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The oil/dollar pair saw a minor upward correction, rising 0.2% in the last session. The Commodity Channel Index (CCI) indicates that the market is currently overbought.
The AUD/USD pair traded sideways in the last session. The Moving Average Convergence Divergence (MACD) is currently giving a positive signal.
The EUR/USD pair traded sideways in the last session. The Relative Strength Index (RSI) is giving a positive signal.
The USD/JPY price remained largely unchanged in the last session. The Stochastic indicator is giving a positive signal.
Gold has soared above the $2,600 level for the first time, extending a rally boosted by bets for further US interest rate cuts and rising tensions in the Middle East. Shares of FedEx slumped over 15% on Friday, the worst in 2 years, after a dismal first-quarter profit drop due to anaemic economic conditions and an ongoing customer shift towards slower, cheaper deliveries. The S&P 500 hit its first closing all-time high in 2 months after the Fed unveiled a 50 basis point rate cut. However, the roaring rally in US stocks now faces a gauntlet of economic data, looming political uncertainty, and a corporate earnings test in coming weeks.
Key economic events to look out for include:
