Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 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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• 24 May 2023 7:27 pm

  Oil rallies on Saudi Minister’s remarks, inventory drawdown

  

  Oil has been buoyed by comments from Saudi Oil Minister, Prince Abdulaziz bin Salman, who warned Oil speculators to “watch out” and that they might suffer as they did “in April”. His comments have been taken as warning to short-sellers that the Oil price might rise. Abdulaziz defended OPEC and …

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• 24 May 2023 3:07 pm

  German business sentiment worsens in May

  

  According to a poll released on Wednesday, German business confidence fell further than predicted in May, owing mostly to a steep drop in future expectations, indicating that Europe’s largest economy is suffering persistent economic headwinds. The Ifo Institute said that its business environment index was 91.7 in May, down from …

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• 24 May 2023 2:41 pm

  UK house prices up 4.1% year-on-year in March

  

  The Office for National Statistics (ONS) said on Wednesday that home prices in the United Kingdom climbed by 4.1% in the year to March, easing from an upwardly revised 5.8% increase in February. According to the ONS, London saw the weakest yearly rise, with prices rising 1.5%. Recent home market …

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• 24 May 2023 1:54 pm

  Oil prices are rising amid falling US inventories

  

  Oil prices rose on Wednesday after data showed a decline in US oil and fuel stockpiles, along with increasing speculation of new production cuts by the OPEC + alliance, after a warning from the Saudi Energy Minister to speculators. Brent crude futures rose 88 cents, or 1.2 percent, to $77.72 …

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• 24 May 2023 11:55 am

  Dollar is hovering near a two-month high

  

  The dollar hovered near a two-month high on Wednesday as investors flocked to the safe-haven currency as debt ceiling talks in the United States continued to stall. And US Treasury Secretary Janet Yellen warns that the federal government may not have enough money to pay all its obligations by June …

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• 24 May 2023 1:52 am

  Bitcoin surges as Hong Kong gives green light

  

  Hong Kong’s Securities and Futures Commission (SFC) announced that it would accept applications from exchanges to offer crypto trading to retail investors from June 1, adding that approved tokens need a 12-month track record and substantial market capitalization. The SFC said registered exchanges would be barred from providing stablecoin and …

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• 24 May 2023 12:46 am

  Gold slides amid US debt ceiling uncertainty, retreating US equities

  

  Gold price dips slightly as uncertainty around US debt-ceiling discussions causes US Treasury bond yields to rise, negatively impacting XAU/USD’s recovery. Despite productive talks between President Biden and House Speaker Kevin McCarthy, an agreement on raising the debt ceiling is yet to be reached. US is set to run out …

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• 23 May 2023 11:41 pm

  US stocks tumble on debt ceiling uncertainty

  

  The Wall Street indexes were down on Tuesday as negotiations to raise the US debt ceiling continued, putting investors on edge about the possibility of a historically large government default. According to S&P Global statistics, the US economy experienced significant growth in the services sector in May, driving business activity …

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• 23 May 2023 10:49 pm

  US new home sales jump to 13-month highs

  

  US new home sales jumped to a 13-month high in April, boosted by a persistent shortage of previously owned houses on the market and a sharp decline in prices from last year’s lofty levels. The Commerce Department report followed on the heels of data showing a surge in permits for …

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• 23 May 2023 9:39 pm

  Oil rallied after Tuesday’s strong US economic data

  

  Tuesday saw a rally in oil prices, and a bullish triangle appeared on the 4-hour chart, indicating that the bearish trend might be changing. The release of API inventory data later on Tuesday may cause some volatility in the movement of Crude Oil prices. A recent EIA report highlights increased …

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• 23 May 2023 8:41 pm

  China escalating tech war by restrictions on US Micron

  

  The Chinese ban’s impact on US Micron will vary depending on how China defines critical information structure. Without Micron products, Chinese companies are likely to turn to South Korean chip makers like Samsung. Micron Technology, the largest US memory chip maker, is assessing its losses following a partial sales ban …

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• 23 May 2023 7:43 pm

  After PMI data, the dollar jumps to a fresh two-month high.

  

  As a result of equities and bonds doing poorly, the US Dollar Index erased the losses it had incurred on Monday. After mixed sector readings for the Purchase Manager’s Index were released, with Services remaining robust and Manufacturing shrinking, the dollar has maintained its gains. The dollar has stabilised and …

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