Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2023

• 28 February 2023 7:44 pm

  USD/CAD rallies on weak Canada GDP, mixed US data

  

  After gloomy economic data from Canada, the USD/CAD pair headed forward toward the 1.3600 mark, while the US dollar registers some losses. Market sentiment shifted sour as US equities opened in the red territory. At the time of writing, the USD/CAD pair is trading at 1.3601 versus the previous closing …

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• 28 February 2023 6:49 pm

  Reuters survey: OPEC oil production increased by 150 thousand barrels per day in February

  

  A Reuters survey showed on Tuesday, February 28, that OPEC’s oil production rose this month by about 150,000 barrels per day, compared to January levels. According to the survey, oil production within OPEC recorded levels of 28.97 million barrels per day, supported by the recovery of oil supplies in Nigeria …

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• 28 February 2023 6:04 pm

  Surprise Jumps in French, Spanish Inflation Heap Pressure on ECB

  

  Data on Tuesday showed that inflation in two of the euro zone’s largest economies rose unexpectedly this month, adding to expectations of a rate hike by the European Central Bank and refuting the view that prices are now rapidly easing. The European Central Bank plans to raise its main interest …

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• 28 February 2023 4:45 pm

  Target earnings beat sends shares 5% higher

  

  Target delivered better-than-expected earnings for the fourth quarter but warned about a slowdown as consumers continue to focus on necessities. Shares are still trading about 5% higher in pre-market Tuesday. Target posted of $1.89 on revenue of $31.4 billion, beating the average analyst estimate for earnings of $1.40 per share on …

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• 28 February 2023 3:35 pm

  Officials: China’s economic recovery is not strong yet

  

  China’s state media quoted officials as saying on Tuesday that the foundation of the country’s economic recovery has not yet reached strength and that various unforeseen factors may occur at any time. The New China News Agency (Xinhua) quoted the statement of the Central Committee of the Communist Party of …

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• 28 February 2023 2:04 pm

  Dollar is heading towards its first monthly gain since September

  

  The dollar continued to rise on Tuesday after declining against the British pound and the euro the previous day, returning to its first monthly gain since September. The dollar’s rally has gained momentum in the past few weeks as upbeat economic data heightened expectations that the Federal Reserve will be …

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• 28 February 2023 1:08 pm

  Gold is heading towards the largest decline in 20 months

  

  Gold prices fell on Tuesday, heading towards their largest monthly loss since June 2021, with the decline in the attractiveness of the non-yielding metal, in light of expectations that the Federal Reserve will raise interest rates soon. Spot gold fell 0.3 percent to $1,811.74 an ounce by 0735 GMT, after …

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• 28 February 2023 12:39 pm

  Japan’s Nikkei gave up most of its early gains and closed slightly higher

  

  Japan’s Nikkei index gave up most of its early gains to close slightly higher on Tuesday, as investors sold strong-performing stocks to bargain hunters amid the absence of a clear catalyst. The Nikkei ended the day’s trading, up 0.08 percent, at 27,445.56 points, after rising 0.6 percent. The broader Topix …

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• 28 February 2023 11:59 am

  Turkish economy will grow 5.6% in 2022, exceeding expectations

  

  Official data showed on Tuesday that the Turkish economy grew by 5.6 percent in 2022, exceeding expectations, while growth slowed to 3.5 percent in the fourth quarter, with the continued impact of falling demand. Data from the Turkish Statistical Institute showed that the gross domestic product for the fourth quarter …

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• 28 February 2023 11:07 am

  Elon Musk is assembling a team to develop a competitor to ChatGPT

  

  A report by The Information on Monday quoted people familiar with the matter as saying that Elon Musk has approached AI researchers in recent weeks about setting up a new research lab to develop an alternative to OpenAI’s ChatGPT. The report stated that Musk, the head of Tesla and Twitter, …

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• 28 February 2023 10:26 am

  Russia’s natural gas production fell 10.7% year-on-year in January

  

  Statistics of the Russian Ministry of Energy showed, on Tuesday, February 28, that Russia’s natural gas production decreased in January by 10.7% on an annual basis, to 62.7 billion cubic meters. Russian press sources indicated that the largest part of the decline was the share of Gazprom, which has about …

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• 28 February 2023 4:01 am

  Market Drivers – US Session 26/02/2023

  

  The US dollar began the new trading week extending positive performance although demand for the US currency diminished ahead of the US session’s opening, following a mixed United States Durable Goods Orders report. Later on the day, the dollar Index fell 0.52% to 104.725, reversing gains from last Friday driven …

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• 28 February 2023 3:35 am

  US Dollar retreats amid higher stocks, lower T-yields, easing EU energy crisis

  

  The dollar index fell by -0.50% on Monday back from a 1-1/2 month high and posted moderate losses. Lower Treasury yields weighed on the dollar. Meanwhile, the Wall Street rally was a significant factor that reduced the liquidity demand for the dollar. US economic news was mixed for the dollar. …

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