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Daily Global Market Update August 21st, 2024

Bitcoin's Recent Decline The Bitcoin-USD pair experienced a decrease of 0.6% in the last session. The Stochastic RSI indicates that we are currently in an overbought market. Apple's Minor Upward Correction Apple shares made a minor upwards correction in the last session, rising by 0.3%. According to the Stochastic RSI, we are in an overbought market. AUD/USD Pair's Slight Increase The AUD/USD pair made a minor upwards correction in the last session, rising 0.1%. The Ultimate Oscillator is giving a positive signal. Gold's Upward Movement The gold-dollar pair rose by 0.4% in the last session. The Stochastic indicator is giving a positive signal. Global Financial Headlines Gold prices extended their record run, holding firm above the key $2,150 level. This surge is driven by a weaker dollar and growing investor confidence that the Federal Reserve will likely cut interest rates in September. The dollar fell to its lowest level since January as investors await revisions to US payrolls data on Wednesday and Federal Reserve Chair Jerome Powell's speech at the Jackson Hole economic conference in Wyoming later in the week. Meanwhile, demand for Bitcoin has been in a downtrend since April, approaching negative levels over the past few weeks. According to data analytics firm CryptoQuant, the apparent demand for the digital asset has dropped from a 30-day growth of 496,000 Bitcoins in April to a current negative growth of 25,000 BTC. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • UK's Public Sector Net Borrowing - 0600 GMT • Japan's Foreign Investment in Japan Stocks - 2350 GMT • US EIA Crude Oil Stocks Change - 1430 GMT • Japan's Foreign Bond Investment - 2350 GMT • Germany's 10y Bond Auction - 0940 GMT • US MBA Mortgage Applications - 1100 GMT

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Publication date:

2024-08-21 07:53:23 (GMT)

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