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Daily Global Market Update August 5th, 2024

Oil-Dollar Pair's Plunge The oil-dollar pair plummeted 3.4% in the last session. According to the CCI, we are in an oversold market. Aussie-Dollar Pair's Stability The Aussie-dollar pair traded sideways in the last session. The MACD is giving a positive signal. Euro-Dollar Pair's Sideways Movement The euro-dollar pair traded sideways in the last session. The stochastic indicator is giving a positive signal. Dollar-Yen Pair's Stability The dollar-yen pair traded sideways in the last session. According to the RSI, we are in an oversold market. Global Financial Headlines Oil prices fell to end last week, settling at their lowest since January after data showed the US economy added fewer jobs than expected last month and Chinese economic data added more pressure. Intel shares sank 26% on Friday in their worst day since 1974 after the chip manufacturer suspended its dividend and slashed its workforce to fund a costly turnaround after losing its once dominant global position. The company lost more than $30 billion in market value. A surprisingly weak US employment report for June has turned Wall Street confidence on a soft landing into near panic that a recession is looming, prompting major firms to change forecasts for Federal Reserve easing this year to more aggressive interest rate cutting. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • Eurozone's Producer Price Index - 0900 GMT • US ISM Services Employment Index - 1400 GMT • UK's BRC Like-for-Like Retail Sales - 2301 GMT • US ISM Services PMI - 1400 GMT • Japan's Labour Cash Earnings - 2330 GMT • Japan's Jibun Bank Services PMI - 0300 GMT

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Publication date:

2024-08-05 07:55:46 (GMT)

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