Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2023

• 4 July 2023 11:21 pm

  Oil prices surge 2% as market weighs supply cuts against economic outlook

  

  Tuesday saw a 2% increase in oil prices as traders weighed August production curbs by major producers Saudi Arabia and Russia against a gloomy forecast for the world economy. On Monday, Saudi Arabia announced that it would continue to reduce its voluntary output by 1 million barrels per day (bpd) …

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• 4 July 2023 9:35 pm

  Gold price benefits from weaker US dollar

  

  Gold futures rose, taking advantage of the decline in the US dollar since the beginning of trading on Tuesday, as stock markets and US Treasury bonds were closed to mark the Independence Day holiday.Gold futures rose to $1,924.69 per ounce, compared to the previous daily closing, which was recorded at …

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• 4 July 2023 8:51 pm

  NZD/USD rises on RBA’s hawkish stance amid softer US dollar

  

  The NZD/USD pair has gained support from the Reserve Bank of Australia’s hawkish stance and the weaker US dollar during the US holiday session. The uncertain economic outlook in the US due to mixed data and recession fears increases the likelihood of rate hikes. New Zealand’s QSBO improves in Q2, …

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• 4 July 2023 7:42 pm

  Canadian Dollar Surges On Rising Oil Price

  

  The Canadian Dollar has seen a slight increase in value due to rising oil prices and supply concerns. The Canadian Manufacturing PMI data release, which came out a few hours ago, was lower than expected and continues to show contraction, but has had a limited impact on the exchange rate.The …

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• 4 July 2023 3:46 pm

  Gold slightly rises on anticipated Fed’s interest rate hike

  

  Gold prices rose on Tuesday amid weak trading due to the US Independence Day holiday, but the rise in the dollar limited gains at a time when traders await more economic data later in the week in search of indications about the Federal Reserve’s intentions regarding raising interest rates in …

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• 4 July 2023 1:03 pm

  Stability of European stocks and the decline of the mining sector

  

  European stocks were flat on Tuesday as uncertainty over the path of global interest rates sent investors cautious, while miners fell on fears of weak demand from China. The European Stoxx 600 index settled at 461.17 points by 0710 GMT, at a time when investors focus on assessing signs of …

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• 4 July 2023 12:24 pm

  Yen stabilizes as markets await the intervention of the authorities and AUD declines

  

  The yen stabilized on Tuesday, but remained vulnerable to further declines as markets awaited signs of intervention by the Japanese authorities, and the Australian dollar fell after the central bank decided to keep interest rates unchanged. The Reserve Bank of Australia kept interest rates at 4.10 percent, saying it needed …

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• 4 July 2023 11:12 am

  Japan’s Nikkei Index gives up a 33-year high on profit-taking

  

  Japan’s Nikkei fell on Tuesday, giving up a 33-year high recorded in the previous session, as investors took profits, and a market holiday in the United States also added to the caution of dealers. The Nikkei index closed down 0.98 percent at 33,422.52 points, after closing at 33,753.33 points on …

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• 4 July 2023 10:14 am

  Australia’s central bank holds interest at 4.1%, contrary to expectations

  

  The Australian Central Bank fixed interest rates in July at 4.1%, against expectations of a 25 basis point hike to 4.35% levels. In just two years, Australian interest rates jumped by 400 basis points, with inflation rising in the country and reaching in the fourth quarter of 2022 its highest …

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• 4 July 2023 9:25 am

  Oil stabilizes as the market is affected by production cuts

  

  Oil prices stabilized on Tuesday, as markets were hit by supply constraints due to planned cuts in August by top oil exporters Saudi Arabia and Russia, in the face of economic data that indicated weak demand for crude. Brent crude futures rose 22 cents, or 0.3 percent, to $74.87 a …

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• 4 July 2023 2:56 am

  Market Drivers – US Session – 03/07/2023

  

  On a quiet Monday’s trading session, US stocks finished modestly higher on a shortened session. On Tuesday, Wall Street will remain closed due to Independence Day. The low volume could lead to consolidation and/or erratic moves.Economic DataThe US dollar lost momentum on Monday following the release of the ISM Manufacturing …

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• 4 July 2023 2:46 am

  Crude oil slides on global economic slowdown concerns

  

  WTI crude oil is down 0.55% at $70 per barrel due to global economic slowdown concerns. Despite Saudi Arabia and Russia’s supply cut announcement, concerns over manufacturing activity slowdown worldwide continue to impact WTI prices. At the time of writing WTI is trading at $70.24 per barrel.China’s Caixin PMI expanded …

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• 4 July 2023 1:23 am

  Is Lower Inflation As Seen By Shoppers Good News For US Fed?

  

  The US economy is showing signs of resilience, with lower inflation seen by shoppers. However, the Federal Reserve’s target interest rate of 2% remains high, and consumers expect inflation to remain high over the coming months but fall in the years ahead to levels closer to those experienced before the …

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