Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 8 June 2023 10:43 pm

  WTI rebounds as White House says “No deal on Iran oil”

  

  On Thursday, the White House denied a new report that the United States and Iran were close to a deal in which Iran would limit its nuclear program in return for sanctions relief. As a consequence, crude oil prices rebounded, trimming losses. The WTI barrel is down by just 1.50%, …

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• 8 June 2023 9:39 pm

  WTI retreats on reportedly looming US-Iran nuclear deal

  

  WTI, the US crude oil benchmark, dropped sharply during Thursday’s US trading session due to an “unconfirmed” report that the United States and Iran may be closer to a temporary nuclear deal, which could unblock sanctions imposed by the US on Iran oil exports. At the time of writing the …

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• 8 June 2023 8:39 pm

  US Dollar extends decline following initial job claims data

  

  The US Dollar has weakened against its major rivals on Thursday after the US Department of Labour announced that there were 261,000 Initial Jobless Claims last week. The Dollar Index, which gauges the USD’s valuation against a basket of six major currencies, stays deep in negative territory below 103.50. According …

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• 8 June 2023 7:42 pm

  Key expectations on Canada’s looming employment data

  

  Canada’s employment data for May will be reported by Statistics Canada on Friday, June 9. The North American economy is expected to have added 23.2K jobs after creating 41.4K positions in April. The unemployment rate is expected to rise a tick to 5.1%. If so, it would be the first …

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• 8 June 2023 3:05 pm

  Eurozone final Q1 Gross Domestic Product revised to -0.1% QoQ

  

  The Eurozone GDP decreased in the first quarter of 2023, according to Eurostat’s final estimate released on Thursday. The former continent’s Gross Domestic Product (GDP) fell 0.1% in the first three months of current year compared to the previous quarter. During the stated time, the preliminary number showed a 0.1% …

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• 8 June 2023 2:09 pm

  Dollar hovers near three-month highs as traders gauge rates outlook

  

  The dollar dipped slightly on Thursday but stayed near three-month highs after the Bank of Canada raised interest rates unexpectedly, implying that other central banks, including the Federal Reserve, may have more work to do to contain inflation. Early in the European day, the euro was up 0.1% at $1.071 …

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• 8 June 2023 1:01 pm

  European stocks open lower on interest rate concerns, and Novartis shares rise

  

  European stocks fell on Thursday, affected by the decline in technology stocks, which are sensitive to interest rate movements, on expectations that large central banks will continue to raise interest rates, but the gains of the Swiss healthcare group Novartis contributed to limiting losses. And by 0715 GMT, the European …

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• 8 June 2023 12:17 pm

  Oil stabilizes as investors evaluate supply and demand drivers

  

  There was little change in oil prices in early Asian trading on Thursday, as investors assessed concerns about demand amid a slowdown in the global economy against an expected decline in supplies thanks to Saudi production cuts. And by 0110 GMT, Brent crude futures fell one cent to $76.94 a …

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• 8 June 2023 12:16 pm

  Japan’s Nikkei declines for a second day after the rise in technology stocks lost momentum

  

  Japan’s Nikkei index witnessed a sharp decline for the second day in a row on Thursday, as investors took profits from a recent rally in technology stocks. The Nikkei’s losses accelerated in the second half of the session, falling 0.85 percent at the close, recording 31,641.27 points. The broader Topix …

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• 8 June 2023 2:17 am

  Market Drivers – US Session – 07/06/2023

  

  On Wednesday, the Bank of Canada surprised markets by raising its key rate by 25 basis points to 4.75%, citing persistent excess demand and increasing concerns that inflation could “get stuck” materially above the target. This decision follows the Reserve Bank of Australia’s hike on Tuesday, which also exceeded economic …

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• 8 June 2023 1:54 am

  How could oil price react to recent inventory news?

  

  Recovery in oil imports could provide some comfort to the oil market. However, the most recent economic data out of China continues to be a concern for the market and could result in lower demand for crude and other commodities and slower-than-expected global oil demand growth this year. The weaker-than-expected …

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• 8 June 2023 12:51 am

  Ethereum Layer 2 tokens stir unexpected crypto optimism

  

  Arbitrum and ImmutableX started price rallies in response to the SEC’s regulatory crackdown. Optimism completed its Bedrock hard fork earlier today, reducing the Layer 2 solution’s gas fees by 40%. OP, ARB and IMX prices yielded between 3% and 6% gains for holders since Tuesday. In other words, while mainstream …

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• 7 June 2023 11:55 pm

  US stocks slide after recording biggest midday moves

  

  On Wednesday, US stocks experienced a decline due to a shift away from technology stocks that negatively impacted the Nasdaq. Additionally, profit-taking ahead of key economic and policy events next week caused the S&P 500 to slide. The Dow Jones Industrial Average surged 71.82 points, or 0.21%, to 33,645.1, the …

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