Noor Trends News, Technical Analysis, Educational Tools and Recommendations

August, 2022

• 24 August 2022 12:15 am

  Saudi Arabia Is Taming Oil Backwardation

  

  Analysts have warned that failure to reach a deal concerning crude oil output would mean that oil will continue to act as a runaway train, as even slowing demand growth would still also continue to squeeze the world’s spare capacity. Oil prices rallied on Tuesday while Saudi Arabia is warning …

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• 23 August 2022 10:11 pm

  Gold rallies on negative US economic data

  

  With a big deal of market volatility, gold prices have pushed to session highs as the housing market, an important pillar of US economic growth, continued to weaken as consumers bought fewer new homes than expected last month. The S&P Global flash PMI reading also has benefited the precious metal …

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• 23 August 2022 9:26 pm

  AUD/USD jumps on weaker US dollar

  

  US dollar tumbles after weak economic data. US PMI S&P Global shows the lowest reading in more than a year. The AUD/USD pair finds resistance around 0.6960 and losses momentum.The asset also broke above 0.6900 after the release of US economic data and peaked at 0.6962, the highest level since …

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• 23 August 2022 8:22 pm

  GBP/USD rallies sharply on US/UK PMIs data

  

  The GBP/USD pair jumps from YTD lows after US economic data reignited recession fears. US S&P Global PMIs were mixed, though reignited recession fears.The GBP/USD is trading at 1.1860, after hitting a YTD low at 1..1716, so the major swang more than 100 pips as a reaction to the abovementioned …

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• 23 August 2022 7:30 pm

  Dow stumbles after Wall Street suffered worst day since June

  

  The Dow fell 121 points, or 0.37%. The S&P 500 lost 0.03% and the Nasdaq Composite advanced 0.17%. Healthcare, real estate and utilities were the worst performers in the S&P 500. Meanwhile, energy was the biggest winner in the broader market index, up 4% on the back of rising oil …

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• 23 August 2022 7:21 pm

  August witnesses faster fall in US private sector output

  

  According latest ‘flash’ PMI™ data from S&P Global, US private sector firms signaled a sharper fall in business activity during August. The decrease in output was the fastest seen since May 2020 and solid overall. The rate of contraction also outpaced anything recorded outside of the initial pandemic outbreak since …

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• 23 August 2022 7:03 pm

  OPEC+ ponders output cut once Iranian oil returns

  

  Citing nine OPEC sources familiar with the matter, Reuters reported on Tuesday that OPEC and its allies, the group known as OPEC+, may lean towards oil output cuts when and if Iranian production returns depending on the revival of the nuclear deal.On Monday, Saudi Arabia’s energy minister told Bloomberg that …

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• 23 August 2022 6:27 pm

  Market Drivers – European Session 23/8/2022

  

  A total of 33 cargo ships loaded with 719,549 tons of food have left Ukraine under the deal brokered by the United Nations and Turkey to open Ukrainian seaports, Ukraine’s agriculture ministry said on Tuesday. The Joint Coordination Center in Turkey, which monitors the agreement’s implementation, estimated the total amount …

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• 23 August 2022 5:12 pm

  Saudi says OPEC+ can cut output to address oil slump

  

  OPEC stands ready to cut output to correct a recent oil price decline driven by poor futures market liquidity and macro-economic fears, ignoring extremely tight physical crude supply, OPEC’s leader Saudi Arabia said on Monday. Saudi state news agency SPA cited Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman as …

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• 23 August 2022 5:00 pm

  Expected stability in the flow of Russian natural gas to Europe today

  

  Data from operators of natural gas pipelines from Russia to Europe indicate that gas flows will stabilize on Tuesday at their low levels. And the Bloomberg news agency reported that data from the operating company of Nord Stream 1, the main gas pipeline from Russia to Germany via the Baltic …

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• 23 August 2022 2:33 pm

  UK: CBI Manufacturing Order Book Balance falls to -7 in August

  

  Results from the latest survey released on Tuesday by the Confederation of British Industry (CBI) of trends in British manufacturing showed that the Manufacturing Order Book Balance dropped to -7 in August from +8 in July. This reading missed Reuters’ estimate of +3 and it was the first negative reading …

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• 23 August 2022 2:03 pm

  The euro falls to its lowest level in 20 years

  

  The euro fell to its lowest level in 20 years on Tuesday as Europe’s concerns about energy supplies and economic growth worsened, while the dollar rose against major currencies, supported by inflows in the currency, which is considered a safe haven. The euro reached 0.9909 dollars, the lowest level since …

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• 23 August 2022 1:23 pm

  European shares continue their losses, affected by high energy prices and fears of recession

  

  European shares extended losses on Tuesday as investors awaited an important batch of economic data to gauge the strength of companies in a hyperinflationary environment while rising energy prices and a weak economic outlook prevailed. The pan-European Stoxx 600 index fell for a third straight session and fell 0.2 percent, …

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