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Daily Global Market Update September 5th, 2024

Euro's Slight Gain Against the Dollar The EUR/USD pair rose by 0.3% in the last trading session. The RSI is currently giving a negative signal. Dollar-Yen Pair's Significant Drop The USD/JPY pair dove 1.1% in the last session. The Ultimate Oscillator is giving a negative signal. Gold's Sideways Movement The Gold/USD pair traded sideways in the last session. The MACD is giving a negative signal. Tesla's Impressive Surge Tesla's stock skyrocketed 4.1% in the last session. The Ultimate Oscillator is giving a negative signal. Global Financial Headlines The dollar slipped against most major currencies after July US job openings data signalled a softening labour market, tilting the odds further in favour of larger interest rate cuts by the Federal Reserve. Traders boosted expectations that the Fed will deliver a half a percentage point reduction at its next meeting. MSCI's global equities gauge was lower, and safe-haven assets such as Treasuries and Japan's Yen were in demand after a mixed batch of economic data. Wall Street stock trading was choppy after Tuesday's big selloff. US job openings dropped to a 3.5-year low in July, suggesting the labour market was losing steam but probably not enough for the Federal Reserve to consider a big interest rate cut this month. Job openings had fallen by 237,000 to 7.673 million on the last day of July, the lowest level since January 2021. Upcoming Economic Highlights Key economic events to look out for include: • US ADP Employment Change - 12:15 GMT • US ISM Services PMI - 14:00 GMT • Eurozone's Retail Sales - 09:00 GMT • Japan's Overall Household Spending - 23:30 GMT • Australia's Trade Balance - 01:30 GMT • Japan's Foreign Reserves - 23:50 GMT

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Publication date:

2024-09-05 05:59:40 (GMT)

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