Daily Global Market Update

Gold's Adjustment

The Gold-Dollar pair showed a downward correction, decreasing by 0.2%. The Williams indicator signals an oversold market, suggesting a potential pivot or continuation of the current trend.

Euro-Dollar's Market Influence

In our latest market outlook, we've observed the Euro experiencing a minor decline of 0.2% against the Dollar. According to the Stochastic indicator, this presents a positive signal, diverging from our overarching technical analysis.

Pound's Steady Path

The Pound-Dollar pair remained stable, trading sideways in the last session. The Rate of Change (ROC) indicator is emitting a negative signal, indicating a lack of momentum in either direction.

Bitcoin's Surge

Bitcoin experienced a significant upsurge, rising by 3.3% in the last session. The Williams indicator points to an overbought market condition, which could suggest a future correction or consolidation phase.

Global Financial Headlines

The US economy has outperformed expectations in 2023, diminishing recession fears for 2024. However, challenges remain due to various headwinds. Ethereum's network saw gas fees surge to an 8-month high amid speculation around the new ERC 404 token standard. In the oil sector, Diamondback Energy and Endeavor Energy Resources are nearing a significant merger, potentially valuing the new entity over $50 billion.

Today's Economic Highlights

Key economic events to monitor include the Eurozone's ZEW Survey on Economic Sentiment, the UK's Employment Change, the US Consumer Price Index, Germany's ZEW Survey on the Current Situation, Japan's Machine Tool Orders, and the UK's Claimant Count Change.

• Eurozone's ZEW Survey (Economic Sentiment) - 1000 hours GMT

• UK's Employment Change - 0700 hours GMT

• US Consumer Price Index - 1330 hours GMT

• Germany's ZEW Survey (Current Situation) - 1000 hours GMT

• Japan's Machine Tools Orders - 0600 hours GMT

• UK's Claimant Count Change - 0700 hours GMT