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Daily Global Market Update October 7th, 2024

Oil's Upward Movement Oil gained 0.7% against the dollar in the last session. The MACD is currently giving a positive signal. Aussie Dollar's Minor Correction The AUD/USD pair experienced a minor downward correction in the last session, dropping 0.1%. The Williams indicator is giving a negative signal. Euro/Dollar Pair Sideways Trading The EUR/USD pair traded sideways in the last session. The RSI is giving a negative signal. Dollar/Yen Pair Analysis The USD/JPY pair traded sideways in the last session. The Stochastic RSI indicates an overbought market. Global Financial Headlines China-focused hedge funds report explosive returns in September due to a sharp rebound in Chinese stocks, driven by Beijing's aggressive stimulus package. Taiwan's Foxconn posts record Q3 revenue of $57.3 billion, up 20.2% year-on-year, driven by strong demand for AI servers. A high-stakes corporate earnings season begins this week, with investors hoping results will justify rich valuations in the US stock market. Strong US labour market data boosts the case for continued economic growth. The S&P 500 is up 20% year-to-date, nearing record highs. Upcoming Economic Highlights Key economic events to look out for include: • UK's BRC Like-for-Like Retail Sales - 2301 GMT • Japan's Current Account - 2350 GMT • Japan's Labor Cash Earnings - 2330 GMT • US 6-Month Bill Auction - 1530 GMT • US 3-Month Bill Auction - 1530 GMT • Eurozone's Retail Sales - 0900 GMT

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Publication date:

2024-10-07 05:51:07 (GMT)

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