Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 21 June 2023 5:52 pm

  BoE Preview: Banks expect 25 bps

  

  The Bank of England (BoE) will publish its Interest Rate Decision on Thursday, June 22 at 11:00 GMT, and as the day approaches, below are the expectations anticipated by five major banks’ economists and experts. The “Old Lady” is projected to raise interest rates by 25 basis points (bps), to …

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• 21 June 2023 4:29 pm

  Gold is falling amid anticipation of Powell’s testimony

  

  Gold prices fell on the rise of the dollar on Wednesday, as investors await clues about interest rates from US Federal Reserve Chairman Jerome Powell’s testimony before Congress. And gold in instant transactions fell 0.1 percent to 1934.20 dollars an ounce by 1112 GMT, and its movements are limited to …

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• 21 June 2023 3:28 pm

  UK manufacturers see lowest inflation since Feb 2021 – CBI

  

  According to a study released on Wednesday, British manufacturers anticipate to boost prices by the fewest amount since February 2021 during the next three months, while price hikes will still be substantially quicker than their long-run average. The Confederation of British Industry (CBI) said that its monthly index of manufacturers’ …

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• 21 June 2023 1:18 pm

  Dollar stabilizes ahead of Powell’s speech and inflation data supports the pound

  

  The dollar rose on Wednesday before Federal Reserve Chairman Jerome Powell speaks to Congress as his comments are expected to reflect tightening monetary policy, while the British pound rose slightly after stronger-than-expected British inflation data. Britain’s consumer price index held steady at 8.7 percent in May, despite hopes that it …

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• 21 June 2023 12:06 pm

  Nikkei reverses its course and closes higher

  

  Japan’s Nikkei index reversed course to close higher on Wednesday as investors snapped up heavyweight stocks that have seen their prices decline, with SoftBank Group and chip-related stocks leading the gains. The Nikkei index rose 0.56 percent to close at 33,575.14 points, after falling as much as 0.7 percent earlier …

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• 21 June 2023 11:18 am

  Oil continues its losses due to Chinese growth concerns

  

  On Wednesday, oil prices extended losses for the third day in a row, on the back of the dollar’s rise thanks to the recovery of the US housing market, while demand concerns persisted, fearing that monetary stimulus in China will not be enough to revive growth. Brent crude futures fell …

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• 21 June 2023 6:59 am

  Market Drivers – US Session – 20/06/2023

  

  The US Dollar remained higher on Tuesday as the market mood declined on news that stirred fears about Chinese economic growth that is seen as having lost momentum. The focus now shifts to Fed Chair Jerome Powell’s testimony before Congress.Key DevelopmentsThe People’s Bank of China (PBoC) cut two key lending …

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• 21 June 2023 6:18 am

  Gold price pressured ahead of Fed’s Powell Testimony

  

  Gold price remains pressured after breaking 100-DMA support during three-day downtrend. Risk aversion underpins US Dollar strength and weighs on the Gold Index. Fears of economic slowdown originating from China, higher rates in the West roil sentiment and favuor gold sellers. Fed’s Jerome Powell’s bi-annual Testimony will be crucial to …

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• 21 June 2023 3:00 am

  Japan manufacturers’ sentiment positive for second month

  

  Business sentiment at big Japanese manufacturers edged up in June, staying in positive territory for a second straight month and reflecting a post-COVID economic recovery though uncertainty remains high amid slowing global growth for June.Following the release, USD/JPY stretches the previous day’s retreat from the highest level in seven months …

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• 21 June 2023 1:16 am

  Euro defended despite Fed’s signals ahead of Powell Testimony

  

  The EUR/USD began the US session hesitating due to the US dollar’s strength, but the pair eventually managed to become higher after three-day downtrend. ECB policymakers keep suggesting higher rates even as inflation clues, growth numbers ease. Fed OFFICIALS ALSO reiterate hawkish bias ahead of Powell’s bi-annual Testimony before the …

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• 21 June 2023 12:05 am

  Stronger US dollar drags GBP/USD pair lower

  

  The GBP/USD pair retraces below 1.2800 on the stronger US dollar ahead of Powell testimony and the Bank of England’s policy decision. The stronger US Dollar, driven by expectations of further tightening by the Fed and an overbought US equity market, has influenced the pair’s price movement. Fed Chair Jerome …

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• 20 June 2023 10:34 pm

  Cryptocurrency prices still with no clear directions

  

  With no obvious directional bias, the price of bitcoin is still ambiguous. Ethereum, Ripple, and other altcoins are therefore constrained to consolidation. But when BTC gets closer to a breakout, things might change quickly. The most famous cryptocurrency is trading at $28262 at the time of writing.Since April 19, the …

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• 20 June 2023 9:30 pm

  Oil prices drop post-BoC decision

  

  The WTI fell to a five-day low of $69.82 before edging higher to $70.63 at the ti9me of writing, seeing more than 1.50% losses. PBoC rate cuts fueled energy demand concerns among Oil traders.World indexes declined following the decision signaling a negative market sentiment. On Tuesday, the West Texas Intermediate …

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