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Daily Global Market Update May 29th, 2024

Bitcoin's Significant Drop Bitcoin's value against the dollar plummeted by 1.5% in the last session. The Stochastic indicator is signaling that the market could be oversold, suggesting a negative outlook for the cryptocurrency. Google's Stock Progress Google's stock experienced an increase of 1% in the last session. The Stochastic RSI indicates a negative signal, suggesting potential downward pressure despite the recent gain. Stability in AUD/USD The AUD/USD pair remained largely unchanged in the last session. The Stochastic RSI is currently providing a positive signal, hinting at potential upward movement. Gold's Minor Gain Amid Market Volatility Gold increased by 0.3% against the dollar in the last session. The Stochastic indicator shows a negative signal, which may suggest a potential reversal or consolidation in the near term. Global Financial Headlines Oil prices rose sharply, gaining more than $1 a barrel with expectations that OPEC+ will maintain supply curbs. Additionally, the start of the US summer driving season and a weaker dollar have contributed to the price increase. In other news, the US Treasury saw weak demand in recent bond auctions, affecting the dollar and treasury yields. Upcoming Economic Highlights Here is a brief rundown of today's major economic events: • Australia's Construction Work Done - 0130 GMT • Japan's Foreign Bond Investment - 2350 GMT • Germany's Harmonized Index of Consumer Prices - 1200 GMT • US Federal Reserve's Beige Book - 1800 GMT • Japan's Consumer Confidence - 0500 GMT • US MBA Mortgage Applications - 1100 GMT

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Publication date:

2024-05-29 07:03:35 (GMT)

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