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Daily Global Market Update - September 30th, 2024

Oil's Significant Rise The Oil/USD pair skyrocketed by 1.9% in the last session. The Rate of Change (ROC) indicator is giving a positive signal. Australian Dollar's Minor Correction The AUD/USD pair experienced a minor downward correction, dropping 0.1% in the last session. The ROC indicator is giving a positive signal, despite the recent dip. Euro's Sideways Movement The EUR/USD pair traded sideways in the last session. The MACD is currently giving a positive signal, suggesting potential upward momentum. Japanese Yen's Stable Performance The USD/JPY pair traded sideways in the last session. The ROC indicator is giving a positive signal, indicating potential strength in the pair. Global Financial Headlines The Federal Reserve is likely to deliver a second 50 basis point interest rate cut in November, according to traders' expectations. This follows a government report showing US inflation has cooled to a pace near the central bank's 2% goal. Volkswagen has cut its annual outlook for the second time in less than three months, citing weaker-than-expected performance in its passenger car division. This highlights the increasing pressure on Europe's top automaker. Investor hopes for a soft landing for the US economy will be tested next week as the government releases closely watched labour market data. This comes after a series of disappointing jobs reports. Wall Street's benchmark S&P 500 Index is up 20% year-to-date, near a record high. The index is on track for its strongest January to September performance since 1997. Upcoming Economic Highlights Key economic events to look out for include: • Japan's Unemployment Rate - 2330 GMT • UK's Gross Domestic Product - 0600 GMT • Japan's Annualised Housing Starts - 0500 GMT • Germany's Retail Sales - 0600 GMT • US Dallas Fed Manufacturing Business Index - 1430 GMT • Germany's Harmonised Index of Consumer Prices - 1200 GMT

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Publication date:

2024-09-30 08:24:05 (GMT)

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