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Daily Global Market Update November 11th, 2024

Oil's Decline Against the Dollar The oil-dollar pair dove by 2.3% in the last session. The Commodity Channel Index (CCI) is giving a negative signal. Aussie Dollar's Downward Trend The Aussie dollar pair fell by 1.3% following a 1.7% intra-session dip. The Williams Percent Range indicator is giving a positive signal. Euro's Market Position The euro-dollar pair fell by 0.8% in the last session. The CCI indicates an oversold market. Dollar-Yen Pair's Minor Dip The dollar-yen pair saw a minor dip of 0.1% in the last session. The MACD is giving a negative signal. Global Financial Headlines Oil prices settled more than 2% lower last week as traders grew less fearful of prolonged supply disruptions in the US Gulf of Mexico. Meanwhile, China's latest economic stimulus packages failed to impress some oil traders. China's consumer prices rose more slowly in October, while producer price deflation deepened, even as Beijing doubled down on stimulus policies. China unveiled a 10 trillion yuan package to ease local government hidden debt burdens rather than directly injecting money into the economy. Investors will focus in the coming week on whether inflation trends can help sustain the record-breaking stock rally that has received a boost from Donald Trump's victory in the US presidential race. The benchmark S&P 500 surged to an all-time high and hit the 6,000 level for the first time. Upcoming Economic Highlights Key economic events to look out for include: • Finland's Current Account - 6 GMT • Japan's Eco Watchers Survey Current - 5 GMT • Japan's Eco Watchers Survey Outlook - 5 GMT • Japan's Machine Tool Orders - 6 GMT • Japan's Money Supply M2 plus CD - 2350 GMT • New Zealand's Electronic Card Retail Sales - 2145 GMT

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Publication date:

2024-11-11 07:15:27 (GMT)

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