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Daily Global Market Update July 31st, 2024

Bitcoin's Recent Decline The Bitcoin-dollar pair dropped by 1% in the last session. The ROC is giving a negative signal. Meta's Share Drop Meta shares fell by 0.8% in the last session. The RSI is giving a negative signal. AUD/USD Minor Correction The AUD/USD pair made a minor downwards correction in the last session, dropping by 0.2%. The Williams indicator indicates an oversold market. Gold's Explosive Session The gold-dollar pair surged by 1.2% in the last session. The Stochastic RSI is giving a positive signal. Global Financial Headlines Oil prices slid to a seven-week low as investors worried about weakening demand from China, while OPEC+ seems likely to stick to plans to increase supplies. Market participants have been discussing a possible ceasefire deal in Gaza that could reduce the geopolitical risk premium for crude prices. The Japanese yen gained on reports that the Bank of Japan is considering raising rates to 0.25% from the current 0.1%, which is more than the market is currently pricing in. Tether has reached a circulating supply of $13.13 billion as of July, marking a significant milestone since the collapse of Silicon Valley Bank in March 2023, which marked a turning point for the stablecoin market as traditional finance institutions fled to USDT for stability. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • Japan's BoJ Monetary Policy Statement - 3 GMT • Eurozone's Harmonised Index of Consumer Prices - 9 GMT • US Fed Interest Rate Decision - 18 GMT • Germany's Retail Sales - 6 GMT • Australia's Retail Sales - 1:30 GMT • US ADP Employment Change - 12:15 GMT

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Publication date:

2024-07-31 07:47:32 (GMT)

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