Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2023

• 2 August 2023 9:17 am

  Dollar is falling after the downgrade of the credit rating of the United States

  

  The dollar fell on Wednesday after Fitch’s decision to downgrade the credit rating of the United States raised questions about the country’s fiscal outlook, but got some support from a series of relatively strong economic data. On Tuesday, Fitch lowered the US rating to AA+ from AAA, in a move …

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• 1 August 2023 10:43 pm

  Could China’s weak PMI figures be good news for commodities?

  

  For the past three months, China’s Purchasing Managers’ Index has been below 50, a sign that the second-largest economy in the world is getting more and more pessimistic. The sub-index for the important construction industry dropped significantly from a high of 65.6 in March to 51.2 in July. Beijing’s most …

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• 1 August 2023 9:43 pm

  USD/JPY jumps above 143.00 after US data

  

  The USD/JPY pair advances for a third day in a row, gaining 0.70% and moving up towards the 143.53 region, as at the time of writing. Although it accelerated in July, the ISM Manufacturing PMI fell short of expectations. Additionally, JOLTs statistics fall short of predictions.Prior to important labour market …

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• 1 August 2023 8:17 pm

  AUD declines post RBA’s surprise decision

  

  The Australian dollar experienced a significant decline on Tuesday due to the Reserve Bank of Australia’s decision to keep its key interest rate unchanged at 4.10% at its August meeting. This decision was surprising as higher interest rates tend to strengthen a currency by attracting more foreign capital. The release …

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• 1 August 2023 7:03 pm

  US stocks rally loses momentum on weaker earnings

  

  The S&P 500’s 16-month high has lost momentum due to disappointing earnings from several companies. Traders also waded through mixed data on job openings, with JetBlue Airways retreating after slashing its full-year profit forecast and saying it would earn less than analysts expected this quarter. Cruise operators fell as Norwegian …

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• 1 August 2023 5:03 pm

  Toyota’s operating profit increased by 94% in the first quarter of its fiscal year

  

  Japanese automaker Toyota said it nearly doubled its operating profit in the first quarter of its fiscal year, helped by higher sales and production as well as a weaker yen. The company said in a statement announcing its results: “Sales increased in all regions around the world compared to the …

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• 1 August 2023 5:00 pm

  British BP profits fell by 70% in the second quarter of 2023 of declining supplies

  

  British oil company BP’s profits fell by nearly 70% year-on-year in the second quarter of 2023 on the back of weak fossil fuel prices. The British energy major posted an underlying replacement cost profit in the second quarter, which is used as a proxy for net profit, of $2.6 billion. …

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• 1 August 2023 4:58 pm

  Unemployment rate in the eurozone is different from expectations and settles at 6.4%.

  

  The unemployment rate in the euro area stabilized at 6.4%, contrary to expectations that it would rise to 6.5% in June, compared to 6.7% in the same period of 2022. The number of unemployed fell by 62,000 from the previous month to 10.814 million. Meanwhile, the youth unemployment rate, which …

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• 1 August 2023 1:23 pm

  World Gold Council: Demand for gold declined in the second quarter of 2023

  

  The World Gold Council said that global demand for the precious metal, excluding stock exchange trading, fell 2% on an annual basis to 920.7 tons in the second quarter of 2023, with slowing central bank purchases and continued weak consumption of the technology sector. However, he added in his quarterly …

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• 1 August 2023 12:44 pm

  European stocks fell as factory activity declined in Asia

  

  European stocks fell at the open on Tuesday as weak factory activity data in Asia and some disappointing corporate earnings halted a rally that pushed several regional indices to multi-year highs. The pan-European Stoxx 600 index was down 0.1 percent by 0714 GMT, with the mining and real estate sectors …

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• 1 August 2023 10:44 am

  Gold prices are declining in light of the rise in USD

  

  Gold prices fell on Tuesday in light of the rise in the US dollar and as investors await the release of important economic data this week in search of clues about how long it can continue to raise interest rates to curb inflation. The spot gold price fell 0.1 percent …

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• 1 August 2023 10:29 am

  Yen fell to its lowest level in 3 weeks, after new decisions by the Bank of Japan

  

  The Japanese yen fell again to a three-week low on Tuesday as traders assessed moves announced last week by the Bank of Japan to adjust its yield curve control policy, while the Australian dollar fell ahead of the Reserve Bank of Australia’s interest rate decision. The yen has been on …

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• 1 August 2023 9:30 am

  Oil stabilizes near its highest level in 3 months, amid indications of declining supplies

  

  Oil prices changed little on Tuesday and remained hovering near a three-month high reached on Monday amid signs of declining global supplies due to production cuts by producing countries and strong demand in the world’s top fuel consumer, the United States. By 0135 GMT, Brent crude futures were at $85.30 …

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