Daily Global Market Update

Oil prices surged 1.9%, while the Australian dollar retreated slightly. The euro and Japanese yen remained stable. The Federal Reserve is expected to cut interest rates again in November, and Volkswagen lowered its annual outlook. Investors await key economic data next week, including US labor market figures. Wall Street's S&P 500 Index is up 20% year-to-date.
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Oil's Significant Rise

The Oil/USD pair skyrocketed by 1.9% in the last session. The Rate of Change (ROC) indicator is giving a positive signal.

 

 

Australian Dollar's Minor Correction

The AUD/USD pair experienced a minor downward correction, dropping 0.1% in the last session. The ROC indicator is giving a positive signal, despite the recent dip.

 

 

Euro's Sideways Movement

The EUR/USD pair traded sideways in the last session. The MACD is currently giving a positive signal, suggesting potential upward momentum.

 

 

Japanese Yen's Stable Performance

The USD/JPY pair traded sideways in the last session. The ROC indicator is giving a positive signal, indicating potential strength in the pair.

 

 

Global Financial Headlines

The Federal Reserve is likely to deliver a second 50 basis point interest rate cut in November, according to traders' expectations. This follows a government report showing US inflation has cooled to a pace near the central bank's 2% goal. Volkswagen has cut its annual outlook for the second time in less than three months, citing weaker-than-expected performance in its passenger car division. This highlights the increasing pressure on Europe's top automaker. Investor hopes for a soft landing for the US economy will be tested next week as the government releases closely watched labour market data. This comes after a series of disappointing jobs reports. Wall Street's benchmark S&P 500 Index is up 20% year-to-date, near a record high. The index is on track for its strongest January to September performance since 1997.

 

Upcoming Economic Highlights

Key economic events to look out for include:

• Japan's Unemployment Rate - 2330 GMT

• UK's Gross Domestic Product - 0600 GMT

• Japan's Annualised Housing Starts - 0500 GMT

• Germany's Retail Sales - 0600 GMT

• US Dallas Fed Manufacturing Business Index - 1430 GMT

• Germany's Harmonised Index of Consumer Prices - 1200 GMT

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