Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 21 June 2023 1:18 pm

  Dollar stabilizes ahead of Powell’s speech and inflation data supports the pound

  

  The dollar rose on Wednesday before Federal Reserve Chairman Jerome Powell speaks to Congress as his comments are expected to reflect tightening monetary policy, while the British pound rose slightly after stronger-than-expected British inflation data. Britain’s consumer price index held steady at 8.7 percent in May, despite hopes that it …

  Read More »
• 21 June 2023 12:06 pm

  Nikkei reverses its course and closes higher

  

  Japan’s Nikkei index reversed course to close higher on Wednesday as investors snapped up heavyweight stocks that have seen their prices decline, with SoftBank Group and chip-related stocks leading the gains. The Nikkei index rose 0.56 percent to close at 33,575.14 points, after falling as much as 0.7 percent earlier …

  Read More »
• 21 June 2023 11:18 am

  Oil continues its losses due to Chinese growth concerns

  

  On Wednesday, oil prices extended losses for the third day in a row, on the back of the dollar’s rise thanks to the recovery of the US housing market, while demand concerns persisted, fearing that monetary stimulus in China will not be enough to revive growth. Brent crude futures fell …

  Read More »
• 21 June 2023 6:59 am

  Market Drivers – US Session – 20/06/2023

  

  The US Dollar remained higher on Tuesday as the market mood declined on news that stirred fears about Chinese economic growth that is seen as having lost momentum. The focus now shifts to Fed Chair Jerome Powell’s testimony before Congress.Key DevelopmentsThe People’s Bank of China (PBoC) cut two key lending …

  Read More »
• 21 June 2023 6:18 am

  Gold price pressured ahead of Fed’s Powell Testimony

  

  Gold price remains pressured after breaking 100-DMA support during three-day downtrend. Risk aversion underpins US Dollar strength and weighs on the Gold Index. Fears of economic slowdown originating from China, higher rates in the West roil sentiment and favuor gold sellers. Fed’s Jerome Powell’s bi-annual Testimony will be crucial to …

  Read More »
• 21 June 2023 3:00 am

  Japan manufacturers’ sentiment positive for second month

  

  Business sentiment at big Japanese manufacturers edged up in June, staying in positive territory for a second straight month and reflecting a post-COVID economic recovery though uncertainty remains high amid slowing global growth for June.Following the release, USD/JPY stretches the previous day’s retreat from the highest level in seven months …

  Read More »
• 21 June 2023 1:16 am

  Euro defended despite Fed’s signals ahead of Powell Testimony

  

  The EUR/USD began the US session hesitating due to the US dollar’s strength, but the pair eventually managed to become higher after three-day downtrend. ECB policymakers keep suggesting higher rates even as inflation clues, growth numbers ease. Fed OFFICIALS ALSO reiterate hawkish bias ahead of Powell’s bi-annual Testimony before the …

  Read More »
• 21 June 2023 12:05 am

  Stronger US dollar drags GBP/USD pair lower

  

  The GBP/USD pair retraces below 1.2800 on the stronger US dollar ahead of Powell testimony and the Bank of England’s policy decision. The stronger US Dollar, driven by expectations of further tightening by the Fed and an overbought US equity market, has influenced the pair’s price movement. Fed Chair Jerome …

  Read More »
• 20 June 2023 10:34 pm

  Cryptocurrency prices still with no clear directions

  

  With no obvious directional bias, the price of bitcoin is still ambiguous. Ethereum, Ripple, and other altcoins are therefore constrained to consolidation. But when BTC gets closer to a breakout, things might change quickly. The most famous cryptocurrency is trading at $28262 at the time of writing.Since April 19, the …

  Read More »
• 20 June 2023 9:30 pm

  Oil prices drop post-BoC decision

  

  The WTI fell to a five-day low of $69.82 before edging higher to $70.63 at the ti9me of writing, seeing more than 1.50% losses. PBoC rate cuts fueled energy demand concerns among Oil traders.World indexes declined following the decision signaling a negative market sentiment. On Tuesday, the West Texas Intermediate …

  Read More »
• 20 June 2023 7:53 pm

  USD/JPY declines below 141.50 ahead of BoJ minutes

  

  The USD/JPY pair has declined below the 141.50 zone, hitting a daily low of 141.28. Stealth intervention by the BoJ gives the Japanese yen considerable traction. The pair is trading at 141.27 at the time of writing. Cautious market mood amid PBoC rate cut is expected to limit the Yen …

  Read More »
• 20 June 2023 4:08 pm

  Currencies Overview: Yuan is falling after China cut interest rates

  

  The yuan tumbled to a seven-month low on Tuesday after China cut interest rates, while the Swedish krona slid to its lowest level since 2009 against the euro on persistent concerns about the real estate sector. China cut the key interest rate for one-year and five-year loans by 10 basis …

  Read More »
• 20 June 2023 3:14 pm

  Gold is becoming more lustrous with the decline of the dollar

  

  Gold rose on Tuesday as the dollar fell, but gains remained limited as traders await Federal Reserve Chairman Jerome Powell’s testimony before Congress later this week to get a clearer picture of the path of interest rates. Gold spot transactions increased 0.15 percent to $ 1952.98 an ounce by 0926 …

  Read More »