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Daily Global Market Update September 2nd, 2024

Oil's Significant Decline The Oil/USD pair experienced a substantial drop of 2.5% in the last session, despite gaining as much as 1.1% during the session. The Commodity Channel Index (CCI) indicates that the market is currently oversold. Australian Dollar's Sideways Movement The AUD/USD pair traded sideways in the last session. The Commodity Channel Index (CCI) is currently giving a negative signal. Euro's Stable Performance The EUR/USD pair traded sideways in the last session. The Moving Average Convergence Divergence (MACD) is giving a negative signal. Japanese Yen's Steady State The USD/JPY price remained largely unchanged in the last session. The Ultimate Oscillator is currently giving a negative signal. Global Financial Headlines A broadening rally in US stocks is offering an encouraging signal to investors concerned about concentration in technology shares. Markets are awaiting key jobs data and the Federal Reserve's expected rate cuts in September. Inflation in the Eurozone fell to its lowest level in 3 years in August, setting the stage for a further cut in the European Central Bank's interest rates next month, despite an Olympics-driven surge in the price of services. Global stocks edged higher in choppy trading to end last week, marking the fourth consecutive month of gains. This comes despite a bout of heavy selling in early August, buoyed by US economic data that has helped the dollar snap a weeks-long losing streak. Upcoming Economic Highlights Key economic events to look out for include: • Italy's Gross Domestic Product - 0800 GMT • Dutch Retail Sales - 0430 GMT • Dutch Markit Manufacturing PMI - 0500 GMT • Japan's Jibun Bank Manufacturing PMI - 0030 GMT • Japan's Monetary Base - 2350 GMT • UK BRC Like-for-Like Retail Sales - 2301 GMT

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Publication date:

2024-09-02 08:42:07 (GMT)

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