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Daily Global Market Update August 20th, 2024

Gold's Steady Performance The gold-dollar price remained largely unchanged in the last session. According to the Williams %R indicator, we are currently in an overbought market. Euro's Ascent Against the Dollar The Euro rose by 0.5% against the dollar in the last trading session. The Stochastic indicator is signalling a positive outlook. GBP/USD Pair's Upward Movement The pound-dollar pair gained 0.3% in the last session. The Commodity Channel Index (CCI) indicates an overbought market. Bitcoin's Significant Surge The Bitcoin-dollar pair surged 1.1% in the last session. The Stochastic RSI indicates an overbought market. Global Financial Headlines Wall Street pushed higher and the dollar tipped lower after stocks surged last week on expectations the US economy would dodge a recession and cooling inflation would kick off a cycle of interest rate cuts. The Dow Jones Industrial Average and S&P 500 both rose over 0.5%. Cardano has fallen out of the top 10 cryptocurrencies by market capitalisation after dropping approximately 3% over the last 7 days. Cardano, once ranked third in crypto rankings during the 2021 bull cycle, is currently 11th after Tron. AMD said it plans to acquire server maker ZT Systems for $4.9 billion as the company seeks to expand its portfolio of artificial intelligence chips and hardware and battle Nvidia. AMD plans to pay for 75% of the ZT Systems acquisition with cash and the remainder in stock. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • Japan's Exports - 2350 GMT • US Redbook Index - 1255 GMT • US API Weekly Crude Oil Stock - 2030 GMT • Germany's Producer Price Index - 0600 GMT • Japan's Imports - 2350 GMT • Eurozone's Harmonised Index of Consumer Prices - 0900 GMT

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Publication date:

2024-08-20 08:17:15 (GMT)

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