Noor Trends News, Technical Analysis, Educational Tools and Recommendations

January, 2023

• 26 January 2023 8:40 pm

  US Core PCE Preview: Forecasts from seven major banks

  

  Markets expect core PCE inflation, which excludes volatile food and energy prices, to rise 0.3% on a monthly basis and forecast the annual rate to decline to 4.4% from 4.7% in November. If the awaited reading meets the said estimates, it would be the lowest since October 2021 but still …

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• 26 January 2023 7:42 pm

  Solid US GDP data drag gold below $1930s as traders await PCE

  

  Gold price drops more than 0.60% due to profit-taking as well as the positive US economic data. US Gross Domestic Product for Q4 has beat markets’ estimates, while jobless claims retreated. Durable Good Orders jumped while new orders shrank. Gold price retreats after hitting a nine-month high of $1949.16 and …

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• 26 January 2023 6:08 pm

  US: Weekly Initial Jobless Claims decline to 186K

  

  There were 186,000 initial jobless claims in the week ending January 21, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week’s print of 192,000 (revised from 190,000) and came in better than the market expectation of 205,000. The publication …

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• 26 January 2023 5:44 pm

  US economy grows at an annual rate of 2.9% in Q4

  

  The US economy expanded at an annualized rate of 2.9% in the fourth quarter, the US Bureau of Economic Analysis’ (BEA) first estimate showed on Thursday.  This reading followed the 3.2% growth recorded in the third quarter and came in slightly better than the market expectation for an expansion of …

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• 26 January 2023 3:16 pm

  Gold fell as the dollar rose, as investors awaited US data

  

  Gold prices fell on Thursday, January 26, with the rise of the dollar, while investors await US economic data that could provide clues about whether the Federal Reserve will slow down the pace of raising interest rates. Spot gold fell 0.5% to $1936.97 an ounce, after hitting its highest level …

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• 26 January 2023 1:57 pm

  European stocks rise thanks to optimism about earnings

  

  European stocks rose on Thursday as strong quarterly earnings from ST Microelectronics, Sabadell and Nokia allayed concerns about corporate earnings season amid signs of a recession. The pan-European Stoxx 600 index was up 0.6% by 0835 GMT, with technology and financial services shares leading the gains. STMicroelectronics jumped 8.4% after …

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• 26 January 2023 1:11 pm

  Nikkei snaps a winning streak ahead of US GDP data

  

  Japan’s Nikkei index snapped a four-session winning streak on Thursday, with shipping companies leading the decline, as investors around the world await US economic data that could influence the path of the Federal Reserve’s interest rate hike. The Nikkei index closed down 0.12 percent at 27,362.75, after rising 0.4 percent …

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• 26 January 2023 12:20 pm

  Oil is rising, supported by a less-than-expected increase in US inventories

  

  Oil prices rose in early Asian trade on Thursday after a less-than-expected build in US crude inventories, while a weaker dollar made oil less affordable for buyers of other currencies. By 0119 GMT, Brent crude futures rose 12 cents to $86.24 a barrel, while West Texas Intermediate crude futures rose …

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• 26 January 2023 4:58 am

  Market Drivers – US Session 25/01/2023

  

  Hopes for a dovish stance by the Fed are widespread across financial markets as they are heading towards the end of the month and the FOMC policy decision on February 1. ECB policy decision is also awaited for direction. Investors and traders are closely watching Thursday’s GDP data in the …

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• 26 January 2023 4:41 am

  Could US Gross Domestic Product Push Gold Up?

  

  Gold price has taken off to renew nine-month high, up for the fourth consecutive trading day. The weaker US dollar reinforces the Gold Index’s upside while a cautious mood prevails most financial markets ahead of the key United States Gross Domestic Product.Dovish bias surrounding the Fed’s intention contrasts with the …

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• 26 January 2023 2:27 am

  AUD/USD hit 5-month on CPI data

  

  The Australian dollar surged to a fresh five-month high at 0.7122 against the US dollar on Wednesday, after the Australian inflation data that paved the way for additional policy tightening by the Reserve Bank of Australia. Except for the Australian dollar, risk aversion keeps high beta currencies pressured. Hence, the …

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• 26 January 2023 1:11 am

  Before crucial US data, US dollar nearing its breaking point.

  

  Bulls in the US dollar are hiding at a key support level.In the following few days, the Dollar is expected to encounter weekly negative mood resulting in a bullish correction with the 38.2% Fibonacci target positioned around 103.10.The Fed’s intentions and awaited US data will be crucial in determining the …

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• 26 January 2023 12:26 am

  No easy way out from US debt ceiling noise

  

  Republicans are still divided over to what extent they should adopt hardline stance on the US debt ceiling, but the significant development is that they were united on Wednesday in one remarkable thing; namely their uniform demand that the Democratic President Joe Biden should agree to negotiate on spending as …

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