Daily Global Market Update
Gold's Rise and Euro's Dip
The gold-dollar pair gained 0.7% in the last session, but the CCI is signaling a negative outlook, contradicting our overall technical analysis.
Euro's Slight Decline
The euro-dollar pair saw a minor dip of 0.2% in the last session, with the stochastic indicator signaling a negative trend.
Pound's Stable Performance
The pound-dollar price remained largely unchanged in the last session. According to the stochastic RSI, we are in an oversold market.
Bitcoin's Significant Decline
The Bitcoin-dollar pair plummeted by 3.6% in the last session, with the RSI indicating a negative trend.
Recent Developments in the Financial World
US stocks closed sharply lower as a strong retail sales report was overshadowed by a jump in treasury yields and rising geopolitical tensions between Iran and Israel. The price of Ethereum in USD has more than doubled since switching to proof of stake in September 2022. However, when priced in Bitcoin, the ETH/BTC pair is down roughly 33% since the merge. Tesla is laying off more than 10% of its global workforce as it faces falling sales and an intensifying price war for electric vehicles. Musk last announced job cuts in 2022, hiring over 40,000 people since then.
Major Economic Events for Today
Here are today's major economic events:
• US Housing Starts - 12:30 GMT
• Japan's Imports - 23:50 GMT
• Germany's ZEW Survey Economic Sentiment - 09:00 GMT
• US Industrial Production - 13:15 GMT
• UK's Employment Change - 06:00 GMT
• UK's Claimant Count Change - 06:00 GMT
Inflation in the US will not make the Fed's rate cut in September comfortable
Gold approached the upper limit of the 4-month trading range
Dollar extends slide ahead of PCE inflation data
September Market Insights: How Volatility, Institutional Flows, and Global Trends Shape Fall Trading
While the dollar is confused, the S&P 500 faces NVIDIA’s rebalancing threat
August was the best month for gold since April
EBC Markets Briefing | Aussie dollar stalls on US GDP beat
