Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 4 August 2023 4:41 pm

  Reuters: OPEC + kept the oil production policy unchanged

  

  Two OPEC+ sources said the meeting of the group’s senior ministers’ committee kept oil production policy unchanged on Friday. The committee, called the Joint Ministerial Monitoring Committee, includes ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, within the framework of what is known as …

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• 4 August 2023 3:25 pm

  Apple shares dip on weaker iPhone sales

  

  iPhone sales that fell short of expectations were partially offset by the company’s performance in the services sector. However, Apple shares were down close to 2% in Friday premarket trading. Apple exceeded predictions by reporting earnings per share (EPS) of $1.26 on revenue of $81.80B, compared to $1.19 and $81.73B, …

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• 4 August 2023 1:10 pm

  Oil is heading for gains for the sixth week, amid pledges to cut production

  

  Oil prices rose for the second day in a row on Friday and are set to achieve a weekly gain for the sixth time in a row, after Saudi Arabia and Russia pledged to cut production until the end of next month. Brent oil futures for October delivery rose 30 …

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• 4 August 2023 12:02 pm

  European stocks stabilize after a 3-day sell-off

  

  European stocks were flat on Friday after a three-day sell-off, as recent fears of slowing global economic growth were outweighed by strong expectations from retail giant Amazon and a number of other companies. The pan-European Stoxx 600 index rose 0.1% by 0723 GMT, but was still on track to post …

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• 4 August 2023 10:47 am

  Gold is heading for a weekly loss due to the rise in US bond yields

  

  Gold appears to be heading for its worst weekly performance in six weeks on Friday, as investors await the closely watched US jobs report, after a batch of strong economic data this week pushed US Treasury yields to their highest levels in nine months. Spot gold rose 0.1 percent to …

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• 4 August 2023 10:46 am

  Dollar suffers ahead of the jobs data and the Australian dollar is recovering

  

  The dollar fell from a four-week high against its major counterparts on Friday, as investors awaited the jobs report, which could influence the course of US interest rate movements. The pound sterling recorded a slight increase after it compensated for the losses it suffered in the wake of the Bank …

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• 4 August 2023 2:31 am

  Market Drivers – US Session, August 3

  

  In Q2, productivity growth rebounded sharply, outpacing predictions and increasing at a rate of 3.7%. The increase in output per hour worked over the past year has increased by 1.3%, the first positive yearly improvement since late 2021. Productivity is on the rise, and nominal pay growth is moderating, both …

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• 4 August 2023 1:48 am

  USD/CAD peaks, then stabilizes after US economic data

  

  The USD/CAD pair peaked at 1.3377’s daily high, then consolidated at 1.3355. Further oil production cuts by Saudi prospects lifted crude prices, favouring the Canadian dollar.On Thursday’s session, the USD/CAD reversed as the US counterpart lost traction following weak mid-tier economic data. The pair rose to nearly 1.3380 and then …

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• 4 August 2023 1:06 am

  Amazon stock climbs 7% on robust earnings

  

  Amazon reported its second quarter earnings, lifting the company’s stock up by 7%, despite concerns about its cloud business’s future. Cost cutting in addition to surging online sales contributed remarkedly in the robust Q2 earnings.The company reported a small but vital beat for revenue in its cloud business, Amazon Web …

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• 4 August 2023 12:05 am

  GBP/USD slightly recovers after BoE’s policy decision, US data

  

  The Bank of England raised rates to 5.25%, causing a one-month low in the GBP/USD pair. The decision was based on a split vote, with two members expecting a 50-bps rate hike.US Initial Jobless Claims were in line with estimates, and the ISM’s business services activity reading was 52.7, indicating …

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• 3 August 2023 10:45 pm

  Gold consolidates losses on soaring T-yields

  

  The price of gold is consolidating its losses on Thursday, trading around the $1,930 range after dropping to its lowest level in over a month at $1,929.48 per ounce. The price of the precious metal at the time of writing is $1933.55. The decrease was caused by the US dollar’s …

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• 3 August 2023 9:50 pm

  How Could Key Assets React To NFP Data?

  

  The US Bureau of Labour Statistics will release the awaited Nonfarm Payrolls (NFP) report for July on Friday. The jobless rate remains at 3.6%, indicating that the labor market remains extremely tight.Nonfarm Payrolls are expected to have increased by 200,000 in July, down from the 209,000 jobs that were reported …

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• 3 August 2023 8:52 pm

  British rate-sensitive assets gain post BoE’s policy decision

  

  The Bank of England raised interest rates by 25 basis points, easing monetary tightening from its previous meeting. The key interest rate reached a 15-year peak of 5.25%, with market pricing suggesting a 50-basis point increase. However, unlike the US central bank or the ECB, the Monetary Policy Committee (MPC) …

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