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Daily Global Market Update May 31st, 2024

GBP/USD Pair's Slight Gain The GBP/USD pair saw a slight increase of 0.2% in the last session. The Ultimate Oscillator is currently indicating a positive signal. Bitcoin's Rally Bitcoin rose 1.2% against the dollar in the last session, with an intra-session high of 2.6%. The Rate of Change (ROC) indicator is showing a positive signal. Crude Oil's Decline The oil-dollar pair declined by 1.7% in the last session. The Stochastic indicator is giving a negative signal, hinting at potential continued downward pressure. AUD/USD Pair's Modest Rise The AUD/USD pair increased by 0.3% in the last session. The Rate of Change (ROC) indicator is providing a positive signal. Global Financial Headlines Crypto losses from fraud and theft declined by 12% year-on-year, totaling $52 million for the month, down from $59 million last year and a 28% decline from April. The US economy's growth was slower in the first quarter than initially estimated, leading to downward revisions in consumer spending and inflation rates. This may prompt the Federal Reserve to consider rate cuts before year-end. Meanwhile, oil prices dropped for a second consecutive session after reports of weak fuel demand in the US and unexpected rises in gasoline and distillate fuel inventories. Upcoming Economic Highlights Today's key economic releases include Germany's Retail Sales at 0600 GMT, the US Personal Income and Spending both at 1230 GMT, Japan's Construction Orders and Housing Starts at 0500 GMT, and the Eurozone's Harmonized Index of Consumer Prices at 0900 GMT. • Germany's Retail Sales - 0600 GMT • US Personal Income and Spending - 1230 GMT • Japan's Construction Orders and Housing Starts - 0500 GMT • Eurozone's Harmonized Index of Consumer Prices - 0900 GMT

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Publication date:

2024-05-31 06:08:20 (GMT)

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