Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 23 February 2024 3:44 pm

  Dollar Poised for First Weekly Decline in 2024

  

  Currency Markets Reflect Changing Sentiment Currency markets experienced notable shifts this week, with the dollar poised to record its first weekly decline in 2024. Investor sentiment recalibrated following diminished expectations of imminent interest rate cuts by the Federal Reserve, fueling a rebound in the US currency. Meanwhile, the yen faced …

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• 23 February 2024 1:27 pm

  Yen Plummets Against Major Currencies as Investors Seek Higher Returns Elsewhere

  

  Introduction: Yen’s Downward Spiral This week witnessed a continued decline in the value of the yen against key currencies such as the euro, pound sterling, and the US dollar. Investors, eager for better returns outside Japan’s near-zero interest rate environment, drove the yen to new lows, marking its fourth consecutive …

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• 23 February 2024 11:51 am

  Oil Prices Retreat as Fed Official Delays Rate Cut Plans

  

  Oil Market Reacts to Federal Reserve Commentary Oil prices retreated on Friday following remarks from a Federal Reserve official suggesting a delay in interest rate cuts for at least two additional months. The market responded swiftly to the news, recalibrating expectations amidst evolving monetary policy dynamics. Market Movements: Tracking Brent …

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• 23 February 2024 11:50 am

  Gold Prices Rally Amid Dollar Weakness and Geopolitical Tensions

  

  Gold prices surged on Friday, poised to clinch their first weekly gain in three weeks. A confluence of factors, including a weakened dollar and escalating tensions in the Middle East, fueled investor appetite for the precious metal. Market Dynamics: Tracking the Numbers At 0411 GMT, gold prices in spot transactions …

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• 22 February 2024 10:15 pm

  USD/CAD swings following US key data, Canadian retail sales

  

  The USD/CAD exchange rate saw volatility on Thursday due to mixed US PMI data and Canada’s retail sales statistics. The pair moved towards the lower end of the range early on Thursday as investors prepared for the US Purchasing Managers Index (PMI) data of the day. The pair is trading …

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• 22 February 2024 9:31 pm

  Nasdaq boosted following Nvidia’s earnings

  

  As Nvidia’s stock surged to an all-time high, the S&P 500 approached a new high and global stock rallies gained momentum.The chip manufacturer, propelled by the surge in demand for AI systems, announced another quarter of record-breaking performance. During afternoon trade, Nvidia’s shares increased by 15%. As a result, the …

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• 22 February 2024 8:15 pm

  US S&P Global Manufacturing PMI for February improves

  

  The US S&P Global Composite PMI fell from 52 in January to 51.4 in February’s flash estimate, indicating that the private sector’s business activity in the US is still growing, but more slowly than it was in January.During the same time period, the S&P Global Manufacturing PMI increased to 51.5 …

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• 22 February 2024 7:41 pm

  Fed’s Jefferson: Cautiously optimistic about inflation progress

  

  Phillip Jefferson, the Fed Vice Chair of the Board of Governors, delivered a speech on Thursday in Washington, DC, at the Peterson Institute for International Economics.Key QuotesContinuing strength in spending is an upside risk to forecasts.Fed needs to remain vigilant, nimble.Fed shouldn’t be taken by surprise by any unexpected shocks.Fed’s …

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• 22 February 2024 5:34 pm

  Oil Prices Edge Up Amid Dollar Decline and Yemen Ship Attack

  

  Key Highlights: Oil prices edge up with Brent crude and WTI futures seeing modest gains.Weakened dollar and Yemen ship attack contribute to price increase.Brent crude reaches $83.38 per barrel, while WTI climbs to $78.28 per barrel.Attack on ship off Yemen’s coast adds geopolitical tension to market sentiment.Increase in US crude …

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• 22 February 2024 4:49 pm

  The Turkish Central Bank keeps interest rates unchanged

  

  Key Points: Turkey’s central bank keeps key interest rate steady at 45 percent.Decision aligns with market expectations post-last month’s rate hike.Central bank prepared to tighten monetary policy if significant and sustained deterioration in inflation expectations emerges.Appointment of Fateh Kara Khan as governor followed the resignation of Hafiza Ghaya Arkan.Monetary tightening …

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• 22 February 2024 3:10 pm

  Germany’s Economic Contraction Deepens in February

  

  Germany witnessed a deepening economic contraction in February, as a modest uptick in services activity failed to offset a significant downturn in the manufacturing sector, according to a preliminary survey published on Thursday. The Standard & Poor’s Global Hamburg Commercial Bank Composite Purchasing Managers’ Index (PMI) plummeted to 46.1 points …

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• 22 February 2024 3:09 pm

  European Stocks Surge to New Record High

  

  European stocks soared to a new record high on Thursday, buoyed by a robust performance in global equities, notably with Japan’s Nikkei index reaching unprecedented levels. The European STOXX 600 index surged to 495.77 points, surpassing its previous peak of 495.46 points set in January 2022. This surge was fueled …

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• 22 February 2024 3:07 pm

  Oil Prices Hold Steady Amid Signs of Supply Shortages

  

  Oil prices experienced a slight uptick on Thursday, maintaining gains from the previous session amidst indications of supply shortages. US West Texas Intermediate (WTI) crude futures inched up by 17 cents to $78.08 per barrel for the next month. Meanwhile, the May contract saw a modest increase of 14 cents, …

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