Daily Global Market Update, October 24th, 2024

EUR/USD's Downward Movement

The EUR/USD pair experienced a minor decline of 0.1% in the latest trading session. The Rate of Change (ROC) indicator is currently showing a negative signal.

USD/JPY's Strong Performance

The dollar strengthened against the Japanese yen, gaining 0.9% in the latest session. The Ultimate Oscillator suggests the market is currently in overbought territory.

Gold's Sharp Decline

Gold experienced a significant drop of 1.1% in the latest trading session. The Stochastic RSI indicates bearish momentum.

Amazon Stock Under Pressure

Amazon shares declined by 2.2% in the latest session. The Stochastic RSI is showing bearish signals.

Market Headlines

The Canadian dollar has weakened to an 11-week low against its US counterpart following the Bank of Canada's significant interest rate cut. Wall Street experienced a decline, led by mega-cap stocks, as US Treasury yields increased and investors became more skeptical about aggressive Federal Reserve rate cuts. Both McDonald's and Coca-Cola faced pressure from corporate news. Additionally, US existing home sales fell to a 14-year low in September, affected by elevated mortgage rates and house prices, marking the second consecutive monthly decline.

Upcoming Economic Events

Key economic releases to watch:

• Japan's Jibun Bank Manufacturing PMI - 0030 GMT

• UK's GfK Consumer Confidence - 2301 GMT

• US Initial Jobless Claims - 1230 GMT

• German Buba Monthly Report - 1000 GMT

• US Chicago Fed National Activity Index - 1230 GMT

• Finland's Producer Price Index - 0500 GMT