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Daily Global Market Update September 6th, 2024

Pound's Minor Rise Against the Dollar The GBP/USD pair experienced a slight increase, rising 0.2% in the last session. The Stochastic indicator is currently signalling a negative trend. Bitcoin's Significant Drop The BTC/USD pair plummeted by 3% in the last session. The MACD is currently giving a negative signal, aligning with the recent price action. Oil's Slight Increase Oil experienced a marginal increase of 0.1% against the dollar in the last session. The Rate of Change (ROC) indicator is currently giving a negative signal. Australian Dollar's Upward Movement The AUD/USD pair gained 0.3% in the last session. However, the Ultimate Oscillator is currently giving a negative signal, suggesting potential caution. Global Financial Headlines Crypto lobbying has seen a significant increase over the past few years, with key companies like Coinbase driving advocacy efforts to influence US legislators. Coinbase has increased its lobbying expenditure by 3,475% over the past 7 years. In Europe, shares of major luxury goods companies have fallen sharply due to growing concerns over slowing demand in the key Chinese market, following signs of weakening in the world's second-largest economy. OPEC+ has agreed to delay a planned oil output increase for October and November after crude prices hit their lowest in 9 months, adding that it could further pause or reverse the hikes if needed. Upcoming Economic Highlights Key economic events to look out for include: • Japan's Coincidence Index - 0500 GMT • Japan's Leading Economic Index - 0500 GMT • UK's CFTC GBP Non-Commercial Net Positions - 1930 GMT • Eurozone's Gross Domestic Product - 0900 GMT • US Non-Farm Payrolls - 1230 GMT • US Average Hourly Earnings - 1230 GMT

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Publication date:

2024-09-06 09:21:02 (GMT)

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