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Daily Global Market Update June 10th, 2024

Oil's Minor Decline Oil experienced a decrease of 0.3% against the dollar in the last session. The Stochastic RSI indicates a positive signal, suggesting a potential reversal or strength in the upcoming sessions. AUD/USD Market Stagnation The AUD/USD pair traded sideways in the last session. The Stochastic RSI signals an oversold market, indicating that the currency pair may find some support or reversal soon. EUR/USD's Downward Correction The EUR/USD pair fell by 0.2% in the last session. The MACD is giving a negative signal, which may indicate further declines or a continuation of the current downward trend. USD/JPY Stability The USD/JPY price remained largely unchanged in the last session. The Ultimate Oscillator is giving a positive signal, suggesting potential upward momentum or stability in price. Global Financial Headlines Gold prices saw accelerated declines following a stronger-than-average US jobs report, dampening expectations for US interest rate cuts this year. This bearish sentiment is further supported by data indicating that China, a top consumer, refrained from bullion purchases in May. Meanwhile, China's exports saw growth, providing some economic relief as the country seeks a durable recovery. Investors are now keenly awaiting this week's inflation numbers and Federal Reserve meeting to gauge the likelihood of a 'soft landing' for the economy. The S&P 500 has risen over 12% year-to-date, buoyed by optimism that the Federal Reserve can temper inflation without stifling growth. Upcoming Economic Highlights Today's major economic events include: • US 3-Month Bill Auction - 1530 GMT • US 6-Month Bill Auction - 1530 GMT • Finland Industrial Output - 0500 GMT • Australian Industrial Production - 0700 GMT • Japan Eco Watchers Survey Current - 0500 GMT • Japan Eco Watchers Survey Outlook - 0500 GMT

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Publication date:

2024-06-10 05:15:46 (GMT)

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