Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 2 June 2023 7:41 pm

  USD/CAD drops on stronger Canadian dollar despite positive NFP data

  

  The US has added 339K jobs in May, beating estimates, but the USD/CAD pair stays relatively hot. The Canadian dollar gains momentum on a 1.70% surge in WTI crude oil prices. Uncertain Fed rate hike path in July overshadows USD’s future trajectory.The USD/CAD pair registers modest losses after an outstanding …

  Read More »
• 2 June 2023 4:50 pm

  US Nonfarm Payrolls rise 339,000 in May

  

  The US Bureau of Labor Statistics (BLS) reported on Friday that Nonfarm Payrolls rose 339,000 in May. This reading surpassed the market expectation of 190,000 by a wide margin. April’s reading of 253,000 also got revised higher to 294,000. The Unemployment Rate climbed to 3.7% from 3.4% in the same …

  Read More »
• 2 June 2023 3:47 pm

  Dollar is falling on expectations that the US interest rate will not be raised this month

  

  The dollar is on track for its biggest weekly loss since mid-January on Friday, with investors predicting that the Federal Reserve will not raise interest rates this month, undermining appetite for the greenback among buyers of other currencies. The US Senate’s approval of a bill to suspend the debt ceiling …

  Read More »
• 2 June 2023 1:44 pm

  European stocks rose amid optimism after the approval of the US debt ceiling legislation

  

  European stocks rose on Friday, led by mining and real estate stocks, as investors breathed a sigh of relief after the US Congress approved the debt ceiling bill and signs the Federal Reserve may pause its rate hike cycle later this month. The pan-European Stoxx 600 index was up 0.5% …

  Read More »
• 2 June 2023 12:50 pm

  Gold is on its way to the best week in two months

  

  On Friday, gold prices were heading for their biggest weekly gain in nearly two months, as dollar weakness and hopes that the Federal Reserve would stop raising interest rates boosted the yellow metal’s appeal. And gold prices stabilized in spot transactions at 1979.24 dollars an ounce by 0457 GMT. US …

  Read More »
• 2 June 2023 12:40 pm

  Oil rises with the US Congress passing the debt ceiling bill

  

  Oil prices rose on Friday amid a recovery in sentiment as a result of the passage of the US debt ceiling bill and at a time when markets assessed the possibility of OPEC + implementing a production cut to support prices in the next two days. Brent crude futures rose …

  Read More »
• 2 June 2023 11:37 am

  Japan’s Nikkei closes at a 32-year high

  

  Japanese stocks rose on Friday, with the Nikkei index closing at its highest level in three decades, after the US House of Representatives approved raising the debt ceiling and on the back of indications that Bank of Japan officials are in no rush to tighten monetary policy. SoftBank Group shares …

  Read More »
• 2 June 2023 4:20 am

  Market Drivers – US Session – 01/06/2023

  

  American crude oil fell early on Friday. After gaining the most in a month the day before, WTI crude oil loses upward momentum at $70.00 early on Friday in Asia. The price of oil both illustrates the normal pre-NFP market positioning and supports the price-depressing catalysts coming from the energy …

  Read More »
• 2 June 2023 3:50 am

  Majority leader vows to conclude debt deal tonight

  

  The Senate majority leader, Chuck Schumer, has vowed to stay in session until the debt ceiling bill that was passed by the House a day earlier is sent to President Biden’s desk. This comes one day after the House passed the debt ceiling bill in a resounding, bipartisan vote of …

  Read More »
• 2 June 2023 2:02 am

  US equities hit highest since August on debt ceiling bill hopes

  

  US stocks advanced on Thursday after the US House passed a debt ceiling bill in a crucial step to avoid a default. The Dow Jones Industrial Average traded up 153.3 points, or 0.47%, to end at 33,061.57. The S&P 500 gained 0.99% to finish at 4,221.02, while the Nasdaq Composite …

  Read More »
• 2 June 2023 12:46 am

  Gold price is eying key higher territories ahead of NFP

  

  Gold is trading at $1976.69 at the time of writing and bulls are likely correct, but they still have more ambitious objectives. The NFP numbers from this Friday are now everything. Gold’s price rose on Thursday, rising for the day from a low of $1,953.44 to a high of $1,983.15 …

  Read More »
• 1 June 2023 10:57 pm

  Oil bounces back following debt-ceiling vote, dovish Fed

  

  Oil price marginally recovered after the House of Representatives voted through the debt-ceiling extension bill on Wednesday evening. Gains were capped by higher-than-expected inventory levels. Oil prices have been volatile in recent weeks due to a number of factors. The House of Representatives voted through the debt-ceiling extension bill on …

  Read More »
• 1 June 2023 10:14 pm

  Fed’s Bullard: Prospects for continued disinflation are good but continued vigilance is required

  

  Federal Reserve Bank of St. Louis President James Bullard recently published an analysis titled ‘Is Monetary Policy Sufficiently Restrictive?’ in which he compares the policy rate under the Taylor rule to the Fed’s policy rate. According to Bullard, “monetary policy is now in better shape after the rate hikes.” Bullard’s …

  Read More »