Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 6 June 2023 9:44 am

  Oil prices drop, bypassing the OPEC meeting

  

  Oil prices fell on Tuesday, giving up most of the gains made in the previous session, after Saudi Arabia, the world’s largest oil exporter, announced its intention to cut production further. Brent crude futures fell 23 cents, or 0.3 percent, to $76.48 a barrel by 0020 GMT. US West Texas …

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• 6 June 2023 3:05 am

  Market Drivers – US Session – 05/06/2023

  

  US economic data depressed the US dollar, erasing Friday’s gains. The positive job statistics from the previous week had helped the dollar gain ground, but on Monday, the data took a turn for the worse and the currency lost ground. The Nasdaq fell 0.09% while the Dow Jones fell 0.59%. …

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• 6 June 2023 2:09 am

  US recession woes drag USD/CHF lower

  

  Weaker-than-anticipated US economic numbers fuel recession fears, pushing up the Swiss Franc, which hurt the USD/CHF pair.The USD/CHF pair is technically unaligned and waiting for a new catalyst to provide clear market direction. Expectations of a hawkish Swiss National Bank may act as a stimulus for more USD/CHF decline amid …

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• 6 June 2023 1:25 am

  US stocks close lower after highest gains since August

  

  On Monday, the S&P 500 index closed slightly lower after touching its highest gains since August. The benchmark index erased earlier gains and lost 0.2% to finish at 4,273.79 1. The Nasdaq Composite also dipped 0.09% to close at 13,229.43, while the Dow Jones Industrial Average dropped 199.90 points or …

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• 6 June 2023 12:12 am

  Cryptocurrencies sink on SEC’s Lawsuit Against Binance

  

  The Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and its founder Changpeng Zhao, alleging that the exchange violated securities laws and misused investor funds. The lawsuit caused a significant downturn in the cryptocurrency market, with Bitcoin down by -5.90%, Ethereum down by declining by about -5%, …

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• 5 June 2023 10:36 pm

  Were Lagarde’s remarks on rate hikes easy to interpret?

  

  This week’s data and statements seem varied and relatively difficult to interpret, making the path for rate hikes more uncertain. Most analysts tend to believe that the ECB will halt in July, but do expect the Fed in the United States to deliver two more rate hikes before Q4, with …

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• 5 June 2023 8:42 pm

  GBP/USD steadies post mixed US data

  

  The GBP/USD pair hovers above the 1.2400 mark after the last week’s USD boost from stronger-than-expected jobs data. The US economic indicators reveal a mixed story, with weakening factory orders and a fall in Non-Manufacturing PMI. UK outpaces expectations with S&P Global Services and Composite PMIs, adding pressure on the …

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• 5 June 2023 7:39 pm

  Dollar’s rally loses momentum post US ISM Services PMI data

  

  The US Dollar has lost some of its strength in the American session on Monday. The US Dollar Index erased its daily gains and returned to the 104.00 area. ISM Services PMI report for May showed a loss of momentum in the service sector.The US Dollar has lost its strength …

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• 5 June 2023 2:52 pm

  Dollar edges up as markets weigh chances of Fed rate hike

  

  The dollar edged up against major peers on Monday, as markets priced in around a 1-in-4 chance of the U.S. Federal Reserve raising benchmark rates this month after robust jobs data on Friday. The dollar index – which tracks the greenback against six peers – came off the boil last …

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• 5 June 2023 1:28 pm

  European stocks open stable, with the London Stock Exchange leading gains

  

  European shares opened stable on Monday after the markets failed to take advantage of the momentum resulting from last week’s gains, while London shares led the gains in the region, supported by the optimistic performance of energy companies on the back of rising oil prices. The European Stoxx 600 index …

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• 5 June 2023 12:28 pm

  Inflation in Türkiye fell to 39.6% in May

  

  Turkey’s annual inflation fell to 39.59 percent in May, official data showed on Monday, largely in line with expectations for the month of elections that re-elected President Tayyip Erdogan. Consumer prices in May rose 0.04 percent from the previous month, compared to expectations for a 0.2 percent decline in a …

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• 5 June 2023 11:40 am

  Oil rose more than a dollar after Saudi Arabia announced its intention to cut production further

  

  Oil prices rose by more than $1 a barrel on Monday after Saudi Arabia, the world’s largest oil exporter, pledged to cut production by an additional 1 million barrels per day from July 1, as it tackled the unfavorable macroeconomic conditions that dampened markets. Brent crude futures rose $1.08, or …

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• 5 June 2023 4:59 am

  Financial Assets’ Weekly Recap, May 29 – June 2

  

  Financial assets’ price moves along past week have been led by a number of major developments most notably: the US non-farm payrolls data shortly after the US debt ceiling deal, as well as the European inflation data.Oil Prices Hope For More Optimism Oil prices rallied for the second day on …

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