Daily Global Market Update

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