Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2023

• 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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• 7 June 2023 10:34 pm

  UK Energy Investments At Risk Ahead Of Elections

  

  According to a recent report, some $30bn (£24.2bn) of investment in new UK energy projects is at risk if Labour wins the next election. The report suggests that a Labour government could send a signal to investors that the UK is not a secure destination for new energy projects, deterring …

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• 7 June 2023 9:59 pm

  RBA Hope of No Recession Doubted On Crashing Yield Curve

  

  Australia’s bond market is showing serious concern the central bank will push the country into a recession. The Australian key yield curve shrank to 13 basis points on Wednesday after data showed the economy slowed more than expected last quarter, while accelerating labor costs underlined the nation’s inflation challenge.The key …

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• 7 June 2023 8:57 pm

  Gold slides on surging US T-yields, global economic woes

  

  Gold prices decline, hindered by rising US bond yields and the greenback’s resilience; XAU/USD is down 0.50%. Gloomy global economic outlook impacts sentiment, with disappointing export data from China and broadened US trade deficit.The US dollar gains momentum as the US Dollar Index (DXY) pares earlier losses, adding pressure on …

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• 7 June 2023 7:46 pm

  EUR/USD jumps on hawkish ECB remarks, US trade deficit reading

  

  The EUR/USD pair buoyed by hawkish ECB commentary bounces off 200-day EMA as Fed June rate hike expectations fade. The US trade deficit widens significantly to $-74.6B, driven by a decline in exports and a rise in imports. Rate hikes by BoC and RBA influence US Treasury bond yields, signaling …

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• 7 June 2023 5:50 pm

  BoC Preview: Forecasts from four major banks

  

  The Bank of Canada (BoC) is scheduled to publish its Interest Rate Decision on Wednesday, June 7 at 14:00 GMT, and as the day approaches, here are the forecasts of four major banks’ economists and academics on the impending announcement. The Bank of Canada is likely to hold interest rates …

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• 7 June 2023 4:51 pm

  High oil prices, supported by Saudi pledges to cut production

  

  Oil prices rose on Wednesday, supported by Saudi Arabia’s surprise pledges this week to cut production further, which offset the impact of weak Chinese data and an increase in US fuel inventories. Brent crude futures rose 36 cents, or 0.5 percent, to $76.65 a barrel by 0949 GMT. West Texas …

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• 7 June 2023 2:46 pm

  Turkish lira plunged 7%, amid the largest selling since the 2021 crisis

  

  The Turkish lira plunged 7 percent on Wednesday to a new record high amid the biggest sell-off in the currency since its historic collapse in 2021, as the new Turkish government appeared to ease stabilization measures after hinting at a shift to more traditional policies. The lira has been under …

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• 7 June 2023 12:59 pm

  Dollar fluctuates with the receding expectations of an interest rate hike

  

  The dollar saw a volatile performance on Wednesday as expectations of a Federal Reserve rate hike this month receded, however moves remained range-bound as traders focused on whether an end to monetary tightening was in sight around the world. The Australian dollar recorded the highest level in three weeks, extending …

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• 7 June 2023 12:06 pm

  Oil continues its losses as fears of an economic slowdown return

  

  Oil prices extended losses on Wednesday as fears of headwinds from the global economy exacerbated gains gained after top crude exporter Saudi Arabia pledged earlier this week to deepen production cuts. Brent crude futures fell 40 cents, or 0.5 percent, to $75.89 a barrel by 0456 GMT. US West Texas …

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• 7 June 2023 12:00 pm

  Japan’s Nikkei index records its biggest decline in 12 weeks after a series of gains

  

  Japan’s Nikkei index recorded its biggest drop in 12 weeks on Wednesday, as investors exercised caution after a series of gains. The Nikkei index fell 1.82 percent to close at 31,913.74 points, its biggest daily decline since March 14, ending a four-day streak of gains. The index rose 0.6 percent …

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• 7 June 2023 1:46 am

  Market Drivers – US Session – 06/06/2023

  

  The dollar posted mixed results on Tuesday in a cautious market ahead of a crucial week. The USD Dollar Index rose 0.15% but was unable to break the 104.40 area again. US Treasury yields held relatively steady. There are no Federal Reserve speakers ahead of next week’s FOMC meeting. Fed …

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