Daily Global Market Update
Oil's Downward Trajectory
The oil-dollar pair experienced a significant drop of 1.6% in the last session. The Stochastic indicator currently points to a negative outlook for the market.
Aussie Dollar's Stability
The Aussie dollar showed little change in the previous session. The CCI indicates that we are currently in an overbought market.
Euro's Sideways Movement
The euro-dollar pair traded sideways in the last session. The MACD is signaling a negative trend, in line with our technical analysis.
Dollar-Yen Pair's Steady Course
The dollar-yen pair remained steady in the last session. The Ultimate Oscillator is giving a negative signal, aligning with our overall market analysis.
Global Economic Insights
Japan continues to grapple with inflation, primarily driven by cost-push factors, as noted by Bank of Japan board member Asahi Nuchi. This suggests a continued ultra-loose monetary policy. In corporate news, Tencent-backed Prao, a Healthcare and Diagnostics app, is aiming for profitability next fiscal year and is considering an IPO. The OECD has warned of a deepening slowdown in advanced economies, with growth not expected to pick up until 2025.
Today's Major Economic Events
Here's a snapshot of today's key economic releases:
• US Factory Orders - 1500 hours GMT
• US 3-Month Bill Auction - 1630 hours GMT
• Germany's Trade Balance - 0700 hours GMT
• Germany's Exports - 0700 hours GMT
• Japan's Tokyo Consumer Price Index - 2330 GMT
• Japan's Tokyo CPI - 2330 GMT
Declining house prices in the US are currently bad news for the dollar
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