Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2024

• 7 March 2024 9:29 pm

  Canadian dollar slides ahead of key labour data

  

  The Canadian currency has a mixed day’s performance, but it gains since the US dollar is weakening. Due to lower US dollar flows earlier in the day, the USD/CAD pair dropped down below 1.3500. On Thursday, the Canadian dollar managed to gain some ground over its US counterpart. The USD/CAD …

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• 7 March 2024 8:39 pm

  Powell: Fed not far from cutting interest rates

  

  Powell has indicated that interest rate cuts may not be too far off if inflation signals cooperate. Powell did not provide a precise timetable of when easing could happen, but noted that the day could be coming soon. Powell said the cuts would be so the Fed doesn’t drive the …

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• 7 March 2024 7:47 pm

  Powell stresses Fed’s intention to carefully remove QT

  

  Federal Reserve Chairman Jerome Powell continues, on Thursday, his two-day testimony before the Senate Banking Committee. Powell stressed that quantitative easing will begin in 2024. He noted that removing restrictive stance of policy will begin over the course of this year.Key Quotes: “If the economy does as expected, we think …

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• 7 March 2024 6:18 pm

  ECB Press Conference: Lagarde speaks on outlook after leaving key rates unchanged

  

  As Christine Lagarde, President of the European Central Bank (ECB), addresses the media regarding the ECB’s decision to maintain key interest rates unchanged in March, she emphasizes the rationale behind the decision and responds to queries from the press. Lagarde begins by outlining the ECB’s assessment of the current economic …

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• 7 March 2024 6:10 pm

  ECB leaves interest rate unchanged

  

  The European Central Bank’s Governing Council has decided to maintain three key interest rates unchanged due to a decline in inflation since January’s last meeting. The latest projections show inflation to average 2.3% in 2024, 2.0% in 2025, and 1.9% in 2026, with inflation excluding energy and food also revised …

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• 7 March 2024 2:18 pm

  Currencies Overview: Dollar Weakens Amid Fed Rate Cut Speculation

  

  The U.S. dollar saw downward pressure on Thursday as market anticipation of potential rate cuts by the Federal Reserve grew stronger. This sentiment prevailed as Fed Chair Jerome Powell commenced his two-day testimony before Congress, suggesting that rate cuts might be warranted later this year. Powell’s Testimony Drives Dollar Lower …

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• 7 March 2024 1:49 pm

  European stocks fell ahead of ECB interest rate decision

  

  On Thursday, European shares experienced a decline as investors exercised caution ahead of the European Central Bank’s (ECB) interest rate decision. However, Virgin Money shares saw an upsurge following expressions of interest from Britain’s National Building Society regarding a potential acquisition. As of 0815 GMT, the European STOXX 600 index …

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• 7 March 2024 1:14 pm

  Japan’s Nikkei fell at the largest pace since the end of January

  

  Japanese indices experienced a decline in trading on Thursday, March 7, driven by a downturn in chip-related stocks and a strengthening yen. The Nikkei index closed approximately 1.2% lower at 39,598 points, marking its largest decline since January 26, following a record high of 40,472 points, mirroring gains seen on …

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• 7 March 2024 12:41 pm

  Japanese Yen rallies to 148.00 against USD

  

  During Asian trading on Thursday, the Japanese yen advanced against its American counterpart, bolstered by increasing expectations of the Bank of Japan’s (BOJ) departure from negative interest rates later this month. Consequently, the dollar/yen pair depreciated – at the time of reporting – to 148.09 from 149.34, with the pair’s …

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• 7 March 2024 12:07 pm

  Oil prices maintain their gains supported by optimistic Chinese trade data

  

  Oil prices stabilized on Thursday, maintaining the gains achieved on Wednesday fueled by optimistic Chinese trade data and a smaller-than-expected increase in US crude inventories alongside a significant drawdown in fuel inventories. However, the market was tempered by expectations of delayed interest rate cuts in the United States, limiting the …

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• 7 March 2024 10:40 am

  Will the ECB Move Swiftly to Cut Interest Rates or Opt to Wait Until June?

  

  As anticipation mounts ahead of the European Central Bank’s interest rate decision scheduled for tomorrow, Thursday, analysts widely anticipate a status quo stance, with the bank likely to maintain interest rates unchanged at 4.50%. With this expectation in mind, market attention is poised to shift towards the bank’s economic forecast …

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• 7 March 2024 3:38 am

  Market Drivers – US Session, March, 6

  

  More softening of the US employment market supported the growing likelihood of a rate decrease by the Fed in June, which further undermined the value of the dollar. Meanwhile, gold reached all-time-high, around $2,150 per ounce, as a result of more gains, and the EUR/USD pair broke above 1.0900 during …

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• 7 March 2024 1:07 am

  WTI backslides into $78.50 after climbing to $80.00

  

  After US Fed Chair Jerome Powell stated that the Fed does not anticipate an increased danger of recession in the US economy, WTI US Crude Oil surged to its highest bids in a week. WTI immediately changed direction and dropped back into the $78.50 range, but it is still in …

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