Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 2 June 2023 12:40 pm

  Oil rises with the US Congress passing the debt ceiling bill

  

  Oil prices rose on Friday amid a recovery in sentiment as a result of the passage of the US debt ceiling bill and at a time when markets assessed the possibility of OPEC + implementing a production cut to support prices in the next two days. Brent crude futures rose …

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• 2 June 2023 11:37 am

  Japan’s Nikkei closes at a 32-year high

  

  Japanese stocks rose on Friday, with the Nikkei index closing at its highest level in three decades, after the US House of Representatives approved raising the debt ceiling and on the back of indications that Bank of Japan officials are in no rush to tighten monetary policy. SoftBank Group shares …

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• 2 June 2023 4:20 am

  Market Drivers – US Session – 01/06/2023

  

  American crude oil fell early on Friday. After gaining the most in a month the day before, WTI crude oil loses upward momentum at $70.00 early on Friday in Asia. The price of oil both illustrates the normal pre-NFP market positioning and supports the price-depressing catalysts coming from the energy …

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• 2 June 2023 3:50 am

  Majority leader vows to conclude debt deal tonight

  

  The Senate majority leader, Chuck Schumer, has vowed to stay in session until the debt ceiling bill that was passed by the House a day earlier is sent to President Biden’s desk. This comes one day after the House passed the debt ceiling bill in a resounding, bipartisan vote of …

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• 2 June 2023 2:02 am

  US equities hit highest since August on debt ceiling bill hopes

  

  US stocks advanced on Thursday after the US House passed a debt ceiling bill in a crucial step to avoid a default. The Dow Jones Industrial Average traded up 153.3 points, or 0.47%, to end at 33,061.57. The S&P 500 gained 0.99% to finish at 4,221.02, while the Nasdaq Composite …

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• 2 June 2023 12:46 am

  Gold price is eying key higher territories ahead of NFP

  

  Gold is trading at $1976.69 at the time of writing and bulls are likely correct, but they still have more ambitious objectives. The NFP numbers from this Friday are now everything. Gold’s price rose on Thursday, rising for the day from a low of $1,953.44 to a high of $1,983.15 …

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• 1 June 2023 10:57 pm

  Oil bounces back following debt-ceiling vote, dovish Fed

  

  Oil price marginally recovered after the House of Representatives voted through the debt-ceiling extension bill on Wednesday evening. Gains were capped by higher-than-expected inventory levels. Oil prices have been volatile in recent weeks due to a number of factors. The House of Representatives voted through the debt-ceiling extension bill on …

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• 1 June 2023 10:14 pm

  Fed’s Bullard: Prospects for continued disinflation are good but continued vigilance is required

  

  Federal Reserve Bank of St. Louis President James Bullard recently published an analysis titled ‘Is Monetary Policy Sufficiently Restrictive?’ in which he compares the policy rate under the Taylor rule to the Fed’s policy rate. According to Bullard, “monetary policy is now in better shape after the rate hikes.” Bullard’s …

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• 1 June 2023 9:01 pm

  EUR/USD surges on dovish Fed comments, weak US data

  

  The EUR/USD reaches 1.0746, surging over 0.50% from its opening price, following a weekly low of 1.0635. Weakening US manufacturing activity, as indicated by the ISM Manufacturing PMI falling to 46.9 in May, fuels speculation of a Fed pause on tightening.Mixed employment data shows private hiring surging but falling short …

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• 1 June 2023 7:53 pm

  NFP data expectations by key bank experts

  

  Experts from a number of key banks do expect labour market to lose momentum only slowly. On Friday, the US Bureau of Labour Statistics will release the May jobs report and as markets get closer to the release time, here are the forecasts by the economists and researchers of 10 …

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• 1 June 2023 4:02 pm

  Sterling strengthens against dollar as chances of Fed ‘skip’ rise

  

  The pound rose on Thursday, benefiting from a drop in the dollar as Federal Reserve members said the central bank would forego a rate hike this month, while UK statistics portrayed a picture of an increasingly bleak economy. According to Bank of England (BoE) data, British lenders authorised fewer mortgages …

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• 1 June 2023 2:59 pm

  Lagarde: ECB will need to continue hiking cycle

  

  To help control stubbornly high inflation, the European Central Bank will need to extend its cycle of interest rate hikes, according to ECB President Christine Lagarde on Thursday. Lagarde said in a speech in Germany that the bank must continue to raise borrowing costs to “sufficiently restrictive levels,” citing a …

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• 1 June 2023 2:19 pm

  Eurozone inflation tumbles, fuelling ECB rates debate

  

  Eurozone inflation fell more than expected this month, as underlying price growth stalled, fueling speculation about the need for more European Central Bank rate hikes beyond the one scheduled for later this month. In May, inflation in the eurozone’s 20 member countries fell to 6.1% from 7.0% in April, falling …

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