Noor Trends News, Technical Analysis, Educational Tools and Recommendations

March, 2023

• 8 March 2023 6:16 pm

  Eurozone economy did not record any quarterly growth at the end of 2022

  

  The European Union’s statistics office (Eurostat) said that the eurozone did not record any economic growth on a quarterly basis in the last three months of 2022, in a slight downward revision of GDP and employment data, yet employment data remained strong. Eurostat said in a statement that the growth …

  Read More »
• 8 March 2023 4:50 pm

  Barclays cuts 2023 oil price forecasts on resilient Russian output

  

  Barclays lowered its 2023 oil price projections on Wednesday, citing higher-than-expected Russian output, and warned the market might go into deficit in the second half of the year due to rising Chinese demand. The bank reduced its average projections for the Brent and West Texas Intermediate (WTI) benchmarks to $92/b …

  Read More »
• 8 March 2023 3:49 pm

  Dollar climbs to 3-month highs; hawkish Powell provides support

  

  On the first day of his hearing before the United States Congress, Federal Reserve Chair Jerome Powell led towards a higher terminal rate than previously predicted, sending the US dollar to three-month highs. The US Dollar Index, which monitors the dollar against a basket of six other currencies, was 0.1% …

  Read More »
• 8 March 2023 3:06 pm

  Continental forecasts 2023 profit margin improvement, sending shares higher

  

  Shares of Continental AG increased on Wednesday after the German tyre manufacturer said it anticipated better profitability for its 2023 fiscal year as the automotive industry recovered from supply chain and logistical issues. The adjusted profit before interest and tax margin for the current 12-month period is expected to be between …

  Read More »
• 8 March 2023 2:14 pm

  China’s passenger car sales in February rose 10.4% year on year

  

  China’s passenger car sales totaled 1.42 million units in February, data from the China Passenger Car Association showed on Wednesday, up 10.4 percent from the same period in 2022 when the week-long Lunar New Year holiday led to a decline in business activities. It said car sales in the first …

  Read More »
• 8 March 2023 1:23 pm

  European stocks drop as Powell signals a larger interest rate hike

  

  European stocks fell on Wednesday after Federal Reserve Chairman Jerome Powell said there was a possibility of more sharp interest rate increases, while sportswear company Adidas fell after announcing plans to cut its annual dividend. The pan-European Stoxx 600 index fell 0.3 percent by 0805 GMT, hitting its lowest level …

  Read More »
• 8 March 2023 11:45 am

  Gold records its lowest level in a week after Fed

  

  Gold prices fell to a one-week low on Wednesday after Federal Reserve Chairman Jerome Powell said that it would likely take a higher-than-expected interest rate hike to curb inflationary pressures. Gold fell 0.1 percent in spot transactions to $ 1812.44 an ounce by 0634 GMT. US gold futures also fell …

  Read More »
• 8 March 2023 11:19 am

  Oil stabilizes after falling US inventories dispel interest rate concerns

  

  Oil prices were steady in early Asian trading on Wednesday, as industry data showed a drawdown in US crude inventories after the market fell in the previous session on fears that further sharp increases in US interest rates could hurt demand. Brent crude futures for April were up 8 cents …

  Read More »
• 8 March 2023 4:30 am

  Market Drivers – US Session 07/03/2023

  

  Gold price outlook has deteriorated by extremely hawkish Fed Powell’s comments on Tuesday. S&P500 retreated on the prevalent dismal market mood as more rates from the Fed do a lot to confirm a US recession. At the time of writing, gold is trading at 1812.63 per ounce. The Gold Index …

  Read More »
• 8 March 2023 4:16 am

  Gold price could fall below $1,810 as Fed sets the scene for higher rate

  

  Gold price outlook has deteriorated by extremely hawkish Fed Powell’s comments on Tuesday. S&P500 retreated on the prevalent dismal market mood as more rates from the Fed do a lot to confirm a US recession.At the time of writing, gold is trading at 1812.63 per ounce. The Gold Index (XAU/USD) …

  Read More »
• 8 March 2023 1:42 am

  Fed’s Powell set the scene for tighter conditions, faster rate hikes

  

  According to Fed Chair Jerome Powell, the Fed is ready to take more drastic action if the “totality” of incoming data shows that more stringent policies are needed to manage inflation. In response to recent good statistics, the Federal Reserve will probably need to increase interest rates more than expected.“The …

  Read More »
• 7 March 2023 11:40 pm

  USD/CAD climbs to 4-month highs above 1.3755

  

  With Powell’s hawkish stance, the USD/CAD pair rises beyond the 1.3755 mark and is now approaching 1.3800 after trading at 4-month highs. The pair is trading at 1.3759 at the time of writing versus the previous closing at 1.3611 on Monday. On the strength of Jerome Powell’s remarks, the USD/CAD …

  Read More »
• 7 March 2023 10:50 pm

  GBP/USD nosedived on hawkish remarks by Fed Chair

  

  GBP/USD dropped more than 150 pips and fell from 1.2000 to 1.1840s. Hawkish comments by the US Fed Chair Jerome Powell at the Senate keeps investors assessing a 50 bps hike in March.The pair is now retreating over 100 pips as Powell testifies at the US Senate on Tuesday. The …

  Read More »