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Daily Global Market Update August 23rd, 2024

GBP/USD Pair's Sideways Movement The GBP/USD pair traded sideways in the last session. The ROC is giving a negative signal, aligning with our overall technical analysis. Bitcoin's Sharp Decline The Bitcoin-dollar pair plummeted 1% in the last session. The Stochastic indicator is giving a negative signal. Oil's Minor Dip The oil-dollar pair saw a minor dip of 0.2% in the last session. The MACD is giving a positive signal, contrary to the overall price movement. AUD/USD Pair's Decline The last session saw the Aussie drop 0.6% against the dollar. According to the Stochastic RSI, we are in an overbought market. Global Financial Headlines Despite transfers from the Mt. Gox bankruptcy estate and worries of a US Government sell-off, Bitcoin exchange inflows have dropped significantly since early August. After a strong start to the month, US business activity fell to a 4-month low in August, and firms continued to struggle to pass on higher prices to customers, bolstering the likelihood that inflation will stay on a downward trend over the coming months. Oil prices settled up more than 1% as expectations for a US interest rate cut in a few weeks fuelled a rebound after 4 days of price declines. Brent crude futures settled up 1.54%. Upcoming Economic Highlights Here's a brief rundown of today's anticipated economic releases: • US New Home Sales - 1400 GMT • US Baker Hughes US Oil Rig Count - 1700 GMT • French Business Climate in Manufacturing - 0645 GMT • Japan's CFTC JPY NC Net Positions - 1930 GMT • UK CFTC GBP NC Net Positions - 1930 GMT • Canada's Retail Sales - 1230 GMT

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Publication date:

2024-08-23 07:51:44 (GMT)

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