Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 16 February 2024 10:40 am

  Gold Under Pressure Amid Shifting Rate Cut Expectations

  

  Subdued Performance Overview:Gold faces downward pressure for the second consecutive week on Friday, as unexpected upticks in US consumer prices prompt traders to reassess their outlook on interest rate cuts. However, the precious metal sees a partial recovery following a decline in consumer spending. Gold Price Movement:Spot gold settled at …

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• 16 February 2024 10:14 am

  Oil Prices Reflect Mixed Sentiment Amid Economic Data and Demand Concerns

  

  Subdued Movement Overview:Oil prices displayed a mixed performance on Friday as market participants weighed expectations of slowing demand against hopes for potential interest rate cuts in the United States. Brent crude futures experienced a marginal decline, while US West Texas Intermediate crude futures saw marginal gains. Price Dynamics:Brent crude futures …

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• 16 February 2024 2:20 am

  Market Drivers – US Session, February 15

  

  The Atlanta Fed GDPNow estimates for first-quarter growth dipped to 2.9% from 3.4%. Atlanta Fed GDPNow’s report reads as follows: “The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2024 is 2.9 percent on February 15, down from 3.4 percent on February …

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• 16 February 2024 1:36 am

  S&P 500 hits record high in late session rally

  

  All three main indices finished Thursday’s trading day in the green territory, recovering from sharp losses earlier in the week. The S&P 500 closed at a new record high. As of now this year, the 500-stock benchmark has closed on 11 consecutive record highs.The Nasdaq Composite gained 0.30% to conclude …

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• 16 February 2024 12:31 am

  Gold marks beginning bullish reversal on mixed US data

  

  Gold prices have been trading at $2,003.70 per ounce, up 0.73% since yesterday’s price and down 3.03% from the beginning of the year. At the time of writing, gold is trading at $2004.44 per ounce, up +0.63%. Mixed US economic data has impacted the US Dollar, with US Treasury yields …

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• 15 February 2024 11:42 pm

  Fed’s Powell prepares for congressional testimony in early March

  

  Fed Chair Jerome Powell is set to give the Senate banking committee its biannual monetary policy update on March 7. The House Financial Services Committee is expected to host Powell at a hearing at least a day earlier, based on past practice. Investors will be keenly interested in Powell’s congressional …

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• 15 February 2024 10:03 pm

  BoE’s Greene: Evidence on cooling inflation is prerequisite for rate cut

  

  Bank of England policymaker Megan Greene has stated that she will not vote to cut the cost of borrowing until more evidence of inflation returning to the central bank’s target is found. Greene believes that UK monetary policy will need to remain restrictive for some time for inflation to sustainably …

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• 15 February 2024 9:09 pm

  Canadian dollar edges up after US Retail Sales

  

  The Canadian Dollar has recovered on Thursday after missing expectations and shrinking in January. The US dollar’s midweek surge on CPI-fueled risk aversion is getting pared back, and the CAD is finding additional support from recovering crude oil bids heading into the back end of the trading week. Canadian Housing …

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• 15 February 2024 8:01 pm

  EUR/USD advances following weak US retail sales

  

  The euro has gained ground on the US Dollar following a drop in US retail sales and Treasury yields, leading to a decline in US rates and the dollar. The EUR/USD pair trades at 1.0784, with softer Eurozone data indicating a rise in the euro. Retail sales decreased by -0.8%, …

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• 15 February 2024 3:09 pm

  International Energy Agency Revises Downward Global Oil Demand Growth Forecast

  

  IEA’s Revised Outlook:The International Energy Agency (IEA) announced on Thursday a downward revision in its forecast for global oil demand growth, indicating a loss of momentum in the sector. The agency anticipates a slower pace of growth, projecting an increase of 1.22 million barrels per day in 2024. This figure …

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• 15 February 2024 2:59 pm

  European Stocks Rally on Weaker Inflation Data and Positive Corporate Results

  

  Inflation Data Boosts Sentiment:European stocks regained ground on Wednesday, buoyed by weaker-than-expected inflation data in Britain. This bolstered hopes that the Bank of England would implement interest rate cuts soon, providing a positive outlook for investors. Additionally, positive earnings reports from select companies contributed to the market’s upward momentum. STOXX …

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• 15 February 2024 2:43 pm

  Japan’s GDP Contracts in Q4 Contrary to Expectations

  

  Unexpected GDP Contraction:Data released by the Prime Minister’s Office in Japan early Thursday morning revealed a contraction in the country’s gross domestic product (GDP) during the fourth quarter. Contrary to expectations of growth by approximately 1.4%, the GDP contracted by 0.4% on an annual basis. Furthermore, the previous reading for …

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• 15 February 2024 12:39 pm

  UK GDP Contracts in January, Exceeding Market Expectations

  

  GDP Data Release:Data released Thursday morning by the Office for National Statistics in Britain revealed that the country’s gross domestic product (GDP) contracted by 0.1% on a monthly basis in January. This figure exceeded market expectations, which had predicted a contraction of 0.2%. Notably, the previous reading for December indicated …

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