Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 3 August 2023 4:49 am

  Market Drivers – US Session, August 2

  

  US equities dropped on Wednesday following Fitch Ratings’ downgrade of the US government credit rating late on Tuesday. The Dow Jones lost 0.98%, and the Nasdaq plummeted 2.17%. US yields peaked after the release of US data and then pulled back, with the 10-year settling around 4.07% and the 2-year …

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• 3 August 2023 2:27 am

  Strong Japanese bonds key mover ahead of awaited US ISM Services PMI

  

  The USD/JPY pair has been higher for three weeks, with the Japanese government taking measures to defend the Japanese currency. The central bank signaled a wider tolerance limit for the benchmark 10-year Japanese Government Bonds from 0.5% to 1.0%, fueling the JGB yields to the highest level since 2014. The …

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• 3 August 2023 1:29 am

  EUR/USD declines for third successive day

  

  The EUR/USD pair continues its loss for the third day in a row, and fell to the 1.09370 level. The labour market in the US and in the EUR showed positive results this week and all eyes are now focusing on Friday’s NFP data in the United States.The EUR/USD is …

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• 3 August 2023 12:07 am

  WTI crude falls amid historic drop in US crude stockpiles

  

  WTI crude oil is trading around $79.317 after the historic drop in US crude stocks. The Energy Information Administration (EIA) reported that crude oil inventories fell by 17 million barrels, the steepest decline since records began in 1982. The American Petroleum Institute indicated that US crude oil stockpiles decreased by …

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• 2 August 2023 11:03 pm

  Gold slides on soaring T-yields after Fitch’s downgrades US debt

  

  Gold has dropped for the second consecutive day as US bond yields rise, boosting the US Dollar. Fitch’s downgrade of US Government debt from AAA to AA+ has sparked risk aversion and impacted market sentiment, leading investors towards safety in the US Dollar and Japanese Yen. The ADP National Employment …

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• 2 August 2023 10:06 pm

  Washington outraged, stocks sink on US credit rating’s historic downgrade

  

  Following a historic downgrade of the US credit rating by Fitch Ratings, which lowered the US debt rating from the highest AAA rating to AA+, stocks have declined. The rating was lowered after lawmakers risked the country’s first default by negotiating a debt ceiling agreement earlier this year. According to …

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• 2 August 2023 8:52 pm

  US dollar surges following employment data

  

  The US Dollar has risen to its highest level since July 7 above 102.50, following to the US government’s credit rating downgrade by Fitch. The USD Index held above 102.50 despite the pullback in the American session and advanced to a 25-day-high above 102.50 on Wednesday. US private sector employment …

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• 2 August 2023 7:38 pm

  Euro retreats on absence of momentous catalysts

  

  The Euro is experiencing losses against the US dollar as the European session draws to a close. The EUR/USD pair slides back to the 1.0919 zone, at the time of writing, as the American currency advances further. The USD Index maintains a positive mood past 102.76. Spanish unemployment shrank by …

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• 2 August 2023 3:46 pm

  Putin confirms Russia’s position on the grain deal in a call with Erdogan

  

  Russian President Vladimir Putin told his Turkish counterpart Recep Tayyip Erdogan on Wednesday that Moscow is ready to return to the deal to export grain across the Black Sea once the West fulfills its obligations regarding Russia’s grain exports. The Kremlin said in a statement that Putin, in a call …

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• 2 August 2023 2:46 pm

  Reuters: The OPEC+ committee will not likely change oil policy at Friday’s meeting

  

  Sources in the OPEC + group told Reuters that the group is unlikely to change the current oil production policy during the meeting of the ministerial committee on Friday, as the lack of supplies and the strength of the demand trend lead to an increase in oil prices. Ministers from …

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• 2 August 2023 1:49 pm

  BoE is torn between fighting inflation and recession danger

  

  The Bank of England, which is expected to increase interest rates once again on Thursday, must balance the need to combat an inflation rate that is already running at more than four times its objective against the harm that 13 consecutive rate increases have already done to the economy. Most …

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• 2 August 2023 1:22 pm

  European shares fell to their lowest in two weeks

  

  European stocks fell on Wednesday to their lowest levels in nearly two weeks, with technology and auto stocks leading the losses, as investors globally fled from risky assets after Fitch Ratings suddenly downgraded the credit rating of the United States. The pan-European Stoxx 600 index fell 1.1% by 0708 GMT, …

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• 2 August 2023 11:52 am

  Japan’s stocks recorded the biggest daily decline this year

  

  Japanese stocks posted their largest daily decline in percentage terms this year, as caution spread in Asian markets after an unexpected downgrade of the credit rating of the United States negatively affected sentiment. The Nikkei index fell 2.30 percent to close at 32,707.69 points, the largest daily decline since December …

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