Noor Trends News, Technical Analysis, Educational Tools and Recommendations

May, 2023

• 2 May 2023 1:16 pm

  Oil is falling on fears of weak demand in China

  

  Oil prices fell in Asian trading on Tuesday, extending losses incurred in the previous session, as weak economic data from China and expectations of a US interest rate hike cast a shadow over the market. Brent crude fell 24 cents, or 0.3 percent, to $79.07 a barrel by 0615 GMT, …

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• 2 May 2023 12:11 pm

  Most Japanese stocks fell on concerns about the banking system

  

  Most Japanese stocks fell on Tuesday, as the country’s financial sector shares were affected by the tension surrounding the US banking system, while shares of export companies got a boost from the weaker yen. Brokerage firm Nomura Holdings fell 1.98 percent, hitting a new low for the current year. Banking …

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• 2 May 2023 11:09 am

  Gold prices stable amid caution ahead of Fed meeting

  

  Gold prices stabilized on Tuesday, as traders cautiously await new signals from major central banks regarding their monetary policy plans, especially the US Federal Reserve. There was little change in gold in spot transactions, to record $1983.29 an ounce by 0528 GMT. US gold futures fell 0.1 percent to $1,991. …

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• 2 May 2023 10:27 am

  Aussie rallies on surprise rate hike, Asia FX flat as Fed approaches

  

  Most Asian currencies changed little on Tuesday as markets braced for the Federal Reserve’s widely anticipated interest rate rise this week, but the Australian dollar jumped on an unexpected rate hike by the Reserve Bank. The Australian currency rose 1% when the Reserve Bank of Australia raised its cash target …

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• 2 May 2023 9:34 am

  RBA unexpectedly hikes rates by 25 bps, says inflation still too high

  

  The Reserve Bank of Australia unexpectedly hiked interest rates on Tuesday and said that more monetary policy tightening may still be in order as the bank moves to curb stubborn inflation in the country. The RBA hiked its cash target rate by 25 basis points to 3.85%, ducking market expectations …

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• 2 May 2023 1:32 am

  Market Drivers – US Session 01/05/2023

  

  Financial assets went through quite, but volatile, trading conditions on Monday, despite most major countries celebrating Labour Day, keeping local markets closed to observe the occasion.Oil prices were down sharply on Monday after the latest manufacturing data showed that the sector contracted for the 5th straight month in April, ending …

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• 2 May 2023 12:23 am

  Bitcoin slides as US dollar celebrates pre-FOMC mood

  

  Despite concerns about the stability of the US banking sector, Bitcoin bulls are unable to gain traction as BTC prices are close to four-day lows. Bitcoin is trading at $27822 at the time of typing. As the US dollar strengthens ahead of the FOMC, the $28K support level for bitcoin …

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• 1 May 2023 11:20 pm

  Oil retreats on US manufacturing data

  

  Oil prices were down sharply on Monday after the latest manufacturing data showed that the sector contracted for the 5th straight month in April, ending a 30-month period of expansion. Brent crude was down 1.8% to $79.15 per barrel at 11:30 ET, marking the first time it has slipped below …

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• 1 May 2023 9:27 pm

  Mercedes proves strategy strength by Q1 earnings

  

  Mercedes is showing off the strength of its more traditional pricing strategy in the Q1 earnings report, which has crushed investor expectations. Group earnings grew 5% year-over-year to 5.5 billion euros ($6.04 billion) and revenues grew 8% to 37.5 billion euros ($41.19 billion). The discrepancy between earnings and revenue growth …

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• 1 May 2023 8:29 pm

  IMF doesn’t see alternative to US dollar soon

  

  “De-dollarization isn’t on top of my worry list,” International Monetary Fund’s (IMF) Managing Director Kristalina Georgieva said on Monday and added that the doesn’t see an alternative to the US Dollar any time soon.“There may be more vulnerabilities exposed in the banking sector,” Georgieva warned and further noted that they …

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• 1 May 2023 7:47 pm

  Gold dips below $2000 on improved ISM report

  

  Gold price dropped below $2000 on a report by the Institute for Supply Management (ISM), showing that manufacturing activity in the US improved. However, prices jumped compared to last month’s data, sparking speculation that the Federal Reserve (Fed) will tighten monetary conditions next Wednesday. The precious metal is trading between …

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• 1 May 2023 7:02 pm

  SM Manufacturing PMI improves above expectations

  

  The ISM Manufacturing PMI increased to 47.1 from 46.3 in April as the economic activity in the US manufacturing sector continued to decrease, albeit at a slower rate than it did in March. This result was little higher than the 46.6 market forecast.According to further information in the report, the …

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• 1 May 2023 6:12 pm

  Canada: S&P Global Manufacturing PMI improves in April

  

  In April, the S&P Global Manufacturing PMI for Canada rose above 50. USD/CAD remains within the daily range at roughly 1.3550.The S&P Global Manufacturing PMI increased to 50.2 from 48.6 in March, reflecting a modest increase in business activity in the Canadian manufacturing sector. This figure was lower than the …

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