Noor Trends News, Technical Analysis, Educational Tools and Recommendations

October, 2023

• 19 October 2023 5:53 am

  Market Drivers – US Session, October 18

  

  Gold initially jumped and reached $1,963, its highest level in two months, despite the moves in the bond market. The yellow metal later pulled back and settled around $1,950.The positive market sentiment that followed bright economic data from China was offset by rising tensions in the Middle East, higher yields …

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• 19 October 2023 1:47 am

  Fed’s Bowman: Inflation has come down but remains too high

  

  Federal Reserve (Fed) Governor Michelle W. Bowman commented at a Fed Listens event on Thursday that inflation in the US has come down but is still too high. At the time of press, the US Dollar Index was down 0.02% on the day at 106.54.Key Quotes “What has been somewhat …

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• 19 October 2023 12:28 am

  US dollar gains ground amid sour market mood, Fed’s Beige Book

  

  Due to sour market sentiment and the Fed’s Beige report, which revealed no material changes in economic activity since the September report, the US Dollar gained ground on Wednesday. Although US housing starts from September disappointed, building permits performed better than anticipated. The US Dollar Index reached a high of …

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• 19 October 2023 12:03 am

  2023 features strong Q3 for commodities

  

  The energy sector led a strong third quarter for commodity indexes, with the UBS Constant Maturity Commodity Index showing strong relative performance compared to the Bloomberg Commodity Index. The industrial metals sector saw a slight increase of over 3%, and CMCITR’s larger exposure to this sector allowed for slightly improved …

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• 18 October 2023 10:47 pm

  US eases sanctions on Venezuelan oil on election deal

  

  US President Joe Biden’s administration is easing sanctions on Venezuela’s oil and gas sector in response to a 2024 election deal reached between the Venezuelan government and the opposition. The US imposed sanctions on Venezuela in response to President Nicolas Maduro’s 2018 re-election, which the US and other Western governments …

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• 18 October 2023 9:48 pm

  Geopolitical escalation, uncertainty continue to weigh on EUR/USD

  

  With the EUR/USD pair extending its losses for the day to backslide to 1.525, the euro has not been able to close out a range of 1.00-1.0600 as market sentiment has turned bearish. US Treasury yields are on the rise again, with the benchmark 10-year note hitting its highest level …

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• 18 October 2023 8:59 pm

  Morgan Stanley’s earnings drop on Wall Street slowdown

  

  Morgan Stanley’s Q3 profits fell 9% from a year ago due to a decline in investment banking and trading revenue, indicating that Wall Street is still struggling to recover from a prolonged slump. The bank’s stock fell by 8%, marking its largest single-day drop in over three years. Morgan Stanley’s …

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• 18 October 2023 8:51 pm

  Waller: Fed can wait before making any interest-rate decisions

  

  Federal Reserve Governor Christopher Waller was an advocate for interest rate hikes last year. According to Waller, ‘Too soon to tell’ if economy will cool or prices heat up. The Federal Reserve needs to “wait, watch and see” how the economy evolves before making any interest-rate moves, said Fed Governor …

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• 18 October 2023 2:31 pm

  Gold near the highest level in a month after the Gaza hospital strike

  

  Gold prices touched their highest levels in nearly a month on Wednesday after the Gaza hospital explosion reinforced fears of escalating conflict in the Middle East and maintained the precious metal’s appeal as a safe investment. By 0700 GMT, the price of gold in spot transactions had risen 0.7 percent …

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• 18 October 2023 1:37 pm

  Dollar is stable after Chinese economic data exceeded expectations

  

  Better-than-expected Chinese growth data published on Wednesday gave Asian currencies a boost, driving the yuan to a one-week high and pressuring the dollar. But the attack on a hospital in Gaza on Tuesday made the moves modest and kept investors awaiting the possibility of the conflict expanding. Official data showed …

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• 18 October 2023 12:40 pm

  Oil jumps more than 2% as tensions escalate in the Middle East

  

  Oil prices rose on Wednesday as tensions rose in the Middle East after hundreds were killed in a hospital explosion in Gaza, raising concerns about disruptions to oil supplies from the region. By 0225 GMT, Brent crude futures increased $2.07, or 2.3 percent, to $91.97 per barrel. US West Texas …

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• 18 October 2023 11:10 am

  British inflation stabilizes in September at the lowest level in 18 months

  

  Official data showed on Wednesday that annual consumer price inflation in Britain settled at an 18-month low of 6.7 percent in September, contrary to economists’ expectations of a further deterioration. Financial markets expect the Bank of England to keep interest rates at 5.25 percent on November 2, after keeping them …

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• 18 October 2023 2:14 am

  Crude oil slightly higher around $86

  

  Crude oil prices were fluctuating due to geopolitical tensions, with WTI offers ranging between $86.00 a barrel and $86.50. Saudi Arabia and Russia are cutting 1.3m barrels per day (bpd) of production and reducing exports, pushing crude oil prices higher.OPEC member countries are also cutting back on oil production, threatening …

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