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Daily Global Market Update

January 9, 2024 |
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Daily Global Market Update

Gold's Decline in the Market

Gold fell by 0.7% against the dollar in the last trading session. The Stochastic RSI indicates that the market is currently oversold.


Euro's Upward Correction

The EUR/USD pair saw a minor upward correction, gaining 0.1% in the last session. The MACD is currently signaling a negative trend.


Pound's Positive Outlook

The GBP/USD pair experienced a minor upward correction, rising 0.2% in the last session. The Williams Percent Range indicator is giving a positive signal.


Bitcoin's Significant Rise

Bitcoin paired with the dollar, soared by 6.8% in the last session. The MACD is indicating a positive signal, aligning with our overall technical analysis.


Global Financial Headlines

Global shares have slightly declined as investors await US inflation data and a corporate reporting season. Litecoin has emerged as the most utilized cryptocurrency for payments, according to bidpay. In a major renewable energy deal, South Korea's Q sales is set to supply Microsoft with American-made solar panels.

Upcoming Economic Highlights

Key economic events to look out for include:

  • Japan's Labor Cash Earnings - 2330 GMT
  • US Red Book Index - 1355 GMT
  • UK's BRC Retail Sales - 0001 GMT
  • Japan's Overall Household Spending - 2330 GMT
  • Eurozone's Unemployment Rate - 1000 GMT
  • Germany's Industrial Production - 0700 GMT
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Daily Global Market Update

December 28, 2023 |
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Daily Global Market Update

 
Euro's Positive Outlook

The Euro-Dollar pair rose by 0.5% in the last session. The Ultimate Oscillator's positive signal aligns with the overall technical analysis, suggesting a potential upward trend for the Euro.

 

 

 
Dollar's Decline Against Yen

The last session saw the Dollar drop 0.5% against the Yen. The Ultimate Oscillator is giving a negative signal, which is consistent with our overall technical analysis and may indicate further declines.

 

 

 
Gold's Recent Gain

The Gold-Dollar pair gained 0.5% in the last session. The Commodity Channel Index (CCI) indicates that we are currently in an overbought market, which traders should watch closely.

 

 

 
Google's Stock Retreat

The last session saw Google's stock drop by 0.9%. According to the Stochastic RSI, we are currently in an overbought market, which may signal a potential reversal or slowdown in the stock's recent uptrend.

 

 

 
Global Financial Headlines

The dollar slipped to a 5-month low against the Euro and other major currencies on expectations that the Federal Reserve could soon cut interest rates. As we approach the new year, trading volumes might remain muted due to holidays. Meanwhile, the global economy is ending 2023 stronger than anticipated, with inflation falling and potential interest rate cuts in 2024. However, risks persist as higher rates continue to impact markets. The pan-European stock 600 and other major indexes around the world are hovering near record highs, with oil and gas stocks leading the gains.


 
Upcoming Economic Events

Here's a brief rundown of today’s anticipated economic releases:

  • US Continuing Jobless Claims - 1330 GMT
  • US Initial Jobless Claims - 1330 GMT
  • US EIA Crude Oil Stocks Change - 1530 GMT
  • Spain's Retail Sales - 0800 GMT
  • Austria's Purchasing Manager Index - 0900 GMT
  • Italy's 10-Year Bond Auction - 1030 GMT
 

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Daily Global Market Update

December 27, 2023 |
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Daily Global Market Update

 

Bitcoin's Recent Downturn

The Bitcoin to USD pair experienced a significant decline, dropping by 2.8% in the last session. The Stochastic indicator, however, is currently hinting at a potential reversal with a positive signal.

 

 

Nike's Stock Adjustment

Nike's shares saw a minor decline of 0.2% in the last session. The Rate of Change (ROC) indicator is providing a negative signal, suggesting a potential continuation of this downward trend.

 

 

AUD/USD's Slight Recovery

The Australian Dollar made a minor upward correction against the US Dollar, rising by 0.2%. The Commodity Channel Index (CCI) is indicating an overbought market, which traders should watch closely.

 

 

Gold's Incremental Gain

Gold appreciated against the dollar, marking a 0.6% gain in the last session. The market appears overbought according to the Williams %R indicator, signaling that a correction might be on the horizon.

 

 

Global Economic Insights

Oil continues to find support amidst geopolitical tensions in the Middle East and optimistic views that the US Federal Reserve may soon cut interest rates, potentially stimulating global economic growth and fuel demand. Meanwhile, the dollar struggles to find a firm footing amid cooling inflation, which may lead the Federal Reserve to ease interest rates next year. Binance's founder, Changpeng Zhao, despite facing legal challenges and stepping down from his CEO role, saw his wealth surge by nearly $25 billion in 2023, highlighting the volatile yet lucrative nature of the cryptocurrency market.


Today's Economic Highlights

Today’s economic agenda is packed with significant releases:

  • US MBA Mortgage Applications - 1200 hours GMT
  • US Red Book Index - 1355 hours GMT
  • Finland's Consumer Confidence - 0600 hours GMT
  • Finland's Industrial Confidence - 0600 hours GMT
  • Japan's Retail Trade - 2350 GMT
  • Japan's Large Retailer Sales - 2350 GMT
 

 

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Moneta Markets Ltd.

August 2, 2023 |

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June 14, 2023 |
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May 9, 2023 |
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Aussies signal interest rate pause

April 4, 2023 |
OVERNIGHT

Asian equity market performance is mixed today but in most cases the moves are relatively small. The oil price has continued to climb after OPEC’s announcement of a cut in production. However, so far the bounce has only taken prices back to their level of early March. As expected, the Australian central bank left interest rates unchanged at today’s policy update in the first ‘no hike’ announcement since last April. The RBA said that it would assess the impact of previous hikes but warned that more tightening “may well be needed”.

THE DAY AHEAD

Today’s European Central Bank’s consumer expectations survey will provide an update on how inflation trends are perceived. The last survey showed a decline in both 12 month and longer-term expectations and given the recent weakening in energy prices expectations may have fallen further this time. The ECB is likely to see that as evidence that their interest rate hikes are proving effective. Nevertheless, they will still be mindful that the March CPI data for the region showed a further rise in core inflation despite the decline in headline inflation. So, it remains unlikely that interest rates have peaked.

US factory orders are forecast to have fallen by 0.3% in February. Already released data for durable goods orders, which is about 40% of the total, showed a decline of 1.0% due to another fall in the volatile transport sector. However, non-durable orders are likely to have risen for the second month in a row. The US manufacturing sector, more broadly, continues to underperform other areas of the economy.

There is no data of note in the UK today. However, a couple of Bank of England policymakers are due to speak. One of these is Silvana Tenreyro, who voted against each of the last three interest rate hikes, and so seems likely to point to downside risks for growth and inflation. The other is the BoE’s Chief Economist Pill who has always voted with the majority. Any comments they make on recent developments in the banking sector are likely to command particular attention. Two US Federal Reserve policymakers are also scheduled to speak.

Early Wednesday, the New Zealand central bank will give its latest monetary policy update. Unlike its Australian equivalent it is expected to raise interest rates again (by 25 basis points). Markets are also expecting another 25bp hike at the next update so the RBNZ’s forward guidance will also be interesting. Meanwhile, in Australia RBA Governor Lowe will follow up on today’s policy announcement with some comments on why they stood pat.

MARKETS

US Treasury and UK gilt yields fell on Friday after the lower-than-expected US inflation news. However, US yields have rebounded this morning following the OPEC announcement.  In currency markets, sterling, after moving up slightly against the euro on Friday is again higher this morning, but it has slipped against a generally firmer US dollar.

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April Holiday Trading Hours

April 3, 2023 |

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Market Mover Analysis

March 9, 2023 |

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Century Gothic Test

January 20, 2023 |

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