Daily Global Market Update
Oil's Decline Against the Dollar
The oil-dollar pair saw a significant drop of 2.5% in the previous session. According to the Williams %R indicator, the market is currently in an oversold state.
Aussie Dollar's Sideways Movement
The Aussie dollar traded sideways in the last session, with the RSI indicating a negative signal, suggesting potential downside.
Euro Dollar's Unchanged Position
The Euro-dollar pair remained largely unchanged in the last session, with the Stochastic RSI indicating an oversold market condition.
Dollar Yen's Static Trade
The dollar-yen pair's price remained largely unchanged in the last session, however, the Stochastic indicator signals a negative outlook, contradicting our overall technical analysis.
Global Financial Headlines
The European Commission has decided against imposing new import bans in its upcoming package of sanctions on Russia, as the 13th package proposal is finalised. Meanwhile, Taiwan's Foxconn anticipates a slight improvement in its business outlook despite facing chip shortages for AI servers. In the US, stocks ended higher last week, with the S&P 500 hitting an all-time closing high, buoyed by strong earnings and a robust January employment report, which, however, dims the prospects for an imminent Federal Reserve rate cut.
Today's Major Economic Events
A brief overview of today's key economic releases:
• Germany's Trade Balance - 0700 hours GMT
• US ISM Services PMI - 1500 hours GMT
• Japan's Labor Cash Earnings - 2330 GMT
• Australia's Trade Balance - 0030 GMT
• Australia's Imports - 0130 GMT
• US ISM Services New Orders Index - 1500 hours GMT
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