Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2022

• 6 October 2022 12:14 am

  Fed’s Bostic: Fed’s fight against inflation is “still in early days.”

  

  On Wednesday, in the context of prepared remarks to the Northwestern University Institute for Policy Research, Atlanta Fed president Raphael Bostic noted that the US Federal Reserve’s fight against inflation is “still in early days”. Despite “glimmers of hope” in recent data, Bostic said “the overarching message I’m drawing…is that …

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• 5 October 2022 10:50 pm

  Gold slides on stronger US dollar

  

  Gold price was down by 0.7% by midday in New York, trading below the highs of the day of $1,727.84 and reaching as low as the psychological $1,700 level. The US dollar derived momentum from Wednesday’s strong in US yields which is putting a barrier up against gold’s recent resurgence.The …

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• 5 October 2022 10:15 pm

  AUD/USD falls on risk aversion

  

  The AUD/USD pair is falling due to weaker risk appetite and the stronger US dollar on the back of soaring Treasury bond yields. Therefore, the pair drops for the second consecutive day as the US dollar snaps five days of losses, as risk aversion accelerates on the speculation that central …

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• 5 October 2022 9:13 pm

  US stocks pulled back on OPEC+ decision

  

  Wednesday pullback of US stocks proved that the previous two day rally was short-lived. The scene is set for further volatility, after a stormy trading day. The S&P 500 tumbled 1.4%, while the Dow Jones Industrial Average slid 340 points, or 1.1%. The technology-heavy Nasdaq Composite led the way down …

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• 5 October 2022 8:02 pm

  OPEC+ decision slammed by White House

  

  US President Joe Biden is disappointed by the OPEC+ group’s ‘shortsighted decision’, the White House said on Wednesday, as reported by Reuters. Following its 33rd Ministerial Meeting, OPEC+ announced that they will adjust downward the overall production by 2 million barrels per day starting November from the August-2022 required production …

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• 5 October 2022 7:14 pm

  EUR/USD falls from around parity on stronger US dollar

  

  The EUR/USD pair fell as speculation on Fed’s intentions regarding interest rate pace has decreased. The EUR/USD is erasing some of Tuesday’s gains as US T-bond yields are seen rising again, while US Services PMI data, even though slowed, is still at expansionary territory. At the time of writing, the …

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• 5 October 2022 6:44 pm

  OPEC+ agree to cut oil production to boost sliding prices

  

  OPEC + decided to cut production by two million barrels per day during the meeting that ended a while ago in Vienna. According to the news, the reduction will take effect next November. Oil prices reversed their downward trend after the OPEC + decision was issued, to start recording increases …

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• 5 October 2022 5:46 pm

  Reuters: OPEC+ JMMC agrees on oil output cuts of 2 mln bpd

  

  OPEC+ key ministers, known as the joint ministerial monitoring committee, has agreed on oil production cuts of 2 million barrels per day, three OPEC+ sources said according to Reuters.

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• 5 October 2022 5:31 pm

  US: Goods and services deficit narrow to $67.4 billion in August

  

  The data published by the US Census Bureau showed on Wednesday that the US’ goods and services deficit narrowed by $3.1 billion to $67.4 billion in August from $70.5 billion in July. This reading came in lower than the market expectation for a deficit of $68 billion.

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• 5 October 2022 4:23 pm

  US: Private sector employment rises by 208,000 in September

  

  The data published by Automatic Data Processing (ADP) showed on Wednesday that private sector employment in the US rose by 208,000 in September. This reading followed August’s increase of 185,000 (revised from 132,000) and came in slightly better than the market expectation of 200,000.

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• 5 October 2022 4:21 pm

  Dollar index resumes its rise after the largest daily decline in more than two years

  

  The dollar index resumed its rise today, Wednesday, after it recorded the largest daily decline in more than two years, pending the release of many economic data ahead of the monthly jobs report expected at the end of this week. The impact of the dollar’s rise – which has risen …

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• 5 October 2022 3:59 pm

  Eurozone PMI falls to 20-month low as recession prospect rises

  

  Eurozone business activity fell further than expected last month, increasing the likelihood of a recession in the 19-member common currency bloc. S&P Global’s final euro zone composite PMI (purchasing managers’ index), seen as a reliable gauge of economic health, dropped to a 20-month low of 48.1 in September from 48.9 …

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• 5 October 2022 2:49 pm

  G7 countries agree plan to impose price cap on Russian oil

  

  European Union member states have agreed to cap the price of Russian oil as they seek to cut Kremlin revenues and punish Vladimir Putin for the Ukraine war. Ambassadors from 27 countries on Wednesday signed off on the proposed cap on the price of crude shipped to countries outside the …

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