Noor Trends News, Technical Analysis, Educational Tools and Recommendations

November, 2023

• 8 November 2023 2:09 pm

  Dollar rises before the Fed Chairman’s speech

  

  The dollar recovered and rose slightly on Wednesday after a group of Federal Reserve (US central bank) officials left the door open to raising interest rates again, while traders awaited the speech of Bank President Jerome Powell to know the course of the bank’s monetary policy in the future. The …

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• 8 November 2023 1:24 pm

  Japan’s Nikkei turns lower under pressure from a wave of selling in value stocks

  

  Japan’s Nikkei index closed lower on Wednesday, giving up the gains it achieved earlier in the session amid a wave of selling value stocks, but gains in growth stocks limited losses. The Nikkei ended trading down 0.33 percent, recording 32,166.48 points, after opening with an increase of 0.75 percent. The …

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• 8 November 2023 3:30 am

  Market Drivers – US Session, Nov. 7

  

  Metals continued to be pressed. Silver reached a two-week low of $22.43 and is trading dangerously below $22.80. Gold fell to a two-week low of $1956 before retreating from its losses.aDuring the American session, the US dollar weakened due to rising Wall Street stocks and a reverse in Treasury yields. …

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• 8 November 2023 2:53 am

  AUD/USD stops falling ahead of Powell’s speech

  

  Tuesday saw a 1.5% decline in the value of the Australian dollar (AUD/USD), hitting 0.6404 as a result of the Reserve Bank of Australia’s dovish statement and announcement of an anticipated 25 basis point rate hike. The Australian dollar bounced back to start trading on Wednesday at 0.6440.The Reserve Bank …

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• 8 November 2023 1:42 am

  EUR/JPY breaks 15-year high

  

  On Tuesday, the EUR/JPY pair made a significant move towards EU Retail Sales figures, hitting a 15-year high at 161.00. With a 2.8% decrease, Japan’s overall household spending for the year through September fell short of forecasts. With an improvement in the month-over-month figure, the market anticipates more declines in …

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• 7 November 2023 11:11 pm

  Uber qualifies for S&P 500 despite missing Q3 results

  

  Uber has officially reported positive earnings to qualify the ride-sharing company to join the S&P 500. The company’s Q3 results missed analysts’ expectations, with revenue up 11% year over year to $9.29 billion.CEO Dara Khosrowshahi said Uber’s third quarter was “very strong” and saw accelerations in gross bookings, trips, and …

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• 7 November 2023 10:01 pm

  Canadian Dollar experiences pullback post China’s economic data

  

  As the mood of the market turns more bearish on Tuesday, the Canadian dollar is weakening and losing the gains it made against the US dollar last week. Risk appetite is being negatively impacted by a significant miss for Chinese trade data as well as hawkish remarks made by Federal …

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• 7 November 2023 8:57 pm

  WTI impacted by China’s exports concerns

  

  WTI crude oil has seen a significant drop, trading around $78.35, close to its lowest in over two months. Disappointing export figures from China raise alarms about potential declines in oil demand, pressuring prices. OPEC+ production cuts, led by Saudi Arabia and Russia, provide some support but fail to offset …

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• 7 November 2023 7:43 pm

  US dollar holds on intraday gains as safe havens flourish

  

  The US dollar is partially recovering from Friday’s losses, with US Treasury yields trading sideways around 4.61%. The benchmark 10-year US Treasury yield is at 4.61%, finding calmer ground after the volatile week last week. The US Dollar Index is trying to recover from last week’s drop, but still has …

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• 7 November 2023 4:33 pm

  OPEC+ expects global economic growth despite the challenges

  

  Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said on Tuesday that the organization expects the global economy to grow and fuel demand to increase despite macroeconomic challenges, including high inflation and interest rates. He said at the Argus European Crude Oil Conference on Tuesday that …

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• 7 November 2023 2:56 pm

  Dollar rose and AUD declined after the Australian Central Bank’s interest rate decision

  

  The dollar rose today, Tuesday, with the decline in demand witnessed last week for currencies that involve more risks than others, while the Australian dollar fell after the Reserve Bank of Australia raised interest rates, but modified its outlook, which strengthened expectations that the cycle of raising interest rates has …

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• 7 November 2023 12:05 pm

  Japan’s Nikkei ends a 4-session streak of gains as bond yields rise

  

  Japan’s Nikkei index fell by more than one percent on Tuesday, ending a four-session winning streak, as investors sold stocks to take profits after recording significant rises, while a rise in US Treasury yields last night led to a shift in sentiment. The Nikkei index closed down 1.34 percent to …

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• 7 November 2023 3:09 am

  Market Drivers – US Session, Nov. 6

  

  The 10-year yield increased to 4.66%, while the 2-year yield rose from 4.85% to 4.93%, providing support for the Dollar and averting further losses. Thus far, the dollar’s recovery seems corrective, and fundamental reasons continue to give the currency vital support.The US Dollar Index fell to its lowest point since …

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