Today the focus is on mounting competition for Tesla, the EU’s readiness to take on big tech, and President Biden taking office.
The Eurozone Interest Rate Decision will be announced. A higher than expected rate is positive for the EUR.
Assets to trade: EUR/JPY, EUR/USD, GBP/EUR
The US Initial Jobless Claims report will be released. Forecast: 910K. A higher than expected reading should be taken as negative for the USD.
Assets to trade: USD/NZD, GBP/USD, USD/CHF
Joseph R Biden was sworn in as the 46th President of the US yesterday. Affects S&P 500
Google has asked a U.S. judge in Texas to transfer an antitrust lawsuit filed by ten states in December to a court in California, a state that has more relevant witnesses and documents needed by the company. Affects Google
Mercedes-Benz unveiled a new electric compact SUV as part of plans to take on rival Tesla Inc and offer more emission-free vehicles to consumers in Europe and China. Affects Tesla
The European Union’s chief executive warned that the bloc would strive to regulate American technology companies, calling for global standards. Affects Facebook
Netflix stock soared as much as 15% Wednesday to briefly trade at an all-time high, a day after the company revealed in its Q4 2020 earnings report that it was considering stock buybacks and had surpassed 200 million subscribers for the first time. Affects Netflix
On the day of Biden’s inauguration, stocks climbed for a second day, while a slew of strong corporate earnings boosted Wall Street sentiment. Investors see the light at the end of the tunnel thanks to Biden’s goals of unity and prosperity.
The strength of the index’s uptrend is apparent, as the daily chart has shown a Three White Knights signal.
Having reflected off of the support level, it could climb back up to previous highs.
Quotes are heading toward the upper limit of the price channel, and growth could be halted by the resistance level.