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Daily Global Market Update September 23rd, 2024

Oil's Minor Upward Correction The oil/dollar pair saw a minor upward correction, rising 0.2% in the last session. The Commodity Channel Index (CCI) indicates that the market is currently overbought. Aussie Dollar's Sideways Movement The AUD/USD pair traded sideways in the last session. The Moving Average Convergence Divergence (MACD) is currently giving a positive signal. Euro's Sideways Trading The EUR/USD pair traded sideways in the last session. The Relative Strength Index (RSI) is giving a positive signal. Dollar Yen's Stable Performance The USD/JPY price remained largely unchanged in the last session. The Stochastic indicator is giving a positive signal. Global Financial Headlines Gold has soared above the $2,600 level for the first time, extending a rally boosted by bets for further US interest rate cuts and rising tensions in the Middle East. Shares of FedEx slumped over 15% on Friday, the worst in 2 years, after a dismal first-quarter profit drop due to anaemic economic conditions and an ongoing customer shift towards slower, cheaper deliveries. The S&P 500 hit its first closing all-time high in 2 months after the Fed unveiled a 50 basis point rate cut. However, the roaring rally in US stocks now faces a gauntlet of economic data, looming political uncertainty, and a corporate earnings test in coming weeks. 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 Gross Domestic Product - 0430 GMT • Singapore's Consumer Price Index - 0500 GMT • Korea's Producer Price Index Growth - 2100 GMT • Australia's RBA Interest Rate Decision - 0430 GMT

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Publication date:

2024-09-23 06:31:15 (GMT)

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