Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 3 August 2023 2:34 pm

  Volvo sales rose 21% year-on-year in July

  

  Sweden’s Volvo reported on Thursday a 21 percent rise in car sales in July compared to the same period last year, when it sold 54,165 cars, the 11th consecutive month of year-on-year growth. In the first seven months of 2023, Volvo sold 395,856 cars globally, up 18 percent compared to …

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• 3 August 2023 1:54 pm

  Inflation in Turkey jumps to 9.49% in July amid tax increases and a weaker lira

  

  Official data showed on Thursday that inflation in Turkey jumped at the highest monthly pace in more than a year in July, due to various tax increases and the sharp depreciation of the lira. Consumer prices rose 9.49 percent month-on-month in July, exceeding expectations in a Reuters poll of 9.1 …

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• 3 August 2023 12:21 pm

  Japan stocks fall following in the footsteps of Wall Street due to rising bond yields

  

  Japanese stocks fell for the second day in a row on Thursday, tracking Wall Street, which closed lower on Wednesday, as rising bond yields in the United States and Japan weighed on investor sentiment. Japan’s Nikkei index fell 1.68 percent to close at 32,159.28 points, after falling 2.3 percent, its …

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• 3 August 2023 11:35 am

  Oil stabilizes with support from supply concerns

  

  Oil prices moved in a narrow range on Thursday, after two days of a sharp decline on Wednesday, as a downgrade in the credit rating of the United States affected sentiment, but fears of a shortage of supply provided some support. Fitch downgraded the credit rating of the United States, …

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• 3 August 2023 10:09 am

  Dollar is near the highest level in 4 weeks, thanks to the strength of the US economy

  

  The dollar settled near the highest level in four weeks on Thursday, indifferent to the downgrade of the US credit rating, which cast a shadow over the financial outlook for the United States, and benefiting from strong data for jobs in the private sector. Data on Wednesday showed that US …

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• 3 August 2023 9:34 am

  Gold near its lowest level in 3 weeks after US data

  

  Gold prices settled near their lowest levels in three weeks on Thursday, after a larger-than-expected increase in US private sector jobs in July boosted bets on further monetary tightening in the United States and pushed the dollar and bond yields higher. There was little change in spot gold at 1935.20 …

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• 3 August 2023 4:49 am

  Market Drivers – US Session, August 2

  

  US equities dropped on Wednesday following Fitch Ratings’ downgrade of the US government credit rating late on Tuesday. The Dow Jones lost 0.98%, and the Nasdaq plummeted 2.17%. US yields peaked after the release of US data and then pulled back, with the 10-year settling around 4.07% and the 2-year …

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• 3 August 2023 2:27 am

  Strong Japanese bonds key mover ahead of awaited US ISM Services PMI

  

  The USD/JPY pair has been higher for three weeks, with the Japanese government taking measures to defend the Japanese currency. The central bank signaled a wider tolerance limit for the benchmark 10-year Japanese Government Bonds from 0.5% to 1.0%, fueling the JGB yields to the highest level since 2014. The …

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• 3 August 2023 1:29 am

  EUR/USD declines for third successive day

  

  The EUR/USD pair continues its loss for the third day in a row, and fell to the 1.09370 level. The labour market in the US and in the EUR showed positive results this week and all eyes are now focusing on Friday’s NFP data in the United States.The EUR/USD is …

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• 3 August 2023 12:07 am

  WTI crude falls amid historic drop in US crude stockpiles

  

  WTI crude oil is trading around $79.317 after the historic drop in US crude stocks. The Energy Information Administration (EIA) reported that crude oil inventories fell by 17 million barrels, the steepest decline since records began in 1982. The American Petroleum Institute indicated that US crude oil stockpiles decreased by …

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• 2 August 2023 11:03 pm

  Gold slides on soaring T-yields after Fitch’s downgrades US debt

  

  Gold has dropped for the second consecutive day as US bond yields rise, boosting the US Dollar. Fitch’s downgrade of US Government debt from AAA to AA+ has sparked risk aversion and impacted market sentiment, leading investors towards safety in the US Dollar and Japanese Yen. The ADP National Employment …

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• 2 August 2023 10:06 pm

  Washington outraged, stocks sink on US credit rating’s historic downgrade

  

  Following a historic downgrade of the US credit rating by Fitch Ratings, which lowered the US debt rating from the highest AAA rating to AA+, stocks have declined. The rating was lowered after lawmakers risked the country’s first default by negotiating a debt ceiling agreement earlier this year. According to …

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• 2 August 2023 8:52 pm

  US dollar surges following employment data

  

  The US Dollar has risen to its highest level since July 7 above 102.50, following to the US government’s credit rating downgrade by Fitch. The USD Index held above 102.50 despite the pullback in the American session and advanced to a 25-day-high above 102.50 on Wednesday. US private sector employment …

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