Daily Global Market Update
Pound's Sideways Movement
The GBP/USD pair traded sideways in the last session. The Stochastic indicator's negative signal is at odds with our overall technical analysis.
Bitcoin's Significant Drop
Bitcoin saw a substantial decline of 4.2% in its last session. The Stochastic RSI suggests that we are in an oversold market.
Oil's Sharp Decline
The Oil/USD pair experienced a significant drop of 4.3% in the last session. The Stochastic RSI points to an oversold market condition.
AUD/USD's Moderate Fall
The Australian Dollar fell by 0.6% against the US Dollar in the last session. The CCI is indicating a negative trend.
Global Financial Headlines
Solana has achieved new yearly highs, gaining more than 177%, following commendations from Ark Invest CEO Kathy Wood for its efficiency and cost-effectiveness. Meanwhile, Europe's benchmark index has seen a decline after a 3-day increase, as hopes for policy tightening and rate cuts have been overshadowed by softening inflation in major economies. In the oil market, prices have dropped due to signs of increased supply from the US and concerns over weak energy demand from China, with Brent Futures falling to $80.
Upcoming Economic Highlights
Key economic releases for today include:
• UK's Retail Sales - 0700 hours GMT
• UK's CFTC GBP NC Net Positions - 2030 GMT
• US Housing Starts - 1330 GMT
• Japan's CFTC JPY NC Net Positions - 2030 GMT
• Eurozone's Harmonized Index of Consumer Prices - 1000 GMT
• US Baker Hughes US Oil Rig Count - 1800 GMT
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