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
Publication date:
2024-09-23 06:31:15 (GMT)
Challenges