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Daily Global Market Update September 20th, 2024

Pound's Significant Rise Against the Dollar The GBP/USD pair saw a notable increase, rising 0.6% in the last trading session. The Stochastic RSI indicates that the market is currently overbought. Bitcoin's Explosive Growth The BTC/USD pair experienced a significant surge, exploding 1.9% in the last session. The Stochastic RSI is signalling an overbought market. Oil's Remarkable Surge The Oil/USD pair saw an explosive growth of 2.4% in the last session. The Rate of Change (ROC) indicator is giving a positive signal. Australian Dollar's Upward Movement The AUD/USD pair saw a positive movement, rising 0.7% in the last session. The Relative Strength Index (RSI) is giving a positive signal. Global Financial Headlines Crypto exchange Coinbase has made significant strides in the wrapped Bitcoin market, accumulating nearly 2,000 tokens in circulating supplies just a week after joining the race on September 12th. This rapid growth potentially challenges the dominance of long-established players in the sector. The Bank of England has maintained interest rates at 5%, signalling caution about future cuts. The central bank also refrained from accelerating the reduction of its bond holdings, a move that avoids additional budget pressures for Finance Minister Rachel Reeves. Gold prices have surged over 1% following the U.S. Federal Reserve's decision to launch its monetary easing cycle with a half percentage point move. This boost has propelled bullion to an all-time high, just shy of the key $2,600 ceiling in the previous session. Upcoming Economic Highlights Key economic events to watch for today include: • Japan's BOJ Interest Rate Decision - 03:00 GMT • UK's Public Sector Net Borrowing - 06:00 GMT • Germany's Producer Price Index - 06:00 GMT • US Baker Hughes US Oil Rig Count - 17:00 GMT • Japan's BOJ Monetary Policy Statement - 03:00 GMT • Eurozone's Consumer Confidence - 14:00 GMT

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Publication date:

2024-09-20 08:53:59 (GMT)

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