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Daily Global Market Update July 29th, 2024

Oil-Dollar Pair's Plunge The oil-dollar pair plummeted by 2.3% in the last session. The RSI is giving a negative signal. Aussie Dollar's Stability The Aussie dollar price remained largely unchanged in the last session. According to the Stochastic indicator, we are in an oversold market. Euro-Dollar Pair's Minimal Movement The euro-dollar price remained largely unchanged in the last session. The MACD is giving a negative signal. Dollar-Yen Pair's Stability The dollar-yen price remained largely unchanged in the last session. The Stochastic RSI indicates an oversold market. Global Financial Headlines Oil futures fell about 1.5% to end last week, finishing the week lower on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns. Japan's Mitsubishi Motors is set to join an alliance between Honda Motor and Nissan Motor, creating an auto group with combined sales of more than 8 million vehicles. Mitsubishi Motors, which is 34% owned by Nissan, will work with Honda and Nissan to finalise the details of their partnership. Wall Street's major indexes ended higher as investors flocked back to tech megacaps that had triggered broad sell-offs earlier in the week, and inflation data boosted optimism that the Federal Reserve will soon commence cutting interest rates. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • US Dallas Fed Manufacturing Business Index - 1430 GMT • US 3-month Bill Auction - 1530 GMT • Finland's Consumer Confidence - 0500 GMT • Finland's Industrial Confidence - 0500 GMT • Japan's Jobs Applicants Ratio - 2330 GMT • Japan's Unemployment Rate - 2330 GMT

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Publication date:

2024-07-29 10:53:49 (GMT)

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