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Daily Global Market Update June 24th, 2024

Oil's Recent Drop Oil experienced a decrease of 0.7% against the dollar in the last session. According to the Williams Percent Range, we are currently in an overbought market. AUD/USD's Stability The AUD/USD pair remained largely unchanged in the last session. The Ultimate Oscillator is giving a positive signal. EUR/USD's Steady Position The EUR/USD pair remained largely unchanged in the last session. The Rate of Change (ROC) is giving a positive signal. USD/JPY's Market Condition The USD/JPY pair remained largely unchanged in the last session. According to the Stochastic RSI, we are in an overbought market. Upcoming Economic Highlights Gold prices dropped more than 1% on Friday, weighed down by a stronger dollar and higher bond yields after data showed strong US business activity, while palladium jumped to a one-month high. US business activity crept up to a 26-month high in June amid a rebound in employment, but price pressures subsided, offering hope that a recent slowdown in inflation was likely to be sustained. The S&P 500 and NASDAQ closed marginally lower last week, weighed down by a decline in Nvidia shares, which dragged down the technology sector. Technology was the biggest loser among the 11 major S&P 500 sectors, down 0.84%, while communications services led the gains. Here's a brief rundown of today's anticipated economic releases: • US Chicago Fed National Activity Index - 1230 GMT • US Dallas Fed Manufacturing Business Index - 1430 GMT • Eurozone's Eurogroup Meeting - 0700 GMT • Germany's IFO Business Climate Index - 0800 GMT • Japan's CFTC JPY NC Net Positions - 1930 GMT • UK's CFTC GBP NC Net Positions - 1930 GMT

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Publication date:

2024-06-24 08:47:38 (GMT)

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