Daily Global Market Update August 16th, 2024

Pound Sterling's Slight Gain

The pound experienced a modest increase of 0.2% against the dollar in the last session. The RSI is signalling a positive outlook.

Bitcoin's Significant Drop

The Bitcoin-dollar pair plummeted 3% in the last session. The ROC is giving a negative signal.

Oil's Dramatic Surge

The oil-dollar pair skyrocketed 1.1% in the last session. According to the Stochastic RSI, we are in an overbought market.

Australian Dollar's Slight Uptick

The Aussie dollar pair made a minor upwards correction in the last session, gaining 0.2%. The Williams indicator suggests an overbought market.

Global Financial Headlines

Ethereum has reached a significant milestone with its total ether supply hitting 120 million. This development coincides with a surge in staking and restaking ether uptake, further reinforcing its proof-of-stake consensus mechanism. British equity indexes rose as global markets reacted positively to data alleviating concerns of a US recession. The UK economy grew in line with expectations, with the blue-chip FTSE 100 closing 0.8% higher and the mid-cap FTSE 250 adding 0.7%. Gold prices pared gains as the dollar and treasury yields rose following stronger-than-expected US economic data, which could influence the Federal Reserve's interest rate cut decisions. Spot gold was up 0.3%.

Upcoming Economic Highlights

Here's a brief rundown of today's anticipated economic releases:

• US Michigan Consumer Sentiment Index - 1400 GMT

• US Housing Starts - 1230 GMT

• UK's CFTC GBP NC Net Positions - 1930 GMT

• Eurozone's Trade Balance - 0900 GMT

• Japan's Tertiary Industry Index - 0430 GMT

• UK's Retail Sales - 0600 GMT