Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 5 June 2023 11:40 am

  Oil rose more than a dollar after Saudi Arabia announced its intention to cut production further

  

  Oil prices rose by more than $1 a barrel on Monday after Saudi Arabia, the world’s largest oil exporter, pledged to cut production by an additional 1 million barrels per day from July 1, as it tackled the unfavorable macroeconomic conditions that dampened markets. Brent crude futures rose $1.08, or …

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• 5 June 2023 4:59 am

  Financial Assets’ Weekly Recap, May 29 – June 2

  

  Financial assets’ price moves along past week have been led by a number of major developments most notably: the US non-farm payrolls data shortly after the US debt ceiling deal, as well as the European inflation data.Oil Prices Hope For More Optimism Oil prices rallied for the second day on …

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• 3 June 2023 3:45 am

  Market Drivers – US Session – 02/06/2023

  

  Dow jumped 700 points on the US hot jobs report as Nasdaq notched sixth straight winning week. The Dow Jones Industrial Average surged for its best day since January as traders cheered a strong jobs report and the passage of a debt ceiling bill that averts a US default.shares popped …

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• 3 June 2023 12:41 am

  Gold price falls on NFP data, spiking T-yields

  

  Gold price has dropped despite the week’s strong performance in an expected reaction to US job growth that exceeded expectations for May 2023.Rising US Treasury bond yields as well as the robust USD do exert downward pressure on the precious metal. US debt-ceiling resolution contributed to easing bond yields, a …

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• 2 June 2023 11:25 pm

  Fed Chair to testify before Senate June 22

  

  Fed Chair Jerome Powell will testify at the U.S. Senate Banking Committee on June 22, panel chief Sherrod Brown said on Friday. The testimony will come a week after the June 13-14 FOMC meeting. The testimony marks the second iteration of the Fed chair’s twice-yearly reports to Congress on the …

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• 2 June 2023 10:44 pm

  NFP could bring about one more hike in June

  

  Data released on Friday, showed Nonfarm Payrolls rose by 339K in May surpassing expectations. Analysts  point out payroll strength keeps the door open for another rate hike by the Federal Reserve in June. The two-month net revisions also added a notable 93k jobs to the employment series, which resulted in …

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• 2 June 2023 9:48 pm

  Oil prices rally for second day after debt-ceiling bill

  

  Oil prices have rallied for the second day on Friday as global markets breathe a sigh of relief after the US Senate votes through the debt-ceiling extension bill, vaulting the final hurdle prior to implementation. The possibility of OPEC+ announcing more production cuts at its June 4 meeting further supports …

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• 2 June 2023 8:40 pm

  How has US dollar reacted to NFP data?

  

  The US Dollar rebounds on impressive US jobs report for May. The American currency managed to stage a modest rebound following Thursday’s selloff.The US Dollar Index stays below 104.00 and looks to snap a three-week winning streak. It registers 103.982 at the time of writing. Impressive May jobs data from …

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• 2 June 2023 7:41 pm

  USD/CAD drops on stronger Canadian dollar despite positive NFP data

  

  The US has added 339K jobs in May, beating estimates, but the USD/CAD pair stays relatively hot. The Canadian dollar gains momentum on a 1.70% surge in WTI crude oil prices. Uncertain Fed rate hike path in July overshadows USD’s future trajectory.The USD/CAD pair registers modest losses after an outstanding …

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• 2 June 2023 4:50 pm

  US Nonfarm Payrolls rise 339,000 in May

  

  The US Bureau of Labor Statistics (BLS) reported on Friday that Nonfarm Payrolls rose 339,000 in May. This reading surpassed the market expectation of 190,000 by a wide margin. April’s reading of 253,000 also got revised higher to 294,000. The Unemployment Rate climbed to 3.7% from 3.4% in the same …

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• 2 June 2023 3:47 pm

  Dollar is falling on expectations that the US interest rate will not be raised this month

  

  The dollar is on track for its biggest weekly loss since mid-January on Friday, with investors predicting that the Federal Reserve will not raise interest rates this month, undermining appetite for the greenback among buyers of other currencies. The US Senate’s approval of a bill to suspend the debt ceiling …

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• 2 June 2023 1:44 pm

  European stocks rose amid optimism after the approval of the US debt ceiling legislation

  

  European stocks rose on Friday, led by mining and real estate stocks, as investors breathed a sigh of relief after the US Congress approved the debt ceiling bill and signs the Federal Reserve may pause its rate hike cycle later this month. The pan-European Stoxx 600 index was up 0.5% …

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• 2 June 2023 12:50 pm

  Gold is on its way to the best week in two months

  

  On Friday, gold prices were heading for their biggest weekly gain in nearly two months, as dollar weakness and hopes that the Federal Reserve would stop raising interest rates boosted the yellow metal’s appeal. And gold prices stabilized in spot transactions at 1979.24 dollars an ounce by 0457 GMT. US …

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