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Daily Global Market Update October 11th, 2024

Pound's Sideways Movement The GBP/USD pair traded sideways in the last session. The Stochastic indicator suggests that the market is currently oversold. Bitcoin's Decline The Bitcoin/USD pair plummeted by 1.3% in the last session. The MACD is indicating a negative signal. Oil's Significant Rise The Oil/USD pair rose by 2.8% in the last session, after gaining as much as 3.6% during the session. The Stochastic indicator is giving a positive signal. Aussie Dollar's Modest Gain The AUD/USD pair gained 0.3% against the dollar in the last session. According to the CCI, the market is currently oversold. Global Financial Headlines Bitcoin's price action has been negative since the start of the week, with over 63,000 BTC, valued at approximately $11.83 billion, sent to crypto exchanges starting on October 7th. Oil prices jumped about 4% due to a spike in US fuel use before Hurricane Milton hit Florida, along with Middle East supply risks and signs of growing energy demand in the US and China. Gold prices extended gains as traders anticipate a Federal Reserve interest rate cut next month, following the latest US economic data, with spot gold up 0.6%. Upcoming Economic Highlights Key economic events to look out for include: • Finland's Current Account - 5 GMT • UK's Industrial Production - 6 GMT • US Michigan Consumer Sentiment Index - 14 GMT • Japan's CFTC JPY NC Net Positions - 1930 GMT • UK's Gross Domestic Product - 6 GMT • US Producer Price Index - 1230 GMT

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Publication date:

2024-10-11 05:25:15 (GMT)

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