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Daily Global Market Update August 29th, 2024

EUR/USD Pair's Decline The EUR/USD pair dropped 0.5% in the last session. The RSI is giving a negative signal, aligning with the overall technical analysis. USD/JPY Pair's Uptick The dollar gained 0.3% against the yen in the last session. The Williams %R indicator suggests an oversold market condition. Gold's Recent Slide The last session saw gold drop 0.8% against the dollar. The MACD is giving a positive signal, which contrasts with the recent price movement. Google's Stock Decline The last session saw Google stock fall 1.3%. The Stochastic RSI is giving a negative signal, consistent with the recent price movement. Global Financial Headlines The US dollar rebounded due to month-end buying after recent declines that pushed it to its weakest level in more than a year. Traders are awaiting economic data that could determine the pace of the Federal Reserve's imminent easing cycle. Wall Street's main indexes were lower on Wednesday ahead of Nvidia's earnings, with the NASDAQ leading declines. The focus is on whether the recent bull market rally, led by the AI chip firm and other tech-related shares, can be sustained. In a significant milestone, the market value of Berkshire Hathaway surpassed $1 trillion, reflecting investor confidence in the conglomerate that Warren Buffett built over nearly six decades into what many consider a proxy for the American economy. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • US Gross Domestic Product Annualised - 1230 GMT • US Gross Domestic Product Index - 1230 GMT • Eurozone's Euro Group Meeting - 0700 GMT • Eurozone's Business Climate - 0900 GMT • Japan's Tokyo Consumer Price Index - 2330 GMT • Japan's Unemployment Rate - 2330 GMT

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Publication date:

2024-08-29 07:16:07 (GMT)

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