMT), the DAX index in Germany was down 0.2%, the FTSE 100 in the United Kingdom was down 0.4%, and the …

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• 25 May 2023 12:18 pm

  Japan’s Nikkei compensates for its losses and closes higher

  

  Japan’s Nikkei index recovered its losses on Thursday after two straight sessions of decline, supported by chip-related companies, optimism about financial results and strong inflows from foreign investors. The Nikkei index rose 0.4 percent to close at 30,801.13 points. Earlier this week, the index touched 31,352.53, the highest level since …

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• 25 May 2023 11:39 am

  Gold is locked in a narrow range amid focus on US debt ceiling talks

  

  Gold prices moved in a narrow range on Thursday as investors await further developments in the US debt ceiling negotiations, while the dollar’s rise kept prices in check. And by 0300 GMT, gold settled in immediate transactions at $ 1957.49 an ounce. And US gold futures fell 0.3 percent to …

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• 25 May 2023 2:53 am

  Market Drivers – US Session – 24/05/2023

  

  Traders and investors are digesting the latest economic data and the FOMC minutes while awaiting news regarding the US debt-ceiling fight. No major reports are due in the Asian session. Later in the day, Germany and the US will release new estimates for Q1 GDP. The weekly Jobless Claims report …

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• 24 May 2023 11:50 pm

  How has gold reacted to FOMC minutes?

  

  Gold price is mixed around the FOMC minutes that showed that Fed policymakers are divided on backing further rate hikes, however FOMC members still agreed that inflation risks are still unacceptably high, but the extent of further hikes is now made less certain. Gold price has ranged between a low …

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• 24 May 2023 11:25 pm

  Yellen’s remarks cause US stocks to decline

  

  After Treasury Secretary Janet Yellen reiterated that if an agreement to raise the US debt ceiling is not reached, the United States will go into default on its debt and could not pay for federal bills in early June, US equities fell even lower on Wednesday. 231 points, or 0.7%, …

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• 24 May 2023 10:49 pm

  USD/JPY retreats from YTD high post FOMC minutes

  

  The 25 bps rate increase announced at the May meeting, according to several Fed policymakers, may have been the last. They emphasize the necessity for flexibility in the face of economic change. The FE staff predicts a slight recession for the latter part of the year, with increased risks to …

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• 24 May 2023 10:14 pm

  FOMC minutes: Fed members split on backing more hikes

  

  The Federal Reserve released the minutes from its May 2-3 meeting, when it raised rates by 25 bps. The minutes showed a division on support for more rate hikes. US Dollar holds onto daily gains after minutes. The FOMC released the minutes of the May 2-3 meeting, triggering a limited …

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• 24 May 2023 9:56 pm

  GBP/USD slides ahead of FOMC minutes

  

  Prior to the release of the FOMC minutes, the GBP/USD pair is down about 0.28%. The pair has so far fallen from a high of 1.2469 to a low of 1.2357.  The positions of net GBP speculators rocketed higher and have now been positive for five weeks in a row, …

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• 24 May 2023 9:19 pm

  How could FOMC minutes affect EUR/USD?

  

  The US Federal Reserve will release the latest monetary policy meeting minutes of the Federal Open Market Committee (FOMC) at 18:00 GMT, sought by traders as they would provide insight into the US central bank’s forward path. On May 2-3, the Fed decided to raise rates by 25 bps, the …

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• 24 May 2023 8:22 pm

  Fed’s Waller hints at rate ‘hike’, ‘skip’ in June, but no ‘pause’

  

  Ahead of FOMC minutes, Fed’s Christopher Waller stated, on Wednesday, that while the US central bank may decide not to raise interest rates at its meeting next month, he is concerned about the lack of progress on inflation and believes that the rate-hiking campaign would likely continue. Waller made the …

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• 24 May 2023 8:11 pm

  Speaker McCarthy: Differences over spending continue still exist

  

  US House Speaker Kevin McCarthy announced on Wednesday that they are sending their negotiators to the White House to try and wrap up the debt-limit negotiations. McCarthy continued by pointing out that there were still disagreements on expenditure, but he added that he believed they might advance today. After these …

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