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Daily Global Market Update August 26th, 2024

Oil/Dollar Pair's Minor Correction The oil/dollar pair experienced a minor downwards correction, dropping 0.2% in the last session. The ROC is giving a negative signal. AUD/USD Pair's Sideways Movement The AUD/USD pair traded sideways in the last session. The RSI is giving a positive signal. EUR/USD Pair's Sideways Trading The EUR/USD pair traded sideways in the last session. The Williams indicator suggests an overbought market. USD/JPY Pair's Sideways Movement The USD/JPY pair traded sideways in the last session. The MACD is giving a positive signal. Global Financial Headlines The rally in US stocks faces a crucial test next week with earnings from chip-making giant Nvidia, whose blistering run has powered markets throughout 2024. The S&P 500 has pared a sharp drop it suffered after US economic worries contributed to a sell-off at the beginning of the month. The US Federal Reserve's dovish shift will likely give the Bank of Japan some respite in its battle to tame a weak yen but could complicate its efforts to raise interest rates if the two central banks' diverging policy paths keep markets jittery. Wall Street and global shares jumped on Friday towards all-time highs, while Treasury yields slumped and the dollar languished after a speech by US Federal Reserve Chair Jerome Powell confirmed the United States would soon begin interest rate cuts. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • US Durable Goods Orders - 12:30 GMT • US Non-Defense Capital Goods Orders - 12:30 GMT • Germany's ifo Business Climate - 08:00 GMT • Germany's ifo Current Assessment - 08:00 GMT • Japan's Coincident Index - 05:00 GMT • Japan's Leading Economic Index - 05:00 GMT

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Publication date:

2024-08-26 07:33:50 (GMT)

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