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Daily Global Market Update July 8th, 2024

Oil Recent Developments The oil price dropped by 0.7% against the dollar in the last session. The MACD is giving a positive signal. Aussie Dollar's Minor Dip The Aussie dollar pair saw a minor dip of 0.1% in the last session. The RSI is giving a positive signal. Euro-Dollar Stability The Euro dollar price remained largely unchanged in the last session. The MACD is giving a positive signal. Dollar-Yen's Unchanged Position The dollar Yen price remained largely unchanged in the last session. The RSI is giving a negative signal. Global Financial Headlines Oil prices settled low to end last week as the rising possibility of a ceasefire deal in Gaza outweighed strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes. Taiwan's Foxconn, the world's largest contract electronics maker and Apple's biggest iPhone assembler, posted better than expected quarterly revenue on AI server demand and forecast continued growth in the current quarter. Wall Street stock indexes closed firmer to end last week with the tech-heavy NASDAQ and Benchmark S&P 500 hitting record highs as new data showing US labor market weakness boosted expectations for interest rate cuts as early as September. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • Japan's Eco Watchers Survey Outlook - 0500 GMT • Germany's Trade Balance - 0600 GMT • UK's BRC Like-for-Like Retail Sales - 2301 GMT • Eurozone's Euro Group Meeting - 0700 GMT • UK CFTC GBP NC Net Positions - 1930 GMT • US 6-Month Bill Auction - 1530 GMT

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Publication date:

2024-07-08 05:24:34 (GMT)

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