Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 6 June 2023 12:12 am

  Cryptocurrencies sink on SEC’s Lawsuit Against Binance

  

  The Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and its founder Changpeng Zhao, alleging that the exchange violated securities laws and misused investor funds. The lawsuit caused a significant downturn in the cryptocurrency market, with Bitcoin down by -5.90%, Ethereum down by declining by about -5%, …

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• 5 June 2023 10:36 pm

  Were Lagarde’s remarks on rate hikes easy to interpret?

  

  This week’s data and statements seem varied and relatively difficult to interpret, making the path for rate hikes more uncertain. Most analysts tend to believe that the ECB will halt in July, but do expect the Fed in the United States to deliver two more rate hikes before Q4, with …

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• 5 June 2023 8:42 pm

  GBP/USD steadies post mixed US data

  

  The GBP/USD pair hovers above the 1.2400 mark after the last week’s USD boost from stronger-than-expected jobs data. The US economic indicators reveal a mixed story, with weakening factory orders and a fall in Non-Manufacturing PMI. UK outpaces expectations with S&P Global Services and Composite PMIs, adding pressure on the …

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• 5 June 2023 7:39 pm

  Dollar’s rally loses momentum post US ISM Services PMI data

  

  The US Dollar has lost some of its strength in the American session on Monday. The US Dollar Index erased its daily gains and returned to the 104.00 area. ISM Services PMI report for May showed a loss of momentum in the service sector.The US Dollar has lost its strength …

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• 5 June 2023 2:52 pm

  Dollar edges up as markets weigh chances of Fed rate hike

  

  The dollar edged up against major peers on Monday, as markets priced in around a 1-in-4 chance of the U.S. Federal Reserve raising benchmark rates this month after robust jobs data on Friday. The dollar index – which tracks the greenback against six peers – came off the boil last …

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• 5 June 2023 1:28 pm

  European stocks open stable, with the London Stock Exchange leading gains

  

  European shares opened stable on Monday after the markets failed to take advantage of the momentum resulting from last week’s gains, while London shares led the gains in the region, supported by the optimistic performance of energy companies on the back of rising oil prices. The European Stoxx 600 index …

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• 5 June 2023 12:28 pm

  Inflation in Türkiye fell to 39.6% in May

  

  Turkey’s annual inflation fell to 39.59 percent in May, official data showed on Monday, largely in line with expectations for the month of elections that re-elected President Tayyip Erdogan. Consumer prices in May rose 0.04 percent from the previous month, compared to expectations for a 0.2 percent decline in a …

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• 5 June 2023 11:40 am

  Oil rose more than a dollar after Saudi Arabia announced its intention to cut production further

  

  Oil prices rose by more than $1 a barrel on Monday after Saudi Arabia, the world’s largest oil exporter, pledged to cut production by an additional 1 million barrels per day from July 1, as it tackled the unfavorable macroeconomic conditions that dampened markets. Brent crude futures rose $1.08, or …

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• 5 June 2023 4:59 am

  Financial Assets’ Weekly Recap, May 29 – June 2

  

  Financial assets’ price moves along past week have been led by a number of major developments most notably: the US non-farm payrolls data shortly after the US debt ceiling deal, as well as the European inflation data.Oil Prices Hope For More Optimism Oil prices rallied for the second day on …

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• 3 June 2023 3:45 am

  Market Drivers – US Session – 02/06/2023

  

  Dow jumped 700 points on the US hot jobs report as Nasdaq notched sixth straight winning week. The Dow Jones Industrial Average surged for its best day since January as traders cheered a strong jobs report and the passage of a debt ceiling bill that averts a US default.shares popped …

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• 3 June 2023 12:41 am

  Gold price falls on NFP data, spiking T-yields

  

  Gold price has dropped despite the week’s strong performance in an expected reaction to US job growth that exceeded expectations for May 2023.Rising US Treasury bond yields as well as the robust USD do exert downward pressure on the precious metal. US debt-ceiling resolution contributed to easing bond yields, a …

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• 2 June 2023 11:25 pm

  Fed Chair to testify before Senate June 22

  

  Fed Chair Jerome Powell will testify at the U.S. Senate Banking Committee on June 22, panel chief Sherrod Brown said on Friday. The testimony will come a week after the June 13-14 FOMC meeting. The testimony marks the second iteration of the Fed chair’s twice-yearly reports to Congress on the …

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• 2 June 2023 10:44 pm

  NFP could bring about one more hike in June

  

  Data released on Friday, showed Nonfarm Payrolls rose by 339K in May surpassing expectations. Analysts  point out payroll strength keeps the door open for another rate hike by the Federal Reserve in June. The two-month net revisions also added a notable 93k jobs to the employment series, which resulted in …

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