Daily Global Market Update

Oil-Dollar surged 1.5%, MACD bullish. Aussie-Dollar traded sideways, Stochastic bearish. Euro gained 0.3%, Williams Percent Range negative. Dollar-Yen climbed 0.6%, Stochastic RSI overbought. China's economy projected to grow 5%. Broadcom's shares surged, valuation hits $1 trillion. NASDAQ and S&P 500 gain significantly.

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Oil’s Strong Performance

The Oil-Dollar pair rose by 1.5% in the last session, peaking with a 1.9% gain during the day. The MACD is currently giving a positive signal, indicating potential upward momentum in the market.

Aussie Dollar Trades Sideways

The Aussie-Dollar pair remained range-bound in the last session. The Stochastic indicator is currently providing a negative signal, suggesting potential bearish momentum.

Euro’s Moderate Gain

The Euro rose by 0.3% against the dollar in the last session. The Williams Percent Range indicator is signalling a negative trend, which could hint at short-term resistance.

Yen Moves Higher

The Dollar-Yen pair climbed by 0.6% in the last session. The Stochastic RSI is signalling that the market is currently in an overbought zone, suggesting caution for buyers.

Global Financial Headlines

China's economy is projected to grow by 5% this year, contributing nearly 30% of global growth. Broadcom’s shares surged 21%, reaching a valuation of $1 trillion as AI demand drives revenue potential. The NASDAQ index breached the 20,000 milestone last week, gaining 32% this year, while the S&P 500 rose by 27%. These developments underline the robust performance of US equities in 2024.

Upcoming Economic Highlights

This week, traders should keep an eye on key events:

• Federal Reserve Meeting – Time TBD

• US Initial Jobless Claims – Thursday, 13:30 GMT

• China’s Manufacturing PMI – Friday, 01:00 GMT

• Germany’s Trade Balance – Friday, 07:00 GMT

• UK Halifax House Price Index – Friday, 08:30 GMT