{"id":59499,"date":"2022-02-03T09:12:57","date_gmt":"2022-02-03T05:12:57","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=59499"},"modified":"2022-02-03T09:13:00","modified_gmt":"2022-02-03T05:13:00","slug":"market-drivers-us-session-2-february","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-2-february\/02\/03\/market-updates\/","title":{"rendered":"Market Drivers – US Session \u2013 2 February"},"content":{"rendered":"\n

The US trading session closed on Wednesday with mixed results, most notably the decline of the US dollar and the New York Stock Exchange at the same time due to negative employment data.

Economic data<\/strong>

The reading of the index of change in employment in the non-agricultural sectors in the United States issued by the US Authority for Electronic Data Processing (ADP) fell to -301 thousand jobs last January, versus the previous reading of 776 thousand jobs, which was lower than market expectations that indicated 207 thousand jobs.

Other developments<\/strong>
The Euro and the Sterling rose based on the rising expectations of European and British interest rate hikes at the European Central Bank and Bank of England meetings.

Various corporate earnings reports were released ranging between positive and negative, though the parent company of Google, Alphabet, achieved profits that exceeded expectations, Facebook shares plunge more than 20% on weak earnings.<\/p>\n\n\n\n

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Oil prices retreated on Wednesday even after OPEC+ stuck to planned moderate output increases despite pressure from top consumers to raise output more quickly after prices rallied to 2014 highs.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Brent crude was down 7 cents to $89.09 a barrel at 12:15 p.m. EST (1715 GMT) while US West Texas Intermediate crude fell 25 cents, or 0.3%, to $87.95. Global benchmark Brent has remained within striking distance of $90 for several days now, buoyed by ongoing concerns about tight supply across major world producers and steadily increasing demand.<\/p>\n\n\n\n

<\/p>\n\n\n\n

OPEC+ stuck with previously agreed-upon plans to boost output by 400,000 barrels per day. The group has blamed surging prices on the failure of consuming nations to ensure adequate investment in fossil fuels as they shift to greener energy.<\/p>\n\n\n\n

Several OPEC+ sources also said prices were pushed up by Russia-US tensions that have fanned fears that energy supplies to Europe could be disrupted. Washington has accused Moscow of planning to invade Ukraine, which Russia, the world\u2019s second-largest oil producer, denies.<\/p>\n\n\n\n

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<\/p>\n\n\n\n

The United States said on Wednesday it will send nearly 3,000 troops to Poland and Romania in the coming days to reinforce Eastern European NATO allies as the alliance continues to engage in diplomatic efforts with Russian President Vladimir Putin to defuse the crisis.<\/p>\n\n\n\n

A major winter storm is expected to wallop much of the central United States and stretch to parts of the Northeast this week, bringing heavy snow, freezing rain, and ice, the National Weather Service said on Monday.<\/p>\n\n\n\n


<\/p>\n\n\n\n

Also Read<\/strong><\/p>\n\n\n\n

BoC\u2019s Macklem: Uncertain About How Quickly Inflation Will Decline<\/a><\/p>\n\n\n\n

US Dollar Retains Weak Stance Ahead Of BoE, ECB Meetings<\/a><\/p>\n\n\n\n

Oil Retreats Despite OPEC+ Decision, US Stockpile Draw<\/a><\/p>\n\n\n\n

UK Finance Minister Gives Press Conference On Cost Of Living Crisis<\/a><\/p>\n\n\n\n

EUR\/USD hovers above 1.1300 as focus shifts to ECB meeting<\/a><\/p>\n\n\n\n

GBP\/USD Bulls Stay On Course Ahead Of The BoE Decision, US NFP Data<\/a><\/p>\n\n\n\n

Wall Street stocks waver as traders assess tech earnings<\/a><\/p>\n\n\n\n

Canadian dollar yawns despite solid GDP<\/a><\/p>\n\n\n\n

Gold Is Struggling Around $1809<\/a><\/p>\n\n\n\n

Giant Red Flag, US National Debt Data Push Economic Alarms<\/a><\/p>\n\n\n\n

Sterling Still Buoyant On Eve Of BoE\u2019s Policy Decision<\/a><\/p>\n\n\n\n

How Does BoE Plan To Reverse QE?<\/a>
<\/strong>
<\/p>\n","protected":false},"excerpt":{"rendered":"

The US trading session closed on Wednesday with mixed results, most notably the decline of the US dollar and the New York Stock Exchange at the same time due to negative employment data.Economic dataThe reading of the index of change in employment in the non-agricultural sectors in the United States issued by the US Authority …<\/p>\n","protected":false},"author":13,"featured_media":52794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,39,36],"tags":[6967,6889,6923,8143,6936,6871],"class_list":["post-59499","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-global-stock-markets","category-market-updates","tag-boe","tag-cad","tag-ecb","tag-interest-rate-hikes","tag-oil-prices","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59499","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=59499"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59499\/revisions"}],"predecessor-version":[{"id":59503,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/59499\/revisions\/59503"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52794"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=59499"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=59499"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=59499"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}