Daily Global Market Update

Oil prices tumbled due to weak Chinese demand and Fed rate cut uncertainty. The Australian dollar and euro showed minor upward corrections, while the Japanese yen strengthened against the US dollar. Key economic events like Chinese industrial production, German ZEW sentiment, UK CPI, and US retail sales will influence market trends.

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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