Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2022

• 23 June 2022 12:45 am

  Gold Moves Higher Following Powell’s Testimony.

  

  Gold is trading between two levels of resistance and support, namely around $1,810 on the downside and $1,875 on the upside.At $1,840, the price of gold is a little lower than the highs but its remains 0.4% higher on the day. The price has travelled between a low of $1,823.45 …

  Read More »
• 22 June 2022 11:28 pm

  US Equities Edge Higher Post-Powell’s Testimony

  

  The Dow Jones rose 0.2% after falling more than 1% soon after the open. The S&P 500 climbed 0.5%. The Nasdaq composite jumped 1%.The Dow Jones turned higher Wednesday, with the S&P 500 and especially the Nasdaq composite leading the way. Federal Reserve chief Jerome Powell told Congress that policymakers …

  Read More »
• 22 June 2022 10:07 pm

  Fed’s Evans: Will be necessary to bring rates up a good deal more over the coming months

  

  Chicago Federal Reserve Bank President Charles Evans on Wednesday has signalled he is with the core group at the Fed calling for continued rapid rate hikes to battle 40-year high inflation, noting “downside” risks.Despite the persistent message from Fed members that there is a ”need to raise interest rates ‘a …

  Read More »
• 22 June 2022 8:55 pm

  Governmental intervention is the main downside risk for USD/JPY

  

  Analysts at MUFG Bank, hold a bullish bias for the USD/JPY pair, reflecting the fact that the US rates market is unlikely to correct dramatically lower over the very short term. They see the pair trading between 130.00 and 138.50 during the weeks ahead. Key Quotes: “Risk-off and general tighter …

  Read More »
• 22 June 2022 7:50 pm

  Powell: Would never take any size of rate hike off the table

  

  FED Chairman Jerome Powell is testifying before the Senate Banking, Housing, & Urban Affairs Committee on “The Semiannual Monetary Policy Report to Congress.”Key Quotes“Higher interest rates are painful, but it’s the tool we have to bring down inflation.”“The greatest pain would be if we allowed this high inflation to continue.”“Not …

  Read More »
• 22 June 2022 7:17 pm

  USD/CHF breaks range falling to three-week lows

  

  After trading in a range during many sessions, the USD/CHF pair broke to the downside falling below 0.9600, for the first time in two weeks. The US dollar weakened across the board during the American session amid an improvement in risk sentiment and lower US yields.The break under 0.9620 triggered …

  Read More »
• 22 June 2022 6:38 pm

  Powell: Focused on part of inflation we can address

  

  FOMC Chairman Jerome Powell is testifying before the Senate Banking, Housing, & Urban Affairs Committee on “The Semiannual Monetary Policy Report to Congress.” “It’s really only at the very short end that real rates are negative.”“Price inflation is a macroeconomic question.”“Our tools can’t impact energy and food inflation.”“Focused on part …

  Read More »
• 22 June 2022 6:11 pm

  Powel: Economy is very strong and well-positioned to handle tighter monetary policy

  

  While testifying before the Senate Banking, Housing, & Urban Affairs Committee on Wednesday, FOMC Chairman Jerome Powell said that Economy is very strong and well-positioned to handle tighter monetary policy. “Inflation aggravated by longer-lasting supply chain constraints, russian invasion of ukraine; china covid lockdowns likely to exacerbate supply chain problems.”“Recent …

  Read More »
• 22 June 2022 6:00 pm

  Powel: ongoing interest rate increases will be appropriate

  

  While testifying before the Senate Banking, Housing, & Urban Affairs Committee on Wednesday, FOMC Chairman Jerome Powell said that ongoing interest rate increases will be appropriate. “Fed is strongly committed to bringing inflation back down, moving expeditiously to do so.” “Pace of future rate increases will continue to depend on …

  Read More »
• 22 June 2022 4:56 pm

  The euro and the pound fell on concerns about global growth

  

  The Euro and the British Pound fell on Wednesday as concerns returned that interest rate hikes by major central banks to contain inflation threatened to sharply slow global growth or even trigger a recession. Data showed that consumer price inflation in Britain reached its highest level in 40 years at …

  Read More »
• 22 June 2022 3:44 pm

  Oil plunges nearly $5 as Biden calls for fuel tax cuts

  

  Oil prices fell sharply on Wednesday, amid efforts by US President Joe Biden to cut fuel taxes in order to reduce costs incurred by drivers in light of the strained relationship between the White House and the US oil sector. By 0918 GMT, Brent crude futures fell $4.65, or 4.1 …

  Read More »
• 22 June 2022 2:23 pm

  The Japanese yen plunges to its lowest level in 24 years

  

  The Japanese yen plunged to a 24-year low against the US dollar on Tuesday, amid a stark contrast between the Bank of Japan’s ultra-loose monetary policy and the US Federal Reserve’s determination to aggressively raise interest rates to stem runaway inflation. The yen fell 1.1 percent to 136,455 against the …

  Read More »
• 22 June 2022 1:23 pm

  Japan’s Nikkei closes lower on recession fears

  

  Japan’s Nikkei gave up earlier gains to close lower on Wednesday as recession fears pushed US stock futures lower after big gains on Wall Street Tuesday night. The Nikkei index fell 0.37 percent to 26,149.55 points, after rising 0.82 percent, to reach its highest level in a week at 26,462.83 …

  Read More »