Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2023

• 2 March 2023 3:09 pm

  Eurozone Preliminary HICP inflation eases to 8.5% YoY in February

  

  The annualized Eurozone Harmonised Index of Consumer Prices (HICP) comes in a tad softer at 8.5% in February vs. January’s 8.6%, the latest data published by Eurostat showed on Thursday. The market expected the inflation gauge to ease to 8.2% in the reported period. The core HICP climbs to 5.6% YoY in February …

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• 2 March 2023 3:03 pm

  Turkey’s trade deficit rises 52.8% in February following the earthquakes

  

  Data from the Turkish Ministry of Trade showed today, Thursday, that the foreign trade deficit amounted to 12.9 billion dollars in February, an annual increase of 52.8%, which highlights the impact of the earthquakes that occurred last month on the trade balance. The data showed that exports fell 6.4% to …

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• 2 March 2023 1:29 pm

  European stocks decline at the open ahead of the announcement of inflation data

  

  European stocks fell at the open on Thursday, dragged down by declines in interest rate-sensitive travel and technology stocks, as investors were cautious ahead of today’s important inflation data. A Reuters poll revealed that inflation in the 20 countries using the euro was 8.2 percent in the 12 months to …

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• 2 March 2023 1:27 pm

  Japan’s Nikkei index closed higher as sentiment improved on Chinese data

  

  Japanese stocks ended flat on Thursday after a disappointing investor day for Tesla Inc and fears of a tighter US central bank monetary policy outweighed the yen’s decline. The Nikkei index gave up gains made earlier in the session to end the transactions at 27,498.87 points, although it has been …

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• 2 March 2023 11:51 am

  Gold is falling as investors are increasingly concerned about rising interest rates

  

  Gold prices fell on Thursday as the dollar rose as a fresh batch of global economic data reinforced investor concerns about interest rates remaining higher for longer than expected. By 0315 GMT, spot gold fell 0.2 percent to $1,833.57 an ounce, after reaching a one-week high on Wednesday. US gold …

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• 2 March 2023 5:31 am

  Market Drivers – US Session 01/03/2023

  

  The US Dollar retreated on Wednesday, though US yields jumped. Most European stock markets posted losses, and on Wall Street, US equities exhibited mixed performance.The AUD/USD pair recovered from monthly lows by holding around the 0.6700 support. NZD/USD reached its highest level in two weeks on Wednesday, reaching 0.6275, making …

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• 2 March 2023 5:17 am

  ECB’s pivot fades post German data

  

  Since the risk-off sentiment has subsided, the EUR/USD pair is attempting to retake the 1.0700 barrier. Resurgence of German inflation has strengthened the case for continuing the 50 bps rate hike, so the Fed doesn’t need to be in a rush to end the period of tightening policy.After failing to …

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• 2 March 2023 1:55 am

  Oil stabilizes amid optimism on Chinese demand

  

  Wednesday saw a modest increase in oil prices as evidence of sufficient supply, notably rising U.S. crude stocks, outweighed rising expectations for higher demand following an increase in manufacturing in the world’s biggest petroleum importer China.Brent crude futures ended the day at $84.31 per barrel, up 86 cents or 1%. …

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• 1 March 2023 11:39 pm

  Euro, US dollar, Yuan differently reacted to Wednesday’s data

  

  On Wednesday, the Chinese manufacturing sector expanded at its quickest rate in a decade, which led to a decline in the US dollar and a rise in the Chinese yuan. The euro increased after German inflation statistics jumped last month, which increased expectations for rate hikes in the euro zone.The …

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• 1 March 2023 10:41 pm

  USD/JPY pressured after US ISM PMI data

  

  Despite rising US Treasury bond yields, the USD/JPY pair was unable to gain momentum. According to December’s 2022 dot-plots, the Fed policymakers who made the Wednesday poking are still anticipating rates at roughly 5.25 percent.Although input costs have increased, manufacturing activity in the US is still at a low level, …

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• 1 March 2023 9:48 pm

  What does Wednesday’s ISM Manufacturing PMI data mean for US economy?

  

  With the ISM Manufacturing PMI creeping up to 47.7 from 47.4, the economic activity in the US manufacturing sector continued to shrink in February, though at a slower rate than it did in January. This figure was lower than the market forecast of 48.The report’s supporting information showed that the …

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• 1 March 2023 8:43 pm

  Statements By Fed Officials Sound More Hawkish

  

  Bostic: Fed’s policy rate needs to remain at 5.00%-5.25% range well into 2024Atlanta Fed President Raphael Bostic stated in an essay published on Wednesday that he still holds the opinion that the policy rate needs to increase to the 5.00%-5.25% range and stay there far into 2024.Bostic continued, “A narrative …

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• 1 March 2023 7:46 pm

  GBP/USD hits daily low following US ISM Manufacturing PMI

  

  Following the US ISM Manufacturing PMI, the GBP/USD pair moved into negative territory. Despite the market’s optimism on the favourable economic data from China, the pair is seen falling. Moreover, a BoE official expressed more hawkish views than anticipated, which helped boost the GBP/USD. At the time of writing, the …

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