Daily Global Market Update
Pound's Positive Momentum
The GBP/USD pair rose by 0.3% in the last session. The Stochastic indicator is providing a positive signal, suggesting potential continued upward momentum.
Bitcoin's Rally
The Bitcoin/USD pair surged by 1.6% in the last session. However, the Commodity Channel Index (CCI) indicates a negative signal, warranting caution.
Oil's Decline
US crude oil prices fell by 0.7% in the last session. The Relative Strength Index (RSI) is showing a negative signal, indicating potential further downside.
Aussie Dollar's Modest Gain
The AUD/USD pair saw a slight increase of 0.2% in the last session. According to the Williams Percent Range indicator, the market appears overbought.
Global Financial Headlines
US President Donald Trump signed an executive order to establish a cryptocurrency working group, fulfilling his campaign promise to support the sector. In the labour market, the number of Americans filing for unemployment benefits rose slightly, reinforcing expectations that the Federal Reserve will not cut interest rates at its next meeting. Oil prices declined by 1% following Trump's remarks at the World Economic Forum, urging OPEC to reduce prices and emphasising global energy market uncertainties.
Upcoming Economic Highlights
Key economic events to watch include:
• US Baker Hughes Oil Rig Count - 18:00 GMT
• Japan's Jibun Bank Manufacturing PMI - 03:00 GMT
• Japan's Jibun Bank Services PMI - 03:00 GMT
• Finland's Unemployment Rate - 06:00 GMT
• Finland's Producer Price Index - 06:00 GMT
• UK's GfK Consumer Confidence - 01:00 GMT