Noor Trends News, Technical Analysis, Educational Tools and Recommendations

February, 2023

• 16 February 2023 8:17 pm

  BOC to hike rates if inflation doesn’t decline

  

  “If evidence begins to accumulate to show that inflation is not declining in line with forecast, we are prepared to raise policy rate further, Bank of Canada Governor Tiff Macklem said while testifying before the Standing Committee on Finance. USD/CAD showed no immediate reaction to these comments and was last …

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• 16 February 2023 7:23 pm

  EUR/USD turns negative below 1.0700 on US dollar’s recovery

  

  The EUR/USD pair is now adding to Wednesday’s decline below 1.0700. The pair is trading at 1.0656 at the time of writing. The US Producer Prices rose more than estimated in January. Another data-led rebound of the US dollar has put the EUR/USD pair under pressure and dragged it to …

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• 16 February 2023 7:03 pm

  Robust Retail Sales Recovery Gives Fed More Room to Raise Rates

  

  The actual figure for US retail expenditure in January much above even the most optimistic projection, contrary to what economists had anticipated. Yet, for the time being, the Federal Reserve’s vigorous campaign to manage inflation by lowering economic activity is failing.  Retail sales spiked 3.0% last month after reports that …

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• 16 February 2023 6:16 pm

  US: Weekly Initial Jobless Claims declined to 194K

  

  There were 194,000 initial jobless claims in the week ending February 11, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week’s print of 195,000 and came in slightly better than the market expectation of 200,000. Further details of the …

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• 16 February 2023 4:41 pm

  Standard Chartered launches a share buyback program and raises its targets

  

  Standard Chartered raised its performance targets, unveiled a $1 billion share buyback program and posted a 28 percent increase in annual profit after higher global interest rates boosted its lending revenue. The bank said about 10 percent of its overall profit growth came from interest rates as central banks raised …

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• 16 February 2023 3:48 pm

  Gold is stable with the decline in the dollar and treasury bond yields

  

  Gold prices stabilized on Thursday due to a slight decline in the dollar and Treasury yields, but gains remained limited due to signs of the strength of the US economy, which may allow the Federal Reserve to raise interest rates again. And by 0920 GMT, spot gold rose 0.1 percent …

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• 16 February 2023 3:44 pm

  Oil is falling after a significant increase in US crude inventories

  

  Oil prices fell on Thursday after a large build in US crude inventories, but continued to move in a narrow range as hopes for a recovery in demand from China remained in focus. And by 1042 GMT, Brent crude futures fell 36 cents, or 0.42 percent, to $ 85.02 a …

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• 16 February 2023 2:32 pm

  European stocks open higher, supported by Airbus

  

  European stocks opened higher on Thursday, supported by Airbus, which also lifted the French blue-chip index to near a record high, while mining companies led sectoral gains as commodity prices rose. The Stoxx 600 index of European shares rose 0.7 percent, and the French CAC 40 index rose 0.9 percent, …

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• 16 February 2023 1:32 pm

  Ruble hits a 10-month low as foreign exchange earnings decline

  

  The Russian ruble fell to near a ten-month low near 75 against the dollar on Thursday, affected by lower foreign exchange earnings from oil and gas exports and fears of the European Union imposing new sanctions on Moscow. The ruble fell 0.4% against the dollar to 74.8 by 0744 GMT, …

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• 16 February 2023 1:31 pm

  Oil rises amid optimism about the growth in demand for fuel in China

  

  Oil prices rose on Thursday as hopes for a strong recovery in fuel demand in China, the world’s largest oil consumer, offset losses from a stronger dollar and a large build in US crude inventories. And by 0725 GMT, Brent crude futures rose 59 cents, or 0.7 percent, to $ …

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• 16 February 2023 11:58 am

  Japanese Topix index closed at its highest level in two and a half months

  

  Japan’s Topix index closed Thursday at a 2-1/2 month high as auto and tire makers rebounded after the yen fell, and Wall Street’s rally at the close last night lifted market sentiment. The broader Topix index rose 0.71 percent to close at 27,696.44 points. The yen hovered near a six-week …

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• 16 February 2023 11:54 am

  Gold regains some of its lustre with the decline of US dollar

  

  Gold prices regained some momentum on Thursday as the dollar weakened, but the prospect of the Federal Reserve raising interest rates again kept investors on edge. By 0333 GMT, spot gold rose 0.3 percent to $1,840.94 an ounce, after hitting its lowest level since early January on Wednesday. US gold …

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• 16 February 2023 2:40 am

  Market Drivers – US Session 15/02/2023

  

  The dollar benefited from renewed concerns about the continued US Federal Reserve’s monetary tightening spurring risk aversion. As American inflation eased just modestly in January, hopes for a Fed’s pivot faded. The United States published Retail Sales on Wednesday, which surged by 3% MoM in January, much better than anticipated. …

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