Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 3 November 2023 7:56 pm

  Brent could test $80s lows if macro impact continues

  

  For the month of October, both crude oil and refined products have generally traded sideways. Analysts at Rabobank examine Brent’s prospects. Brent will at some point in Q4 2023 or Q1 2024 reach $100, but not on average. Brent is trading at $85.20 at the time of writing, as WTI …

  Read More »
• 3 November 2023 6:49 pm

  US ISM Services PMI declines to 51.8 in October vs. 53 expected

  

  The US ISM Services PMI fell to 51.8 in October. The US Dollar Index stays deep in red territory below 105.50. Business activity in the US service sector expanded at a softening pace in October, with the ISM Services PMI declining to 51.8 from 53.6 in September.This reading came in …

  Read More »
• 3 November 2023 5:51 pm

  US NFP data falls shy of forecasts

  

  The greenback slid sharply after the October non-farm payrolls report showed employment rising by 150k, underperforming estimates of 180k. Last month’s print was also revised down from 336k to 297k. Unemployment edged up to 3.9% from 3.8% as participation rates dipped to 62.7%. Meanwhile, wage inflation slowed slightly as average …

  Read More »
• 3 November 2023 5:39 pm

  Gold poised to post a weekly loss as Dollar gains ground against bullion

  

  The gold market has been seeing some two-way price action of late. After hitting close to $2,000 last month on geopolitical worries, Gold is poised for its first weekly loss in nearly a month as safe-haven demand cools ahead of today’s key US jobs data. Gold edged higher intraday but …

  Read More »
• 3 November 2023 3:32 pm

  EUR and GBP are heading for weekly gains

  

  The euro and pound are headed for weekly gains against the dollar on Friday, as appetite for global bonds led by the United States pushed yields down, as did the dollar, providing relief even to the faltering Japanese yen. However, the always important US non-farm payrolls data scheduled for 1230 …

  Read More »
• 3 November 2023 3:11 pm

  CEO of the Russian company Novatek: US sanctions indicate our professionalism

  

  CEO of the Russian natural gas production company Novatek, Leonid Mikhelson, said on Friday that US sanctions on the company’s future Arctic 2 liquefied natural gas project constitute “a recognition of our professionalism.” He added during a conference in Samarkand that Qatar, Russia and the United States will be able …

  Read More »
• 3 November 2023 2:13 pm

  European stocks are awaiting their best weekly performance since March

  

  The European STOXX 600 index rose on Friday and is heading towards achieving its best weekly performance since March, led by auto stocks, as sentiment was supported by optimism linked to a possible end to the monetary policy tightening cycle in major central banks. The European STOXX 600 index rose …

  Read More »
• 3 November 2023 12:12 pm

  Oil prices stable and heading for losses for the second week

  

  There was little change in oil prices on Friday, but they are heading for a second consecutive week of losses, with the US Central Bank leaving the door open to possible increases in interest rates in the future, as well as declining fears that the conflict in the Middle East …

  Read More »
• 3 November 2023 3:22 am

  Market Drivers – US Session, Nov. 2

  

  The US Dollar lost ground on Thursday due to economic data from the US, which showed Initial Jobless Claims rose to the highest level in seven weeks and Continuing Claims reached the highest since April. The US official employment report is expected to show an increase of 180,000 jobs, with …

  Read More »
• 3 November 2023 3:16 am

  Apple reports record earnings quarter

  

  With iPhone revenue up year over year, Apple reports record earnings quarter, on Thursday, even with just a week or so of iPhone 15 sales factored into the numbers. However, all of the company’s other hardware divisions were down, and overall sales were down for the fourth consecutive quarter. The …

  Read More »
• 3 November 2023 2:28 am

  US Dollar declines ahead of October’s NFP

  

  The Dollar Index fell for the day to 106.15, a decrease of 0.50%. In line with the current risk-on trend, US government bond yields are also falling while Wall Street indexes are rising.Market participants are now concentrating on Friday’s Nonfarm Payrolls report for October. Following Wednesday’s decision and Chair Powell’s …

  Read More »
• 3 November 2023 12:22 am

  White House sets the scene for Xi-Biden talks via Yellen’s speech

  

  The White House is preparing for President Biden’s APEC summit and meeting with Chinese President Xi Jinping. Biden aims to emphasize economic ties with China’s neighbors and China, signaling that relations don’t have to be defined by conflict. The White House aims to convince other Indo-Pacific countries that the US …

  Read More »
• 2 November 2023 10:55 pm

  WTI rallies above $82 on risk appetite

  

  WTI crude oil gained 2.07% on Thursday as the US dollar declined. WTI is trading at $82.23 per barrel at the time of writing. Despite a potential hawkish retreat, investors respond favourably to the Federal Reserve’s decision to maintain interest rates unchanged. The Fed reiterated its commitment to reducing excessive …

  Read More »