Today the focus is on Apple automotive, coming COVID-19 relief in the US, and Facebook’s upcoming Senate headache.
The Bank of England Gov. Bailey will speak. Gov. Bailey’s comments could bring volatility to the GBP if there is a signal of a shift coming from the central bank.
Assets to trade: GBP/USD, GBP/CHF, GBP/JPY
US Non-Farm Payroll stats for January will be released. Forecast: 50K. If the reading is lower than forecast, the USD could receive a negative impulse.
Assets to trade: EUR/USD, USD/CHF, USD/AUD
Apple is close to finalizing a deal with Hyundai-Kia to manufacture an Apple-branded autonomous electric vehicle at the Kia assembly plant in West Point, Georgia. Affects Apple
President Biden encouraged Democratic lawmakers to “act fast” on his $1.9 trillion coronavirus rescue plan but also signaled flexibility and a desire to work with Republicans. Affects S&P 500
Sen. Amy Klobuchar, D-Minn., unveiled a sweeping antitrust reform bill Thursday, that if enacted, would bring significantly more risk to companies like Facebook and Google, which are already facing federal lawsuits, and to any dominant firm seeking to acquire another company. Affects Facebook
Oil was approached $60 a barrel after OPEC and its allies extended production cuts. Affects Brent
The number of Americans filing new applications for unemployment benefits decreased last week, suggesting that the labor market was stabilizing. Affects USD
Sen. Klobuchar as chair of the Senate Judiciary subcommittee on antitrust is looking to change the way companies and conglomerates operate within the US and whether they are currently in violation of standing statutes. Facebook has grown and acquired many companies over the years and stands square in the sights of the Senate subcommittee and could face a long legal journey.
Facebook has been trending downward consistently since November, and its current indecision will not likely break the trend.
The index is testing the support level around 6435 and the strength of the current downtrend could dissipate and prices climb again.
Currently testing the resistance level around 1.8003 but will likely remain below.