Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2024

• 14 February 2024 11:09 am

  Oil Prices Dip on Surging US Crude Inventories and Rate Cut Uncertainty

  

  Oil Prices Retreat on Surging US Crude Inventories and Diminished Rate Cut Expectations Early Asian trading on Wednesday saw a decline in oil prices following reports from the American Petroleum Institute (API) indicating a significant buildup in US crude inventories last week, coupled with shifting sentiments regarding potential interest rate …

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• 14 February 2024 1:27 am

  EUR/USD declines after CPI data

  

  The EUR/USD pair has fallen into multi-week lows due to an unexpected increase in US CPI inflation, pushing up rate cut hopes. The European February ZEW Economic Sentiment Survey improved, and Euro traders are gearing up for European GDP figures due on Wednesday. On Thursday, more US economic data will …

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• 14 February 2024 1:12 am

  Treasury-yields surge after CPI data

  

  Tuesday saw a spike in the yields on US government bonds as the January inflation reading surprised analysts by being higher than expected.The yield on the 2-year Treasury bond surged to 4.5922%. The 10-year yield recovered to 4.273%, levels last seen in late November. The yield over 30 years reached …

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• 14 February 2024 12:39 am

  Market Drivers – US Session, February 13

  

  WTI prices rose for the seventh straight session, breaking through the $78.00 per barrel. These gains have always been supported by geopolitical concerns, constrained supply concerns, and the positive monthly report from OPEC.Gold prices broke through the crucial downward zone below $2,000 per troy ounce as a result of the …

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• 13 February 2024 11:50 pm

  US dollar flirts with 105 level post-CPI data

  

  The US Dollar has been able to sharply leap upwards on Tuesday, reaching its highest level since mid-November. The Dollar Index, which measures the performance of the US currency against a basket of major rivals, is flirting with 105, specifically standing at 104.927 at the time of writing. Hence, the …

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• 13 February 2024 10:43 pm

  Could wage growth keep inflation too high in US, Eurozone?

  

  Wages are vital for maintaining living standards in daily life and, since they make up around 60% of GDP in the US, the UK, and the Eurozone, they are also critical for controlling inflation in the financial markets.Price rises will eventually result from rapid pay increases since wage growth is …

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• 13 February 2024 9:53 pm

  Canadian dollar declines against surging US counterpart after US CPI data

  

  A surprising CPI inflation reading on Tuesday caught the markets off guard. This week, Canada is conspicuously absent from the economic calendar. The Canadian currency has had a mixed day in relation to the US dollar, although it has performed significantly worse.Following a monthly increase in US Consumer Price Index …

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• 13 February 2024 8:39 pm

  Inflation data drag US stocks down to heavy losses

  

  On Tuesday, the major US equity indices are trading much down. US inflation decreased in January, though more slower than anticipated. Wall Street’s fear measure, the CBOE Volatility Index (.VIX), is up over 6% today after surging 7.7% on Monday.The S&P 500’s key sectors all see significant midday losses. The …

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• 13 February 2024 7:38 pm

  Gold price declines following surprise CPI data

  

  The price of an ounce of gold has dropped below $2000 for the first time since mid-December. As of this writing, the price of an ounce of the precious metal is $1992.07. Gold prices plummet due to unyielding US inflation statistics. The US dollar returns to its nearly two-month high …

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• 13 February 2024 6:03 pm

  US Inflation Unexpectedly Softens, Dollar Strengthens

  

  In January 2024, the US annual inflation rate decreased to 3.1%, down from December’s 3.4%, yet surpassing expectations of 2.9%. The Consumer Price Index (CPI) showed a 0.3% increase from the prior month, exceeding forecasts of 0.2%. Core inflation remained steady at 3.9% annually, defying expectations of a slowdown to …

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• 13 February 2024 5:50 pm

  OPEC Upgrades Economic Growth and Oil Demand Outlook

  

  In its latest monthly report, OPEC has revised its global economic growth forecasts upward for 2024 and 2025, projecting a more optimistic outlook with expectations set at 2.7% and 2.9% respectively. On the oil front, OPEC maintains a steady outlook for global oil demand growth, with projections holding firm at …

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• 13 February 2024 5:20 pm

  Dollar Steady Ahead of Key US CPI Data Release

  

  The dollar stands firm this Tuesday, holding its ground ahead of the eagerly anticipated US Consumer Price Index (CPI) figures. Traders are cautious, refraining from selling the dollar as recent adjustments by the US Administration to refine inflation metrics suggest potential underestimation of current CPI expectations. The National Federation of …

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• 13 February 2024 2:38 pm

  European Stocks Dip Ahead of US CPI Data Release

  

  European stocks experienced a slight decline on Tuesday as investors adopted a cautious stance in anticipation of the release of US consumer price data, a critical determinant of the US Federal Reserve’s interest rate trajectory. The European STOXX 600 index edged 0.2% lower from its two-year peak as investors assessed …

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