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Daily Global Market Update October 10th, 2024

Euro's Slight Decline Against the Dollar The EUR/USD pair experienced a minor downturn, losing 0.2% in the last session. The Stochastic indicator suggests that the market is currently oversold. Dollar Yen's Upward Movement The USD/JPY pair saw a significant rise, gaining 0.7% in the last session. The Williams Percent Range indicator suggests that the market is currently overbought. Gold's Minor Correction The Gold/USD pair experienced a slight downward correction, dropping 0.2% in the last session. The MACD is currently signalling a negative trend. NIO's Positive Performance NIO shares saw a notable increase, gaining 2.7% in the last session. However, the Commodity Channel Index (CCI) is giving a negative signal, suggesting potential caution. Global Financial Headlines The Canadian dollar weakened to a near 8-week low against its US counterpart as oil prices fell and investors reduced their bets on the pace of expected interest rate cuts from the Federal Reserve. The interest rate for the most popular US home loan rose to 6.36% last week, marking the biggest weekly increase in more than a year. This comes after better-than-expected economic data caused financial markets to scale back bets on further Federal Reserve interest rate cuts. European stocks settled higher, bouncing from losses in the previous session as investors focused on upcoming interest rate cuts and a key US inflation report later this week. The continent-wide STOXX 600 index was up 0.6%, with the Automobiles and Parts sector among top gainers with a 1.1% jump. Upcoming Economic Highlights Key economic events to look out for include: • US Consumer Price Index - 1230 GMT • US Initial Jobless Claims - 1230 GMT • Finland's Industrial Output - 0500 GMT • Austrian Industrial Production - 0700 GMT • Japan's Money Supply M2 plus CD - 2350 GMT • Australia's Consumer Inflation Expectations - 0000 GMT

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Publication date:

2024-10-10 06:26:25 (GMT)

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