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Daily Global Market Update August 16th, 2024

Pound Sterling's Slight Gain The pound experienced a modest increase of 0.2% against the dollar in the last session. The RSI is signalling a positive outlook. Bitcoin's Significant Drop The Bitcoin-dollar pair plummeted 3% in the last session. The ROC is giving a negative signal. Oil's Dramatic Surge The oil-dollar pair skyrocketed 1.1% in the last session. According to the Stochastic RSI, we are in an overbought market. Australian Dollar's Slight Uptick The Aussie dollar pair made a minor upwards correction in the last session, gaining 0.2%. The Williams indicator suggests an overbought market. Global Financial Headlines Ethereum has reached a significant milestone with its total ether supply hitting 120 million. This development coincides with a surge in staking and restaking ether uptake, further reinforcing its proof-of-stake consensus mechanism. British equity indexes rose as global markets reacted positively to data alleviating concerns of a US recession. The UK economy grew in line with expectations, with the blue-chip FTSE 100 closing 0.8% higher and the mid-cap FTSE 250 adding 0.7%. Gold prices pared gains as the dollar and treasury yields rose following stronger-than-expected US economic data, which could influence the Federal Reserve's interest rate cut decisions. Spot gold was up 0.3%. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • US Michigan Consumer Sentiment Index - 1400 GMT • US Housing Starts - 1230 GMT • UK's CFTC GBP NC Net Positions - 1930 GMT • Eurozone's Trade Balance - 0900 GMT • Japan's Tertiary Industry Index - 0430 GMT • UK's Retail Sales - 0600 GMT

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Publication date:

2024-08-16 07:29:43 (GMT)

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