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Daily Global Market Update November 18th, 2024

Oil's Significant Drop The oil-dollar pair plummeted 2.3% in the last trading session. The Ultimate Oscillator indicates a negative signal, suggesting potential bearish momentum. Australian Dollar's Upward Correction The AUD/USD pair experienced a minor upward correction, rising by 0.1% in the last session. The Rate of Change (ROC) indicator is giving a positive signal, supporting potential bullish sentiment. Euro's Minor Recovery The EUR/USD pair gained 0.1% in the last session, making a minor upward correction. The Commodity Channel Index (CCI) signals an oversold market, hinting at a possible rebound. Dollar-Yen's Sharp Decline The USD/JPY pair plunged 1.2% in the last session. The Relative Strength Index (RSI) is showing a negative signal, aligning with the bearish movement. Global Financial Headlines Oil prices fell over 2% last week due to concerns about weaker Chinese demand and uncertainty over US Federal Reserve interest rate cuts. In corporate news, Tata Electronics is acquiring a majority stake in Pegatron's iPhone plant in India. Meanwhile, Nvidia's upcoming results are set to influence the technology sector, with investors focusing on AI trade following a dramatic two-year rally in the stock. Upcoming Economic Highlights Key economic events to monitor include: • China's Industrial Production - 0600 GMT • Germany's ZEW Economic Sentiment - 1000 GMT • UK CPI Inflation Rate - 0700 GMT • US Retail Sales - 1230 GMT

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Publication date:

2024-11-18 06:09:25 (GMT)

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