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Daily Global Market Update June 7th, 2024

GBP/USD Pair's Stability The GBP/USD pair showed no significant movement in the last session. The Ultimate Oscillator is providing a positive signal, suggesting potential upward pressure. Bitcoin's Decline Bitcoin declined by 0.5% against the dollar in the last session. According to the Williams R indicator, the market is currently overbought. Oil's Surge Amid Interest Rate Cuts Oil prices surged by 2% following the European Central Bank's decision to cut interest rates. This move has fueled hopes of a similar decision by the Federal Reserve. The MACD indicator is giving a negative signal, indicating potential volatility ahead. AUD/USD Minor Correction The AUD/USD pair made a slight upward correction by gaining 0.1% in the last session. The Stochastic indicator is showing a positive signal, hinting at potential bullish momentum. Major Financial News Finance, the world's largest cryptocurrency exchange, has resumed allowing cryptocurrency purchases using MasterCard for bank transfers, ensuring smoother transactions. Meanwhile, shares of GameStop surged over 30% following a new video post by Roaring Kitty, significantly impacting market volatility. Economic Event Highlights Today's significant economic events include the US Average Hourly Earnings, Japan's Coincident Index, Germany's Industrial Production, the US Non-Farm Payrolls, Japan's Leading Economic Index, and the Euro Zone's Gross Domestic Product. These events are crucial for market sentiment and future trading strategies. • US Average Hourly Earnings - 12:30 GMT • Japan's Coincident Index - 05:00 GMT • Germany's Industrial Production - 06:00 GMT • US Non-Farm Payrolls - 12:30 GMT • Japan's Leading Economic Index - 05:00 GMT • Euro Zone's Gross Domestic Product - 09:00 GMT

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Publication date:

2024-06-07 07:22:06 (GMT)

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