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Daily Global Market Update August 9th, 2024

Pound's Rise Against the Dollar The pound rose by 0.4% against the dollar in the last session. According to the CCI, we are currently in an oversold market. Bitcoin's Explosive Growth The Bitcoin-dollar pair exploded by 8.2% in the last session. The Stochastic RSI is signalling a positive outlook. Oil's Modest Gain The oil-dollar pair rose by 0.7% in the last session. The MACD is giving a negative signal, contrasting with the price movement. AUD/USD Pair's Significant Leap The AUD/USD pair skyrocketed by 1.1% in the last session. The RSI is giving a positive signal, aligning with the overall price movement. Global Financial Headlines Global crypto trading volumes on centralised exchanges surged by 19% in July, reaching $4.94 trillion, marking the first increase in trading volumes in 4 months. The average rate on the popular US 30-year mortgage plunged to its lowest level since May 2023, averaging 6.47%, down from 6.73% in the prior week. This follows days of market turbulence resulting from last week's softer-than-expected employment report. Gold prices rose more than 1%, supported by firm safe-haven demand and growing expectations for a sizable interest rate cut from the US Federal Reserve in September. Spot gold rose 1.6%. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • US Baker Hughes US Oil Rig Count - 1700 GMT • Germany's Harmonised Index of Consumer Prices - 0600 GMT • Germany's Consumer Price Index - 0600 GMT • Finland's Industrial Output - 0500 GMT • Japan's CFTC JPY NC Net Positions - 1930 GMT • UK's CFTC GBP NC Net Positions - 1930 GMT

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Publication date:

2024-08-09 07:46:28 (GMT)

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