Daily Global Market Update September 12th, 2024

EUR/USD Sideways Movement

The EUR/USD pair traded sideways in the last session. The Stochastic indicator is giving a negative signal.

USD/JPY Sideways Trading

The USD/JPY pair traded sideways in the last session. The MACD is giving a negative signal.

Gold's Minor Downward Correction

The Gold/USD pair made a minor downwards correction in the last session, dropping 0.2%. The Williams Percent Range indicator is giving a negative signal.

Volkswagen Stock Rise

The last session saw Volkswagen's stock rise 0.4%. The Stochastic indicator suggests an oversold market.

Global Financial Headlines

The US dollar showed mixed performance in choppy trading after data revealed a rise in underlying inflation in August, reinforcing expectations of a smaller 25 basis point interest rate cut by the Federal Reserve next week. Wall Street's main indexes fell following the latest inflation numbers, which dampened hopes for a larger interest rate cut. Meanwhile, odds of Democrat Kamala Harris winning the US Presidency increased after a televised debate. In the energy sector, US crude oil climbed more than $2 a barrel, driven by fears of lengthy production shutdowns in the offshore oil patch as Hurricane Francine approached.

Upcoming Economic Highlights

Key economic events to look out for include:

• US Monthly Budget Statement - 18:00 GMT

• Germany's Wholesale Price Index - 06:00 GMT

• US Producer Price Index - 12:30 GMT

• US Initial Jobless Claims - 12:30 GMT

• Spain's Harmonised Index of Consumer Prices - 07:00 GMT

• Spain's Consumer Price Index - 07:00 GMT