Daily Global Market Update

Gold held steady, but technical indicators suggest overbought conditions. The Euro and Pound gained against the Dollar, also showing overbought signals. Bitcoin surged significantly, with similar technical warnings. Wall Street rallied on recession hopes and potential rate cuts. Cardano dropped from top 10 cryptocurrencies. AMD to acquire ZT Systems for AI expansion.

Gold's Steady Performance

The gold-dollar price remained largely unchanged in the last session. According to the Williams %R indicator, we are currently in an overbought market.

 

 

Euro's Ascent Against the Dollar

The Euro rose by 0.5% against the dollar in the last trading session. The Stochastic indicator is signalling a positive outlook.

 

 

GBP/USD Pair's Upward Movement

The pound-dollar pair gained 0.3% in the last session. The Commodity Channel Index (CCI) indicates an overbought market.

 

 

Bitcoin's Significant Surge

The Bitcoin-dollar pair surged 1.1% in the last session. The Stochastic RSI indicates an overbought market.

 

 

Global Financial Headlines

Wall Street pushed higher and the dollar tipped lower after stocks surged last week on expectations the US economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts. The Dow Jones Industrial Average and S&P 500 both rose over 0.5%. Cardano has fallen out of the top 10 cryptocurrencies by market capitalisation after dropping approximately 3% over the last 7 days. Cardano, once ranked third in crypto rankings during the 2021 bull cycle, is currently 11th after Tron. AMD said it plans to acquire server maker ZT Systems for $4.9 billion as the company seeks to expand its portfolio of artificial intelligence chips and hardware and battle Nvidia. AMD plans to pay for 75% of the ZT Systems acquisition with cash and the remainder in stock.

 

Upcoming Economic Highlights

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

• Japan's Exports - 2350 GMT

• US Redbook Index - 1255 GMT

• US API Weekly Crude Oil Stock - 2030 GMT

• Germany's Producer Price Index - 0600 GMT

• Japan's Imports - 2350 GMT

• Eurozone's Harmonised Index of Consumer Prices - 0900 GMT

Moneta Markets
Type: STP, ECN
Regulation: FCA (UK), FSA (Seychelles), FSCA (South Africa)
read more
US Payrolls Hit 5-Month High as Markets Await CPI This Week.

US Payrolls Hit 5-Month High as Markets Await CPI This Week.

U.S. and Canadian markets are closed for the holidays. With investors digesting nonfarm data and Middle East tensions high, traders should watch for unusual price swings amid low liquidity. Eurozone Q2 GDP is expected to be 0.4%, which could affect Thursday’s ECB meeting.
ATFX | 5h 14min ago
Fed Remarks Dampen Rate Hike Hopes Ahead of NFP Release

Fed Remarks Dampen Rate Hike Hopes Ahead of NFP Release

The U.S. August Nonfarm Payrolls report will be released tonight, the last major employment report before the Fed’s September meeting. Markets expect payrolls to rise by 58,000 (previous: -23,000), unemployment to remain at 4.1%, and average hourly earnings to increase 0.3% m/m (previous: 0.1%). The data could significantly impact rate expectations and market volatility.
ATFX | 3 days ago
Global Bond Selloff, Eyes on Central Banks & US ADP

Global Bond Selloff, Eyes on Central Banks & US ADP

The Reserve Bank of New Zealand and the Bank of Canada announce rate decisions in succession. This morning, the RBNZ raised rates by 25 basis points as expected; the BoC continues to balance slowing domestic growth against inflation pressures, with rates expected to remain unchanged. US ADP employment data (forecast 48K, previous 44K) will serve as a preview for Friday’s official Nonfarm Payrolls.
ATFX | 5 days ago
U.S. Stocks Await PCE Data & Nvidia Earnings

U.S. Stocks Await PCE Data & Nvidia Earnings

U.S. GDP revision and PCE Price Index will jointly validate the extent of economic cooling and disinflation. The PCE inflation gauge will directly shape market expectations for the Fed’s rate path, with Core PCE YoY expected to hold at 3.3%. The annualised QoQ GDP revision is forecast to remain at 1.5%. U.S. equities will also closely watch Nvidia’s earnings after market close
ATFX | 12 days ago