Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2023

• 24 March 2023 10:01 pm

  Gold price consolidates after mixed US data

  

  In spite of lower yields supporting gold, the US dollar has increased and is now weakening the Gold Index (XAU/USD). Geopolitical concerns are causing central banks to raise their gold holdings, according to a recent report. At the time of writing, the price of XAU/USD is $1,979.64.\ After halting in …

  Read More »
• 24 March 2023 7:38 pm

  The US Dollar Index advances for two days

  

  After falling to a 7-week low of 101.91, the US Dollar Index (DXY) rises 1.58%. The DXY hit a daily low of 102.50 before trading as of this writing at 103.094. The DXY is neutrally biassed on the daily chart because it is still above the 100.85 2023 low. The …

  Read More »
• 24 March 2023 6:33 pm

  GBP/USD retreats amid resurgent dollar demand

  

  The GBP/USD pair comes under intense selling pressure on Friday and extends the overnight retracement slide from the vicinity of mid-1.2300s, or its highest level since February. Spot prices, however, manage to rebound a few pips from the daily low and trade above the 1.2200 mark during the early North …

  Read More »
• 24 March 2023 5:33 pm

  Euro, sterling fall sharply amid jitters over European banks

  

  On Friday, banks-related anxiety caused the euro and pound to plunge against a rising dollar, as better-than-expected economic data failed to improve the mood. European banking stocks dropped on concerns that the largest issues to hit the industry since the 2008 financial crisis have not yet been resolved, with giants …

  Read More »
• 24 March 2023 4:42 pm

  US Durable Goods Orders decline in February

  

  The US Census Bureau said on Friday that orders for durable goods in the US fell by 1%, or $2.6 billion, in February to $268.4 billion. This estimate was less than the market consensus for a growth of 0.6% and follows January’s loss of 5% (updated from -4.5%). “Excluding transportation, …

  Read More »
• 24 March 2023 3:47 pm

  UK business survey points to Q1 growth and growing confidence

  

  An industry poll released on Friday revealed that British businesses reported a second month of growth in March, indicating that the country’s GDP grew in the first quarter of 2023. The S&P Global/CIPS UK Composite Purchasing Managers’ Index (PMI), which includes both manufacturing and service businesses, reported a “flash” reading …

  Read More »
• 24 March 2023 2:42 pm

  European banking stocks are falling after a turbulent week

  

  Banking stocks fell again on Friday after a turbulent week as investors worried that the worst problems in the sector since the 2008 financial crisis had yet to be contained. The index of major European banks fell 2.2 percent in early trading, with Swiss bank UBS down 6.4 percent. Deutsche …

  Read More »
• 24 March 2023 1:51 pm

  Eurozone Preliminary Manufacturing PMI drops to 47.1 in March

  

  According to S&P Global Research’s most recent manufacturing activity survey, which was released on Friday, the manufacturing sector declined in the Eurozone widened in March. The Eurozone Manufacturing Purchasing Managers Index (PMI) was 47.1 in March compared to the anticipated 49.0 and the previous reading of 48.5. A four-month low …

  Read More »
• 24 March 2023 12:47 pm

  Dollar is falling and the yen is rising as dealers evaluate the path of US interest

  

  The dollar settled near its lowest level in seven weeks on Friday, as concern about banks kept investors cautious and dealers assessed the possibility that the Federal Reserve (the US central bank) would stop raising interest rates. The dollar index, which measures the performance of the US currency against six …

  Read More »
• 24 March 2023 3:46 am

  Market Drivers – US Session 23/03/2023

  

  Silver increased beyond $23.00 while Gold once more increased and went above $2,000 before stabilizing at $1991.54 at the time of writing. Following its decline on Wednesday, Bitcoin increased to $28,500. After gaining ground for the majority of the day, the price of crude oil decreased by more than 1%. …

  Read More »
• 24 March 2023 2:58 am

  Gold attempts to breach $2,000 ahead of US Durable Goods Orders

  

  Since the Fed does not think that additional rate increases are necessary, gold is trying to move its auction beyond $2,000.00. Lower inflation and a cooling of demand would be the results of further tightening of credit conditions by American banks.As of the writing of this article, the price of …

  Read More »
• 24 March 2023 1:15 am

  Crude Oil Rallies Again On Thursday

  

  The day on Thursday saw another rally in the crude oil markets as traders continued to observe some signs of recovery following a sharp selloff. The price of oil has increased somewhat during Thursday’s trading session to show rebound signs, breaching beyond the $70 threshold. At that point, it appears …

  Read More »
• 24 March 2023 12:05 am

  Yellen: Prepared for additional deposit actions `if warranted’

  

  Janet Yellen, secretary of the US Treasury, Cecila Rouse, and Shalanda Young, director of the Office of Management and Budget, are testifying before the House Appropriations Financial Services Subcommittee. Treasury futures are climbing higher across the board in late trade as a result of these significant remarks. Although yield curves …

  Read More »