Noor Trends News, Technical Analysis, Educational Tools and Recommendations

July, 2023

• 24 July 2023 9:59 pm

  Australian dollar benefits from positive market sentiment

  

  The Australian dollar has risen against the US dollar on Monday due to positive market sentiment, supporting commodity currencies like the Aussie more than safe-havens like the US dollar. S&P Global’s data shows the US Composite PMI is higher and in expansionary territory compared to Australian counterparts, reflecting the positive …

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• 24 July 2023 8:57 pm

  US Dollar’s uptrend extended ahead of Fed’s policy decision

  

  Above 101.00, the US Dollar Index maintains modest daily increases. The private sector’s economic activity continued to grow in July, according to US figures. Following a week in which it outperformed its key competitors, the American currency opened the new trading week on a positive note. The US Dollar Index, …

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• 24 July 2023 7:42 pm

  WTI surges before policy decisions by key central banks

  

  WTI increased by 2% to begin the week over $78.00 and the 200-day SMA. Oil prices are supported by global supply constraints and Chinese economic stimulus. Following PMI surveys, all eyes are on the main central bank’s choices. The American crude is trading at $78.929 per barrel at the time …

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• 24 July 2023 3:04 pm

  Business activity contracted in Germany in July

  

  A preliminary survey published on Monday showed business activity contracted in Germany in July, raising the possibility of a recession in the second half of the year. The Hamburg Mercantile Bank’s composite purchasing managers’ index released by Standard & Poor’s Global fell to 48.3 in July from 50.6 in June, …

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• 24 July 2023 1:34 pm

  European stocks fell with Spanish stocks falling after inconclusive elections

  

  Spanish stocks were the losers among European stock exchanges on Monday after the country’s general elections ended without a clear winner, indicating a political deadlock and causing concern among investors. The Spanish stock index fell 1.1 percent, its lowest level in about a week, after the results of the elections …

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• 24 July 2023 12:41 pm

  Japan’s Nikkei closed higher as auto stocks rose

  

  The Japanese Nikkei index closed higher on Monday for the first time in three sessions, with the rise of stocks of auto makers, taking advantage of the decline in the yen, at a time when investors reduced their bets that the central bank of the country will change its monetary …

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• 24 July 2023 11:27 am

  Yen fell as traders await monetary policy decisions

  

  On Monday, the dollar and the euro recorded a strong start to a week of central bank meetings, while the yen suffered amid investor expectations that the Bank of Japan would not raise interest rates, contrary to what policy makers in Europe and the United States plan. The Federal Reserve …

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• 24 July 2023 10:28 am

  Putin: The agreement to transport grain across the Black Sea has become meaningless

  

  Russian President Vladimir Putin wrote in an article published early Monday that Russia withdrew from the Black Sea Grain Transport Agreement, which guaranteed the safe export of Ukrainian grain, because the agreement had lost its meaning. “The continuation of the grain deal … has lost its meaning,” Putin said in …

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• 24 July 2023 9:16 am

  Oil is falling ahead of decisions on raising interest rates in the US and European Central Banks

  

  Oil prices fell on Monday as investors awaited further rate hikes from the US and European central banks, while tight supply and hopes for Chinese stimulus kept Brent crude at $80 a barrel. By 0045 GMT, Brent crude futures were down 41 cents, or 0.5 percent, at $80.66 a barrel. …

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• 24 July 2023 6:23 am

  Financial Markets’ Weekly Recap, July 16-21

  

  The Standard & Poor’s 500 and Nasdaq indexes fell at the close on Wall Street on Thursday, affected by the decline in Tesla and Netflix shares after the release of their quarterly results, but the Dow Jones Industrial Average closed higher for the ninth consecutive day, thanks to Johnson & …

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• 22 July 2023 1:43 am

  Market Drivers – US Session, July 21

  

  The US Dollar experienced a strong rebound from a sharp decline in the previous week, supported by strong economic data. The DXY rebounded from under 100.00 to 101.00, but the outlook remains negative, and the positive results could be seen as a corrective movement.The Pound underperformed during the week, following …

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• 22 July 2023 12:33 am

  What does Canada’s retail sales data reflect about consumer spending?

  

  May saw a 0.2% growth in Canadian retail sales, somewhat less than the predicted 0.5% gain. Retail sales only slightly increased in May and the forecast for June shows that the trend persisted. This suggests that Canadian consumer spending was weak even before the Bank of Canada resumed its cycle …

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• 21 July 2023 11:53 pm

  GBP/USD drops amid strong US dollar

  

  The GBP/USD pair dropped in early trading due to strong US dollar strength, driven by upbeat UK retail sales data. The recent UK inflation report repricing of the Bank of England’s interest rate expectations led to a 50% chance of a 50 bps rate hike projected by the swaps market. …

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