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Daily Global Market Update September 9th, 2024

Oil's Sharp Decline The oil/dollar pair plummeted 1.8% in the last session. The RSI indicates an oversold market. Australian Dollar's Sideways Movement The AUD/USD pair traded sideways in the last session. According to the Williams indicator, we are in an oversold market. Euro's Stable Performance The EUR/USD price remained largely unchanged in the last session. The ROC is giving a negative signal. Dollar Yen's Sideways Trading The USD/JPY pair traded sideways in the last session. The MACD is giving a negative signal. Global Financial Headlines China's central bank held back on buying gold for its reserves for a fourth straight month in August. China's gold holdings stood at 72.8 million fine troy ounces at the end of last month. The value of the gold reserves rose to $182.92 billion compared with $176.49 billion in July. Chrysler parent Stellantis said it is recalling 1.46 million vehicles worldwide due to a software malfunction in the anti-lock brake system that can increase the risk of a crash. The recall includes nearly 1.23 million Ram 1500 trucks from the 2019 and 2021 to 2024 model years in the United States. Uncertainty over the US economy's health is rippling through markets, adding fuel to an already volatile period. Investors are grappling with a shift in Federal Reserve policy, a tight US election, and worries over stretched valuations. US stocks tumbled after closely watched jobs data showed labour market momentum slowing more than expected. Upcoming Economic Highlights Key economic events to look out for include: • US 3-month Bill Auction - 1530 GMT • US 6-month Bill Auction - 1530 GMT • Dutch Consumer Spending Volume - 0430 GMT • Japan's Eco Watcher Survey Current - 0500 GMT • Japan's Eco Watchers Survey Outlook - 0500 GMT • Japan's Money Supply M2 plus CD - 2350 GMT

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Publication date:

2024-09-09 06:00:29 (GMT)

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