Daily Global Market Update

Pound's Slight Uplift

The Pound-Dollar pair witnessed a minor upward correction in the last session, increasing by 0.2%. However, the stochastic indicator signals a bearish outlook for the pair.

Bitcoin's Volatile Session

Bitcoin experienced a drop of 0.8% in the last session, despite an initial gain of up to 1.7%. The ROC indicator's negative signal presents a contradictory view to our overall bullish technical analysis.

Oil's Strong Performance

The Oil-Dollar pair surged by 1.7% in the last session. The RSI's positive signal aligns with our optimistic technical analysis, suggesting continued momentum.

Aussie's Upward Trend

The Aussie-Dollar pair gained 0.4% in the last session, with the stochastic RSI indicating an overbought market. This suggests caution among traders as the pair may face a pullback.

Global Financial Headlines

In a recent announcement, the Ethereum layer 2 scaling project Starnet revealed plans to initiate its first token allocation this month, distributing over 700 million Starnet tokens to nearly 1.3 million addresses starting February 20th. Meanwhile, Japan has unexpectedly entered a recession, losing its status as the world's third-largest economy to Germany. This raises questions about when the Bank of Japan will begin tapering its extensive monetary easing policy. Gold has been struggling near a two-month low as investors assess comments on unexpectedly high January inflation, dampening hopes for rapid and significant rate cuts.

Upcoming Economic Highlights

Today’s major economic releases include:

• UK Retail Sales - 0700 hours GMT

• US Michigan Consumer Sentiment Index - 1500 hours GMT

• Germany's Wholesale Price Index - 0700 hours GMT

• Japan's CFTC JPY NC Net Positions - 2030 GMT

• US Producer Price Index - 1330 GMT

• UK's CFTC GBP NC Net Positions - 2030 GMT