Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 24 August 2023 5:58 am

  What is a BRICS currency?

  

  In a bid to lessen their sensitivity to changes in the dollar exchange rate, Brazil’s president called on the BRICS countries to establish a single currency for trade and investment between one another on Wednesday.At the Johannesburg BRICS conference, Luiz Inacio Lula da Silva proposed the idea. Given the variations …

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• 23 August 2023 11:43 pm

  Powell to reveal next Fed steps to combat inflation

  

  Fed Chair Jerome Powell is expected to outline the final steps the US central bank could implement in the framework of the ongoing campaign to tame inflation during his speech at Jackson Hole Symposium. Powell’s speech comes as policymakers enter the most difficult stage of the fight against inflation, calibrating …

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• 23 August 2023 10:39 pm

  US stocks rise ahead of Nvidia’s crucial results

  

  Wall Street’s key indexes rose on Wednesday due to Nvidia stock’s surge in shares, driven by expectations of a positive future outlook from the chip designer. Nvidia’s sales target exceeded Wall Street projections, leading to a record high for the chip designer’s shares. Analysts worry about a bigger selloff if …

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• 23 August 2023 9:29 pm

  Slowdown woes, surging US inventories drag WTI to four-week low

  

  As a result of waning worldwide economic activity, as shown by the S&P worldwide PMIs, WTI crude oil declined to $77.68 per barrel, down 0.54%, before improving to $79.01 at the time of writing. While oil stockpiles decline by 6.1 million barrels, US petrol inventories increase by 1.5 million barrels, …

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• 23 August 2023 8:44 pm

  AUD/USD rises past 0.6450 amid US dollar’s weakness

  

  The AUD/USD pair sets a third consecutive day of gains, rising more than 0.60% towards 0.6470. PMIs from August from the US and Australia came in lower than expected.Dovish bets on the Fed are applying pressure on the USD. The AUD/USD gained traction in Wednesday’s session, driven by a weaker …

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• 23 August 2023 4:50 pm

  Jackson Hole: Market overreacts?

  

  US equities are trading higher on Wednesday as lower 10-year US Treasury yields aid long-term technology sectors thrive. The 10bps drop in 10-year yields is likely due to investors dialling back some of the recent build-up in growth expectations that saw yields climb to the highest levels since the Great …

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• 23 August 2023 3:20 pm

  UK Preliminary Services PMI enters contraction with 48.7 in August

  

  The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell further in August to 42.5 from 45.0 predicted and 45.3 in July. Meanwhile, the Preliminary UK Services Business Activity Index fell to a seven-month low of 48.7 in August, compared to a final print of 51.5 in July …

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• 23 August 2023 2:02 pm

  European stocks open higher supported by mining and healthcare companies

  

  European stocks opened higher on Wednesday, as mining stocks led gains thanks to higher metal prices, while Swiss pharmaceutical Roche supported health care stocks. And by 0707 GMT, the European Stoxx 600 index rose 0.4 percent. Mining stocks rose 0.9 percent as prices of most industrial minerals rose. Roche shares …

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• 23 August 2023 12:39 pm

  Oil rises as markets assess the prospects of interest rate hikes and weak Chinese demand

  

  Oil prices rose on Monday as global supply tightened due to reduced exports from Saudi Arabia and Russia outweighed concerns about global demand growth amid high interest rates. And by 0301 GMT, Brent crude oil prices rose 75 cents to 85.55 dollars a barrel. West Texas Intermediate crude rose 80 …

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• 23 August 2023 6:14 am

  Market Drivers – US Session, August 22

  

  The first indication of economic activity in August will come from the Global PMIs, which will also include housing data from the US, data on Q2 retail sales from New Zealand, and data on retail sales from Canada. After Monday’s decline, Asian equities have recovered, but caution is still in …

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• 23 August 2023 5:10 am

  BRICS leaders in Johannesburg challenge Western dominance

  

  Financial markets are now focused on the beginning of the three-day BRICS meeting in South Africa. To begin the three-day BRICS summit, leaders and senior officials from five of the largest rising economies in the world met in Johannesburg on Tuesday. Brazil, Russia, India, China, and South Africa make up …

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• 23 August 2023 2:43 am

  Gold’s chance to rebound looks weak ahead of Jackson Hole

  

  Gold price was edging upward during the US trading session, despite the US Dollar’s strength. The rise and challenging XAU/USD price are supported by high US Treasury bond yields and a lack of support for depolarization among the BRICS bloc. Friday’s Jackson Hole Symposium is looked upon as the key …

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• 23 August 2023 1:24 am

  US, China in talks on challenges facing American businesses

  

  Before her journey to China the next week, US Commerce Secretary Gina Raimondo met with the Vice Foreign Minister and Chinese Ambassador late on Tuesday and had a “productive discussion.”US Commerce Secretary Raimondo also emphasized the significance for US businesses and workers while describing the meeting’s specifics.The news also states …

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