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Daily Global Market Update 14/05/2024

Gold's Recent Plunge The gold-dollar pair plummeted by 1% in the last session. The MACD is giving a positive signal, contrary to the downward trend. Euro's Slight Uptick The euro-dollar pair made a minor upward correction in the last session, rising by 0.1%. According to the CCI, we are currently in an overbought market. Pound's Modest Rise The pound rose by 0.3% against the dollar in the last session. The Ultimate Oscillator is giving a positive signal, indicating potential further gains. Bitcoin's Soaring Momentum The Bitcoin-dollar pair skyrocketed by 2.5% in the last session, defying expectations. However, the stochastic indicator is giving a negative signal, suggesting caution amid the bullish trend. Global Financial Highlights The S&P 500 closed with minimal change as investors paused after three consecutive weekly gains, awaiting crucial inflation readings and earnings reports. Meanwhile, consumer concerns regarding inflation persist. Jeffrey Morphe, the now-former President and CEO of cryptocurrency mining firm Bitfarms, will be stepping down immediately after initiating a lawsuit against the company in Canada. Morphe alleges breach of contract, wrongful dismissal, and seeks damages totaling $27 million. Anglo American has rejected an increased takeover offer of $42.6 billion from BHP Group, asserting that the world's largest listed miner continues to significantly undervalue the company. This decision follows the rejection of BHP's initial 39 billion All-Share proposal. Upcoming Economic Events Here are the major economic events scheduled for today: • UK's Claimant Count Change - 0600 GMT • Japan's Machine Tool Orders - 0600 GMT • UK's Employment Change - 0600 GMT • US NFIB Business Optimism Index - 1000 GMT • US Producer Price Index - 1230 GMT • Germany's Harmonized Index of Consumer Prices - 0600 GMT

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Publication date:

2024-05-14 07:32:21 (GMT)

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