Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 6 June 2023 10:41 pm

  India registers record oil imports from Russia

  

  In May 2023, India recorded its highest oil import from Russia with 1.96 million barrels per day, a 15% increase from the previous peak in April. Indian imports of Russian oil surpassed the total purchases from Saudi Arabia, Iraq, UAE, and the US combined, according to industry data. Russian crude …

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• 6 June 2023 9:34 pm

  Oil steadies amid economic fears counterbalancing Saudi decision

  

  Oil prices were little changed on Tuesday after erasing earlier losses as worries over sluggish global economic growth offset Saudi Arabia’s pledge to deepen output cuts. Brent futures remained unchanged at $76.71 a barrel, while US West Texas Intermediate crude rose 12 cents, or 0.2%, to $72.27 for some time …

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• 6 June 2023 8:27 pm

  NY Fed: Global supply chain pressures further cooled in May

  

  The New York Fed data showed that supply chain pressures cooled again in May, further easing what had been one of the key factors that had helped drive surging inflation pressures around the world. The Global Supply Chain Pressure Index stood at -1.71, from the revised -1.35 for April. The …

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• 6 June 2023 7:21 pm

  Rate hike expectations to influence gold till FOMC decision

  

  Gold price is struggling to capitalize on Monday’s recovery gains and trades in a narrow range at around $1,960.25 on Tuesday. The benchmark 10-year US Treasury bond yield holds steady near 3.7% and doesn’t allow XAU/USD to gather bullish momentum. Economists claim that gold price will be influenced by the …

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• 6 June 2023 5:18 pm

  The Turkish lira fell again as investors await a shift in economic policy

  

  The Turkish lira lost 1 percent of its value against the dollar on Tuesday, continuing the declines it recorded during the last period, amid expectations that the state will end its control over the currency after the appointment of Mehmet Simsek as Minister of Finance. Investors are anticipating a shift …

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• 6 June 2023 4:05 pm

  Eurozone Retail Sales decline 2.6% YoY in April

  

  Eurozone’s Retail Sales came in at 0% MoM in April versus 0.2% expected and -0.4% previous, the latest official figures released by Eurostat showed on Tuesday. On a yearly basis, the bloc’s Retail Sales dropped 2.6% in April versus -3.3% booked in March and -1.8% expected. The Retail Sales released …

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• 6 June 2023 3:01 pm

  AUD/USD after RBA meeting

  

  The AUD/USD has risen for the fourth day in a row, and it is set to continue its upward trajectory. The Reserve Bank of Australia (RBA) raised interest rates on Tuesday, which lifted the Australian dollar across the board. Gains were restrained throughout the American session owing to risk aversion, …

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• 6 June 2023 1:40 pm

  European shares opened flat amid fears of raising interest rates

  

  European stocks opened flat on Tuesday, as fears of major central banks raising interest rates to counter slowing economic growth offset support from defensive healthcare stocks. The European Stoxx 600 index settled at 459.78 points. The index had fallen in the previous session due to data that indicated weak activity …

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• 6 June 2023 11:40 am

  Japan’s Nikkei at a 33-year high supported by institutional stocks

  

  Japan’s Nikkei index continued to climb on Tuesday, supported by institutional stocks. The Nikkei reversed course, after posting losses earlier in the session, to close nearly 1 percent higher at 32,506.78 points. The index closed at its highest level since July 1990. The broader Topix index rose 0.74 percent to …

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• 6 June 2023 11:02 am

  Australian dollar jumps after the interest rate hike, and the US dollar declines

  

  The Australian dollar jumped to its highest level since mid-May on Tuesday after the Reserve Bank of Australia raised interest rates. And the US dollar continued its decline from the highest level in two and a half months, which it reached last week, against major currencies, after unexpectedly weak data …

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• 6 June 2023 9:44 am

  Oil prices drop, bypassing the OPEC meeting

  

  Oil prices fell on Tuesday, giving up most of the gains made in the previous session, after Saudi Arabia, the world’s largest oil exporter, announced its intention to cut production further. Brent crude futures fell 23 cents, or 0.3 percent, to $76.48 a barrel by 0020 GMT. US West Texas …

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• 6 June 2023 3:05 am

  Market Drivers – US Session – 05/06/2023

  

  US economic data depressed the US dollar, erasing Friday’s gains. The positive job statistics from the previous week had helped the dollar gain ground, but on Monday, the data took a turn for the worse and the currency lost ground. The Nasdaq fell 0.09% while the Dow Jones fell 0.59%. …

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• 6 June 2023 2:09 am

  US recession woes drag USD/CHF lower

  

  Weaker-than-anticipated US economic numbers fuel recession fears, pushing up the Swiss Franc, which hurt the USD/CHF pair.The USD/CHF pair is technically unaligned and waiting for a new catalyst to provide clear market direction. Expectations of a hawkish Swiss National Bank may act as a stimulus for more USD/CHF decline amid …

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