Daily Global Market Update

Bitcoin's Recent Downturn

The Bitcoin to USD pair experienced a significant decline, dropping by 2.8% in the last session. The Stochastic indicator, however, is currently hinting at a potential reversal with a positive signal.

Nike's Stock Adjustment

Nike's shares saw a minor decline of 0.2% in the last session. The Rate of Change (ROC) indicator is providing a negative signal, suggesting a potential continuation of this downward trend.

AUD/USD's Slight Recovery

The Australian Dollar made a minor upward correction against the US Dollar, rising by 0.2%. The Commodity Channel Index (CCI) is indicating an overbought market, which traders should watch closely.

Gold's Incremental Gain

Gold appreciated against the dollar, marking a 0.6% gain in the last session. The market appears overbought according to the Williams %R indicator, signaling that a correction might be on the horizon.

Global Economic Insights

Oil continues to find support amidst geopolitical tensions in the Middle East and optimistic views that the US Federal Reserve may soon cut interest rates, potentially stimulating global economic growth and fuel demand. Meanwhile, the dollar struggles to find a firm footing amid cooling inflation, which may lead the Federal Reserve to ease interest rates next year. Binance's founder, Changpeng Zhao, despite facing legal challenges and stepping down from his CEO role, saw his wealth surge by nearly $25 billion in 2023, highlighting the volatile yet lucrative nature of the cryptocurrency market.

Today's Economic Highlights

Today’s economic agenda is packed with significant releases:

• US MBA Mortgage Applications - 1200 hours GMT

• US Red Book Index - 1355 hours GMT

• Finland's Consumer Confidence - 0600 hours GMT

• Finland's Industrial Confidence - 0600 hours GMT

• Japan's Retail Trade - 2350 GMT

• Japan's Large Retailer Sales - 2350 GMT