Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2023

• 3 February 2023 12:40 pm

  Gold stabilizes after heavy selling, but is heading for a weekly decline

  

  Gold prices stabilized on Friday after heavy selling in the previous session, as traders absorbed the statements of global central banks regarding raising interest rates, but the yellow metal is heading to record its first weekly decline in seven weeks in light of the strength of the dollar. And by …

  Read More »
• 3 February 2023 12:38 pm

  Japan’s Nikkei closes at a 7-week high and Sony jumps thanks to strong expectations

  

  Japan’s Nikkei closed at a seven-week high on Friday, buoyed by Nasdaq’s strong performance overnight, with Sony and others leading the index higher after announcing strong growth expectations. The Nikkei index rose 0.39 percent to close at 27,509.46 points, the highest closing level since December 16. The index rose 0.46 …

  Read More »
• 3 February 2023 12:37 pm

  Oil is heading for weekly losses while waiting for signs of recovery in China

  

  Oil prices made modest gains in early trading on Friday, but were set to incur losses for the second week in a row, as the market looked for more indications of a strong recovery in fuel demand in China to offset the impact of looming recession in other major economies. …

  Read More »
• 3 February 2023 3:34 am

  Market Drivers – US Session 02/02/2023

  

  The dollar recovered most of the ground lost in the aftermath of the Fed’s decision amid ECB and BOE monetary policy announcements. The dollar edged higher against most major rival currencies, with the JPY being its strongest rival and the GBP the weakest.Stock markets advanced, partially limiting US Dollar gains. …

  Read More »
• 3 February 2023 2:28 am

  How could USD React to January’s NFP Data?

  

  On Friday, the US will release the official employment report for January.  Some analysts expect a 220K increase in payroll and a modest increase in the unemployment rate to 3.6%. Other expectations suggest 185,000 rise in Nonfarm Payrolls data following the 223,000 increase in December. The first US NFP report …

  Read More »
• 3 February 2023 1:29 am

  CBE keeps Egypt’s rates unchanged

  

  Contrary to most expectations, Egypt’s central bank kept interest rates unchanged for the first time since September, stating that it was monitoring the effects of last year’s cycle of monetary tightening on inflation which is at its highest level since 2018. The Monetary Policy Committee maintained the deposit rate at …

  Read More »
• 3 February 2023 12:30 am

  USD/CAD surges on stronger US Dollar

  

  The latest interest rate hike decided by the Fed was a shock for the USD/CAD on Wednesday, dragging the pair to fresh year-to-day lows. Falling oil prices and solid US labour market data underpinned the pair. As expected, USD/CAD traders are eyeing Friday’s US Nonfarm Payrolls data alongside ISM Non-Manufacturing …

  Read More »
• 2 February 2023 11:30 pm

  Wall Street’s rally continues on tech stocks

  

  Wall Street is rallying on Thursday, led by enthusiasm mainly stirred by tech stocks and a significant surge of Meta; Facebook’s parent company.The S&P 500 was 1.5% higher in midday trading a day after hitting its highest level since August. The Nasdaq composite was 3.1% higher, as of 12:35 p.m. …

  Read More »
• 2 February 2023 10:12 pm

  WTI Traders focus on Asian highs

  

  The WTI crude oil dropped to the %75s and now the daily chart shows the price breaking the trendline support. Oil is now correcting higher to $76.70 resistance. At the time of writing, the US crude is trading at $76.86 per barrel. The objective of escaping the $75s territory was …

  Read More »
• 2 February 2023 9:13 pm

  Despite missing earnings expectations, Meta stock leaps 20%

  

  Shares of the social media giant exploded nearly 20% in pre-market trading on Thursday after earnings report missed market expectations. Investors have long loved Meta for its ability to print money but soured on the name in 2022 amid slowing sales and fresh restructuring efforts. But they may now be …

  Read More »
• 2 February 2023 8:34 pm

  Bitcoin Prices touch fresh 5-Month High

  

  Bitcoin prices touched their highest since mid-August last night. Bitcoin prices even climbed last night, surpassing $24,000 and rising to their loftiest value since mid-August.The world’s most prominent digital currency reached $24,243.80 around 8 p.m. EST, according to CoinDesk data. At this point, the cryptocurrency had climbed over 6% in …

  Read More »
• 2 February 2023 7:30 pm

  Gold price gives up Wednesday’s gains on BoE, ECB decisions

  

  Gold seems unable to benefit from the falling US Treasury. On the other hand, the US dollar recovered some ground, on the back of the Euro and Pound Sterling fall. On Wednesday, the US Federal Reserve hiked rates by 25 bps and signaled it is about to end its cycle. …

  Read More »
• 2 February 2023 7:22 pm

  Euro falls after ECB rate decision

  

  The Euro fell against the Dollar on Thursday after the European Central Bank raised interest rates by 50 basis points in line with expectations while the Bank of England adopted a softer tone on inflation. The ECB plans to raise rates by the same amount at least once more next …

  Read More »