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Daily Global Market Update August 12th 2024

Oil's Significant Rise The oil-dollar pair experienced a substantial increase of 1.2% in the last session. The Stochastic indicator is signalling a positive outlook. AUD/USD Pair's Slight Decline The AUD/USD pair corrected downwards by 0.1% in the last session. The ROC (Rate of Change) indicator is giving a positive signal. EUR/USD Pair's Stability The EUR/USD price remained largely unchanged in the last session. The Ultimate Oscillator is giving a positive signal. USD/JPY Pair's Sideways Movement The USD/JPY pair traded sideways in the last session. The MACD is giving a negative signal. Global Financial Headlines Oil prices settled higher on Friday, notching over 3% in weekly gains. Positive economic data and signals from Fed policymakers about potential interest rate cuts as early as September eased demand concerns. Meanwhile, fears of a widening Middle East conflict continue to raise supply risks. Stellantis, Chrysler's parent company, is laying off up to 2,450 factory workers from its Warren truck assembly plant outside Detroit as it ends production of the Ram 1500 classic truck. A week of wild market swings has investors looking ahead to inflation data, corporate earnings, and presidential polls for signals that could soothe the recent outbreak of turbulence in US stocks. US stock volatility has surged this month as alarming data coincided with the unwinding of a massive Yen-fueled carry trade, dealing equities their worst sell-off of the year. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • US 6-month Bill Auction - 1530 GMT • Portuguese Consumer Price Index - 1010 GMT • Germany's Wholesale Price Index - 0600 GMT • Finland's Current Account - 0500 GMT • Japan's Producer Price Index - 2350 GMT • US 3-month Bill Auction - 1530 GMT

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Publication date:

2024-08-12 07:46:22 (GMT)

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