Noor Trends News, Technical Analysis, Educational Tools and Recommendations

June, 2022

• 1 June 2022 11:19 pm

  Fed’s Bullard Skeptical on recession probabilities

  

  St. Louis Fed President James Bullard explained, on Wednesday, that inflation at levels last seen in the 1970s and early 1980s is putting the US central bank’s credibility at risk and has been reiterating his call for the Fed to follow through on promised rate hikes to bring down inflation, …

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• 1 June 2022 10:39 pm

  US dollar rises on positive US economic data

  

  Global equities fell and the US dollar advanced on Wednesday after stronger-than-expected economic data helped assuage concerns of high inflation and an impending recession driven partly by rising oil prices.The data released by the Institute for Supply Management (ISM) showed US manufacturing activity picked up in May as demand for …

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• 1 June 2022 10:02 pm

  US To Boost Economic Relations With Taiwan

  

  As tensions accelerate with China, Biden’s administration is forging closer ties with Taiwan in areas such as trade and supply chainsThe US Trade Representative’s office on Wednesday unveiled a new pact with Taipei to promote bilateral trade in areas such as digital trade, clean energy and labor rights. The two …

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• 1 June 2022 9:11 pm

  Gold surges to $1850 despite higher T-yields

  

  Gold prices have bounced from multi-day lows under $1830 to the $1850 level after the beginning of the US trading session despite higher US yields. The Gold Index holds around daily highs even as Wall Street extends losses and as the US dollar further strengthens.Earlier on Wednesday, gold sharply surged …

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• 1 June 2022 8:36 pm

  April’s US ISM Manufacturing data offers a mixed image on the state of industry

  

  Wednesday’s data has showed an unexpected acceleration in the US ISM Manufacturing PMI Index in May from 55.4 to 56.1. According to analysts at Wells Fargo, the report offers a mixed read on the state of the industry. “Orders and order backlogs are growing at a faster pace. Meanwhile, supplier …

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• 1 June 2022 8:09 pm

  USD/CAD firmly heads towards 1.2660s on BoC’s rate hike

  

  The USD/CAD pair slides, on Wednesday, after the Bank of Canada hiked the interest rate by 50 bps, raising it to the 1.50% threshold. The pair has snapped five days of losses, amid negative market sentiment, at the same time, global equities fall lower.The Bank of Canada lifted rates by …

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• 1 June 2022 7:03 pm

  US job openings fall to 11.4 million

  

  US job openings dropped to 11.4 million in April from a record 11.9 million in the prior month, signaling some softening in what’s still the tightest labour market in decades.The number of people who quit jobs in April, meanwhile, was little changed at 4.4 million, the Labour Department said Wednesday. …

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• 1 June 2022 6:33 pm

  Breaking: Bank of Canada hikes interest rates by 50 bps to 1.50%

  

  The Bank of Canada (BoC) lifted interest rates by 50 bps from 1.0% to 1.50% on Wednesday, a move that had been expected by most analysts, with a minority calling for a larger 75 bps hike.

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• 1 June 2022 5:08 pm

  UGA: Expectations of a 42% decrease in the wheat harvest in Ukraine this year

  

  Ukraine’s wheat harvest in 2022 is likely to fall to 19.2 million tons from 33 million tons in 2021, but lower exports will push stocks to record highs, the Ukrainian Grain Traders Union (UGA) said on Wednesday. Ukrainian officials and analysts said that hostilities in many areas may make harvesting …

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• 1 June 2022 5:03 pm

  Reuters: OPEC + reduced the forecast of the oil market surplus in 2022 to 1.4 million b/d

  

  Two sources in OPEC + told Reuters on Wednesday that the group expects the oil market surplus to be 1.4 million barrels per day in 2022, about 500,000 barrels per day less than previous expectations. The two sources were based on figures prepared for the meeting of the OPEC + …

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• 1 June 2022 3:36 pm

  Euro area Unemployment Rate stays unchanged at 6.8% in April

  

  The monthly data published by Eurostat showed on Wednesday that the Unemployment Rate in the euro area and the EU stayed unchanged at 6.8% and 6.2%, respectively, in April. Markets were expecting the euro area Unemployment Rate to edge lower to 6.7%.

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• 1 June 2022 2:40 pm

  The dollar rises against the euro and hits a two-week high against the yen

  

  The euro moved further away from its monthly high on Wednesday and the dollar rose, supported by higher US Treasury yields as global inflation fears escalated again. The dollar index, which measures the performance of the US currency against six major currencies, including the euro, rose 0.2 percent to 101.96, …

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• 1 June 2022 2:16 pm

  Gold touches two-week lows as dollar and bond yields rise

  

  Gold prices fell to their lowest level in two weeks on Wednesday, but remained in a limited range as the demand for the precious metal as a safe haven helped offset some of the continuing pressures from the rise in the dollar and US Treasury yields. And the rise of …

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