Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 15 February 2024 8:01 pm

  EUR/USD advances following weak US retail sales

  

  The euro has gained ground on the US Dollar following a drop in US retail sales and Treasury yields, leading to a decline in US rates and the dollar. The EUR/USD pair trades at 1.0784, with softer Eurozone data indicating a rise in the euro. Retail sales decreased by -0.8%, …

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• 15 February 2024 3:09 pm

  International Energy Agency Revises Downward Global Oil Demand Growth Forecast

  

  IEA’s Revised Outlook:The International Energy Agency (IEA) announced on Thursday a downward revision in its forecast for global oil demand growth, indicating a loss of momentum in the sector. The agency anticipates a slower pace of growth, projecting an increase of 1.22 million barrels per day in 2024. This figure …

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• 15 February 2024 2:59 pm

  European Stocks Rally on Weaker Inflation Data and Positive Corporate Results

  

  Inflation Data Boosts Sentiment:European stocks regained ground on Wednesday, buoyed by weaker-than-expected inflation data in Britain. This bolstered hopes that the Bank of England would implement interest rate cuts soon, providing a positive outlook for investors. Additionally, positive earnings reports from select companies contributed to the market’s upward momentum. STOXX …

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• 15 February 2024 2:43 pm

  Japan’s GDP Contracts in Q4 Contrary to Expectations

  

  Unexpected GDP Contraction:Data released by the Prime Minister’s Office in Japan early Thursday morning revealed a contraction in the country’s gross domestic product (GDP) during the fourth quarter. Contrary to expectations of growth by approximately 1.4%, the GDP contracted by 0.4% on an annual basis. Furthermore, the previous reading for …

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• 15 February 2024 12:39 pm

  UK GDP Contracts in January, Exceeding Market Expectations

  

  GDP Data Release:Data released Thursday morning by the Office for National Statistics in Britain revealed that the country’s gross domestic product (GDP) contracted by 0.1% on a monthly basis in January. This figure exceeded market expectations, which had predicted a contraction of 0.2%. Notably, the previous reading for December indicated …

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• 15 February 2024 12:11 pm

  Dollar Holds Below Three-Month High Amid Uncertainty Over Fed Rate Cuts

  

  Dollar’s Stance Amidst Fed Rate Cut Speculations:The dollar remained below a three-month high on Thursday as investors grappled with the question of when the Federal Reserve would initiate interest rate cuts. Central bank officials’ comments on Tuesday’s inflation data further complicated the situation, leading to cautious market sentiment. Yen’s Resilience …

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• 15 February 2024 11:28 am

  Gold Prices Hold Steady Near Two-Month Low Amidst Mixed Fed Comments

  

  Gold prices remained resiliently near a two-month low, reflecting the market’s response to mixed commentary from Federal Reserve officials regarding January’s inflation data. This dynamic has tempered expectations for a significant cut in interest rates, prompting investors to closely monitor developments in the precious metals market. Assessment of Market Movement:In …

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• 15 February 2024 2:37 am

  Market Drivers – US Session, February 14

  

  The US Dollar retreated after a strong rebound on Tuesday due to CPI, easing the pressure in the risk-linked universe. The USD Index (DXY) fell from multi-week highs near the 105.00 barrier due to uneven improvement in the risk complex.Economic DataRetail Sales, the Philly Fed Manufacturing Index, Industrial Production, the …

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• 15 February 2024 1:13 am

  Fed confident inflation is heading toward 2% target

  

  Michael Barr, the vice chair of the Federal Reserve’s Supervision Committee, sent out a statement to news outlets late on Wednesday stating that the FOMC and the Fed as a whole are still optimistic that US inflation will approach the 2% target.Barr is closely watching the situation and does not …

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• 15 February 2024 12:17 am

  US dollar retreats after post-CPI rally

  

  During the North American session, the DXY Index lost -0.14% of its value and dropped to 104.70. Investors are benefiting from the spike on Tuesday in response to the CPI data, which caused the Fed to reevaluate its rate-easing projections. For the remainder of the week, the markets will keep …

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• 14 February 2024 11:40 pm

  Crude oil hits multi-week high before declining on supply surge

  

  Wednesday witnessed a decrease in crude oil price following an earlier surge. US Crude stocks are still rising more quickly than the markets had predicted. Barrell prices are floored by geopolitical headlines. Early on Wednesday, WTI crude oil touched new multi-week highs around $78.50, but US barrel counts revealed an …

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• 14 February 2024 10:14 pm

  Could UK fall into a technical recession?

  

  The UK’s GDP is expected to experience a marginal contraction in Q4, with the Bank of England expecting a slow but steady increase in growth over the next few quarters. If the GDP prints meet market consensus, the UK economy would have entered a “technical recession” following the 0.1% contraction …

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• 14 February 2024 9:02 pm

  Fed’s Goolsbee: One single inflation reading shouldn’t ignite to much worries

  

  Chicago Fed President Austan Goolsbee has reassured investors that the central bank will be able to lower interest rates in 2024 despite a hotter-than-expected reading on consumer prices. The Consumer Price Index (CPI) exceeded expectations in January, rising 3.1% over the previous year and 0.3% over the previous month. Prices …

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