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Daily Global Market Update 07/05/2024

Gold's Surging Momentum The gold-dollar pair surged by 1.3% in the last session, marking a significant uptrend. The CCI (Commodity Channel Index) is signaling a positive momentum shift. Euro's Minor Upswing The euro-dollar pair experienced a slight upward correction, gaining 0.1% in the last session. However, the stochastic indicator is giving a cautious negative signal. Pound's Marginal Gain The pound managed a slight increase of 0.1% against the dollar in the last session. However, the ultimate oscillator is indicating a negative outlook. Bitcoin's Declining Trend Bitcoin experienced a decline of 1% against the dollar in the last session, indicating a downward trend. The ROC (Rate of Change) is confirming the negative sentiment. Global Financial Updates US stock indexes continued their upward trajectory from last week, with investors increasingly betting on a potential interest rate cut by the Federal Reserve. Both the S&P 500 and NASDAQ hit record highs. Meanwhile, Hong Kong's spot Bitcoin ETFs are lagging behind their US counterparts in performance since their recent launch, attracting $262 million in assets under management. In other news, Tesla announced layoffs in its software service and engineering departments as part of its workforce reduction strategy. Upcoming Economic Events Here are today's major economic events to keep an eye on: • Germany's Trade Balance - 0600 GMT • Germany's Factory Orders - 0600 GMT • US 3-Year Note Auction - 1700 GMT • Japan's Jibun Bank Services PMI - 0300 GMT • Australia's RBA Interest Rate Decision - 0430 GMT • Australia's RBA Rate Statement - 0430 GMT

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Publication date:

2024-05-07 07:22:21 (GMT)

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