Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2023

• 6 July 2023 12:28 am

  WTI runs out of steam near $72.00 as markets await further key data

  

  The WTI crude oil clings to mild gains around two-week high, up for the third consecutive day. Clear break of six-week-old falling resistance line, weekly bullish channel keep Oil buyers hopeful.Overbought RSI as well as cautious mood prevail across oil markets ahead of key US data. WTI crude oil sellers …

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• 5 July 2023 11:05 pm

  Wall Street slips amid China woes post FOMC minutes

  

  US stocks edged lower as traders return from the Independence Day holiday to monitor headwinds for the global economy and after the release of Fed’s minutes for June monetary policy meeting.The S&P 500 was down 0.1%, while the Dow Jones Industrial Average slipped by around 0.3% or about 100 points. …

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• 5 July 2023 10:00 pm

  US dollar benefits from FOMC minutes

  

  The US central bank released the minutes from its June 13-14 meeting. The minutes showed some policymakers favored a rate hike, but went with a pause. The US Dollar pulls back modestly after the minutes.The US Dollar strengthened after the minutes. The DXY printed fresh weekly highs above 103.30 and …

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• 5 July 2023 9:41 pm

  US equities retreat ahead of Fed minutes

  

  Prior to the release of the Federal Reserve’s minutes from its June meeting, Wall Street’s major indexes declined on Wednesday as dismal economic data from the US and China as well as escalating Sino-US tensions dampened market mood. According to a Commerce Department study, US industrial orders for May 2023 …

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• 5 July 2023 8:47 pm

  Bitcoin price maneuvering, confusing short-term traders

  

  Bitcoin price shows a massive drop in volatility as it consolidates around the $30,000 psychological level. A potential distribution pattern is brewing and could trigger an 8.66% pullback. Bitcoin price has been trading in a tight range for nearly two weeks now with no signs of resolution. But a closer …

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• 5 July 2023 7:36 pm

  Gold sharply reverses from weekly highs ahead of FOMC minutes

  

  Gold is suffering from a volatile session for metals as the US dollar performs steadily. After spiking to the highest level since June 23, XAU/USD turned to the downside. Gold is losing momentum, and the reversal could expose $1,900. At the time of writing, the precious metal is trading at …

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• 5 July 2023 3:23 pm

  Fed meeting minutes to offer clues on future rate hike appetite

  

  The minutes of the Federal Reserve’s June policy meeting, which will be issued on Wednesday, are expected to indicate an intense discussion among officials who, on balance, look inclined to favour stronger action to reduce inflation. The meeting minutes, which are scheduled at 2 p.m. EDT (1800 GMT), will arrive …

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• 5 July 2023 1:36 pm

  UK business momentum slows in June despite falling inflation -PMI

  

  The private sector in the United Kingdom slowed dramatically last month, despite reduced inflation, as increased Bank of England interest rates weighed on demand, according to a poll released on Wednesday. The S&P Global/CIPS services Purchasing Managers’ Index (PMI) for the United Kingdom fell to 53.7 in June from 55.2 …

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• 5 July 2023 12:56 pm

  Japan’s Nikkei decline amid profit-taking

  

  The Japanese Nikkei index fell at the close on Wednesday for the second day in a row, amid investors taking profits that came after a wave of rises in the market recently. Fast Retailing pressured the index after the company that owns the Uniqlo brand announced a decline in monthly …

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• 5 July 2023 11:25 am

  Turkey’s annual inflation slowed to 38.21% in June

  

  Turkey’s annual inflation slowed for the seventh month in a row, reaching 38.2% against expectations of 39.47%. In June, inflation recorded 39.5%, after a slowdown from record levels in October 2022, which reached 85.5%. On Thursday, June 22, Turkey’s central bank raised the country’s main interest rate, nearly doubling it …

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• 5 July 2023 10:19 am

  Oil prices are falling under the weight of fears of a global economic slowdown

  

  Oil prices fell on Wednesday, erasing gains from the previous session, as fears of a global economic slowdown curbing fuel demand outweighed expectations of further supply cuts due to production cuts announced by Saudi Arabia and Russia for August. Brent crude fell 14 cents, or 0.2 percent, to $76.11 a …

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• 5 July 2023 4:07 am

  Market Drivers – US Session – 04/07/2023

  

  On a quiet day marking US holiday, the US dollar posted mixed results. Commodity-linked currencies were the top performers. Markets await new information, and volatility is set to pick up on Wednesday with the release of the FOMC minutes. Then, the focus will turn to US labor market data with …

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• 4 July 2023 11:21 pm

  Oil prices surge 2% as market weighs supply cuts against economic outlook

  

  Tuesday saw a 2% increase in oil prices as traders weighed August production curbs by major producers Saudi Arabia and Russia against a gloomy forecast for the world economy. On Monday, Saudi Arabia announced that it would continue to reduce its voluntary output by 1 million barrels per day (bpd) …

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