Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 29 February 2024 9:39 pm

  USD/CAD slides after PCE data

  

  The USD/CAD pair rose to an intraday high of 1.3597 before backsliding to 1.3541 after US Personal Consumption Expenditure Price Index (PCE) inflation figures printed exactly as markets were hoping. The pair is trading at 1.3583, up 0.06% at the time of writing.Annualized Canadian Gross Domestic Product (GDP) printed above …

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• 29 February 2024 7:42 pm

  How have financial markets react to PCE reading?

  

  After the announcement of the data, the dollar has stabilised in a relatively narrow range. The dollar appears reluctant to break free from the level in any direction, but it is currently trading up 0.05% at 103.969 after fluctuating about 104.00. The PCE data mostly matches expectations. Stocks are up …

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• 29 February 2024 5:17 pm

  Oil Prices Steady as Investors Await US Data and OPEC+ Decision

  

  Introduction: Market Stability Amidst Awaited Economic Indicators Oil prices stabilized on Thursday, with investors exercising caution ahead of anticipated US data releases that are expected to provide insights into interest rate expectations. Additionally, attention remains on the OPEC+ alliance’s decision regarding production cuts. Brent Crude Futures: April Contract Expires Brent …

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• 29 February 2024 3:26 pm

  Turkey’s Economy Surpasses Expectations with 4.5% Growth in 2023

  

  Turkey’s economy exceeded expectations in the fourth quarter of 2023, growing by 4.0 percent, surpassing forecasts despite challenges posed by a slowdown in major trading partners and the impact of devastating earthquakes in February. Full-year growth stood at 4.5 percent, buoyed by robust domestic demand. Fourth Quarter Performance: Resilience Amidst …

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• 29 February 2024 2:35 pm

  Gold Prices Stabilize Ahead of Key US Inflation Data Release

  

  Traders Exercise Caution Ahead of Crucial Economic Indicators Gold prices stabilized on Thursday as traders exercised caution, refraining from initiating new positions in anticipation of the release of significant inflation data in the United States later in the day. This data is expected to provide further insights into the Federal …

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• 29 February 2024 1:22 pm

  European Stocks Rise Marginally Ahead of US Inflation Data

  

  European Markets Show Modest Gains Amid Anticipation of Key Economic Data European stocks opened slightly higher on Thursday, with the STOXX 600 index edging up by 0.2 percent by 0820 GMT. Materials stocks led the gains as investors braced for the release of crucial US inflation data, which could provide …

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• 29 February 2024 12:10 pm

  Nikkei Ends Lower on Profit-Taking, Yen Strength, and Foreign Selling

  

  Japan’s Nikkei index experienced a modest decline on Thursday, as investors opted to capitalize on recent gains, leading to profit-taking activities. However, the index managed to recover from its early losses, supported by buying demand after dipping below the 39,000-point mark for the first time since late February. The yen’s …

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• 29 February 2024 11:23 am

  Oil Prices Extend Losses Amid Rising US Crude Inventories and Interest Rate Concerns

  

  Oil Markets Face Pressure from Surging US Crude Inventories and Interest Rate Uncertainties Oil prices continued their downward trajectory on Thursday, extending losses from the previous session. The market was weighed down by a larger-than-expected growth in US crude inventories, signaling potential challenges to demand, alongside indications of sustained high …

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• 29 February 2024 2:50 am

  Market Drivers – US Session, February 28

  

  Bitcoin has hit $63000 after more than two years below this level, and liquidations have surpassed $277 million in the last 24 hours. This massive rally in the pioneer cryptocurrency could be attributed to the spot ETF approval. Bitcoin price has shattered past the $63000 threshold, with the bulls not …

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• 29 February 2024 2:14 am

  Gold stabilizes on sliding T-yields ahead of PCE data

  

  Thanks to recent slew of data on economic growth and a decline in US Treasury yields, the price of gold is stable around $2034 per ounce. Concerns about policy easing from the Fed and mixed US economic data keep gold investors on edge. Gold’s advances are limited by the 50-day …

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• 29 February 2024 1:04 am

  Fed’s Williams: Three rate cuts in 2024 a good baseline for Fed

  

  President of New York Federal Reserve (Fed) John Williams noted on Wednesday that the Fed is likely to begin cutting interest rates in 2024, albeit in the latter half of the year.Key QuotesInflation pressures have fallen amid broad-based improvement.The path back to 2% inflation is likely uneven.Incoming economic data will …

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• 28 February 2024 11:28 pm

  US stocks slide in cautious countdown to looming PCE

  

  US stocks retreated on Wednesday, coming off a mixed close as caution prevailed ahead of a crucial inflation report that will guide expectations for interest rate cuts.The Dow Jones Industrial Average and the S&P 500 were down nearly 0.2%. The Nasdaq Composite sagged almost 0.4%. Stocks have struggled in February’s …

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• 28 February 2024 10:39 pm

  Will Thursday’s PCE figure make Fed’s road bumpier?

  

  In case inflation unexpectedly makes a comeback, the world’s largest central banks will carry out their mandated duties and fight back. This has obviously become a main concern since the beginning of 2024. In order to return US inflation to low pre-pandemic levels, the US central bank is likely to …

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