Daily Global Market Update

The GBP/USD moved sideways, Bitcoin dropped 1%, and oil dipped slightly despite a positive MACD. AUD/USD fell 0.6% in an overbought market. Global trends show reduced Bitcoin inflows, lower US business activity, and a minor oil price rebound. Key economic data releases are expected today.

GBP/USD Pair's Sideways Movement

The GBP/USD pair traded sideways in the last session. The ROC is giving a negative signal, aligning with our overall technical analysis.

 

 

Bitcoin's Sharp Decline

The Bitcoin-dollar pair plummeted 1% in the last session. The Stochastic indicator is giving a negative signal.

 

 

Oil's Minor Dip

The oil-dollar pair saw a minor dip of 0.2% in the last session. The MACD is giving a positive signal, contrary to the overall price movement.

 

 

AUD/USD Pair's Decline

The last session saw the Aussie drop 0.6% against the dollar. According to the Stochastic RSI, we are in an overbought market.

 

 

Global Financial Headlines

Despite transfers from the Mt. Gox bankruptcy estate and worries of a US Government sell-off, Bitcoin exchange inflows have dropped significantly since early August. After a strong start to the month, US business activity fell to a 4-month low in August, and firms continued to struggle to pass on higher prices to customers, bolstering the likelihood that inflation will stay on a downward trend over the coming months. Oil prices settled up more than 1% as expectations for a US interest rate cut in a few weeks fuelled a rebound after 4 days of price declines. Brent crude futures settled up 1.54%.

 

Upcoming Economic Highlights

Here's a brief rundown of today's anticipated economic releases:

• US New Home Sales - 1400 GMT

• US Baker Hughes US Oil Rig Count - 1700 GMT

• French Business Climate in Manufacturing - 0645 GMT

• Japan's CFTC JPY NC Net Positions - 1930 GMT

• UK CFTC GBP NC Net Positions - 1930 GMT

• Canada's Retail Sales - 1230 GMT

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