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Daily Global Market Update 07/03/2024

Euro Dollar's Positive Movement The Euro Dollar pair increased by 0.4% in the last session. The Ultimate Oscillator's positive signal aligns with our overall technical analysis. Dollar's Decline Against the Yen The Dollar fell by 0.4% against the Yen in the last session. The Stochastic RSI indicates that we are currently in an oversold market. Gold's Gain Against the Dollar Gold increased by 0.9% against the dollar in the last trading session. The Stochastic RSI suggests we are in an overbought market. Google Shares Take a Dip Google's shares fell by 1.3% in the last session. The MACD is giving a negative signal, in agreement with our technical analysis. Global Financial Headlines The US dollar softened slightly as traders awaited the first leg of congressional testimony from Federal Reserve Chair Jerome Powell and the European Central Bank's policy announcement. US economic activity saw an uptick through January and February, though inflation and the jobs market sent mixed signals about the speed at which they will cool. This presents a complex scenario for central bankers as they aim to fully address inflation concerns. European shares remained subdued, anticipating key Eurozone economic data and testimony from Jerome Powell, although positive earnings helped mitigate losses on the index. Upcoming Economic Highlights Today's key economic releases include: • Australia's Trade Balance - 0030 GMT • Germany's Factory Orders - 0700 GMT • US Initial Jobless Claims - 1330 GMT • US Unit Labor Costs - 1330 GMT • Australia's Imports - 0030 GMT • Finland's Trade Balance - 0700 GMT

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Publication date:

2024-03-07 10:00:16 (GMT)

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