Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 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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• 3 August 2023 7:41 pm

  Dollar’s gains consolidated following mixed data, Fitch’s quake

  

  The US Dollar has gained strength against rival currencies due to mixed data reports and Fitch’s downgrade of the US government’s credit rating. The USD Index reached its highest level in nearly a month above 102.50 in the European session before retreating to the 102.50 area in the second half …

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• 3 August 2023 4:23 pm

  Bank of England hikes interest rate to 5.25% as expected

  

  Following its policy meeting in August, the Bank of England declared that it has increased the policy rate by 25 basis points (bps), to 5.25%. This choice was consistent with what the market anticipated. Haskel and Mann, two policymakers, voted in favour of a rate increase of 50 basis points, …

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• 3 August 2023 2:34 pm

  Volvo sales rose 21% year-on-year in July

  

  Sweden’s Volvo reported on Thursday a 21 percent rise in car sales in July compared to the same period last year, when it sold 54,165 cars, the 11th consecutive month of year-on-year growth. In the first seven months of 2023, Volvo sold 395,856 cars globally, up 18 percent compared to …

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• 3 August 2023 1:54 pm

  Inflation in Turkey jumps to 9.49% in July amid tax increases and a weaker lira

  

  Official data showed on Thursday that inflation in Turkey jumped at the highest monthly pace in more than a year in July, due to various tax increases and the sharp depreciation of the lira. Consumer prices rose 9.49 percent month-on-month in July, exceeding expectations in a Reuters poll of 9.1 …

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• 3 August 2023 12:21 pm

  Japan stocks fall following in the footsteps of Wall Street due to rising bond yields

  

  Japanese stocks fell for the second day in a row on Thursday, tracking Wall Street, which closed lower on Wednesday, as rising bond yields in the United States and Japan weighed on investor sentiment. Japan’s Nikkei index fell 1.68 percent to close at 32,159.28 points, after falling 2.3 percent, its …

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