Forex Newsletter: Mixed Start with Kiwi & Aussie Surging

London: 10 September 2024 (TraderMade): Welcome to today’s FX Newsletter! The global financial markets indicate a mixed start today - with Kiwi & Aussie leading the pack in FX, mixed signals across global indices, and a considerable decline in Crude Oil, Gold, and Silver. Let’s take you through the sector-wise updates:

Key Takeaways

• Forex: NZD (Up 0.13%) & AUD (Up 0.11%) gained while NOK (Down 0.11%) & CAD (Down 0.04%) declined against USD today.
• Asia-Pacific Mixed: Nikkei (JPN225) soared 0.1%, Hang Seng (HKG33) slipped 0.01%.
• European Indices Unchanged: FTSE (UK100), CAC (FRA40), and DAX (GER30) traded flat at writing time.
• US Markets Dipped: S&P 500 (SPX500) was down 0.27%, Nasdaq (NAS100) slipped 0.45%, and Dow Jones (USA30) also slipped 0.19%.
• Energy Markets Mixed: Brent Crude (UKOIL) dipped 0.41%, WTI Crude (OIL) declined 0.32%, yet Natural Gas (NATGAS) surged 0.19%.
• Precious Metals Dipped: Gold (XAUUSD) slipped 0.12%, and Silver (XAGUSD) declined 0.2%.

G10 Forex

NZD & AUD are Top Gainers

In the G10 FX Market, the New Zealand Dollar (NZD: Surged 0.13%) and the Australian Dollar (AUD: Soared 0.11%) are the top gainers today versus the dollar (USD).

NOK & CAD are Top Laggers

Norwegian Krone (NOK: Dipped 0.11%) and Canadian Dollar (CAD: Slipped 0.04%) are the top losers versus the dollar (USD).

Forex Daily Pivot Points

Global Indices Mixed

Asian Markets Mixed

In Asian equities, markets were trading mixed today. The Nikkei (JPN225) was trading at 36372.0, up 0.1%. The Hang Seng (HKG33) was trading at 17243.0, down 0.01%.

The Nikkei’s surge can be a reflection of Wall Street’s rebound from the last week, market participants’ speculation of a Fed rate cut, and many other factors.

European Indices Flat

• The UK’s FTSE 100 (UK100) traded flat at 8277.3.
• France’s CAC 40 (FRA40) traded flat at 7444.5.
• Germany’s DAX 30 (GER30) traded flat at 18514.6.

US Equities Futures Dipped

Looking at Equity Futures so far, the SP500 Futures was trading at 5467.8501, down 0.24%.

Popular US Indices Declined

Weaker-than-expected US job reports, an unexpected hike in tech stocks during the AI boom, and a slump in tech giant’s stock prices (especially Apple) caused a dip in US Markets.

• Standard & Poor’s 500 (SPX500) dipped 0.27% to 5465.85.
• Nasdaq (NAS100) declined 0.45% to 18610.55.
• Dow Jones Industrial Average (USA30) followed suit to dip 0.19% to 40780.

Energy Markets

Crude Oil Futures Down

In the Energy space, Oil futures were trading weak today. The WTI Crude Futures was trading at 67.945, down 0.32%. The Brent Crude Futures was trading at 71.49, down 0.38%.

Spot Prices Mixed

Increasing global crude oil supply, decreasing demand, and economic concerns in the US & China have been causing a significant dip in crude oil prices.

• Brent Crude (UKOIL) dipped 0.41% to $71.465 a barrel.
• WTI Crude (OIL) slipped 0.32% to $67.905 a barrel.
• Natural Gas (NATGAS) soared 0.19% to $2.37/MMBtu.

Precious Metals Lost Shine

The strengthening dollar and a considerable surge in the dollar index have increased pressure on Gold, causing its dip.

• Gold (XAUUSD) was down 0.12% to 2503.393.
• Silver (XAGUSD) also dipped 0.2% to 28.296.

To Summarize

Today’s forex trading newsletter covers the status of various financial instruments across forex, stock indices, and commodities at the morning bell. The global financial markets indicate a mixed start. Stay tuned for more financial news and updates as the trading day progresses.

_{Live Rates at about 05:44 AM GMT are compared to the Last Close Values to calculate the Percentage Differences. Image Courtesy: Tech Daily on Unsplash}