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Robinhood stock dives on debut

In investing, what is comfortable is rarely profitable. – Robert Arnott






  • Persistent pressure on the dollar
  • Gold prices climb nearly 2% to settle at highest in over 6 weeks
  • Oil Advances on Broader Market Gains and Improved Demand Outlook
  • Wall St rises as earnings lift outlook
  • Amazon posts third $100 billion quarter in a row, but still misses expectations
  • Robinhood closes at $34.82 in grim stock market debut






Persistent pressure on the dollar


The greenback kept falling and reached fresh weekly lows against most major rivals, as US data missed the market’s expectations.  Q2 Gross Domestic Product showed the economy grew at an annualized pace of 6.5%, better than the previous 6.4%, although missing the 8.6% expected. Also, Initial Jobless Claims for the week ended July 23 printed at 400K, worse than anticipated.

EUR/USD trades near 1.1900 while GBP/USD approaches the 1.4000 figure. The Canadian dollar also reached fresh highs against the greenback, but AUD/USD is stuck around 0.7400 as demand for the aussie remains scarce.






Gold prices climb nearly 2% to settle at highest in over 6 weeks


Gold futures rallied Thursday, tacking on nearly 2% to settle at the highest in over six weeks. Gold prices surged after a wrath of U.S. economic data painted a picture of a prolonged economic recovery that will likely be accompanied with a [Federal Reserve] that will not be abandoning its ultra-accommodative policies anytime soon.


Oil Advances on Broader Market Gains and Improved Demand Outlook


Oil rose the most in a week as investors see strong demand growth that should continue to whittle down oil supplies following positive signals from broader markets. Futures in New York rose 1.7% on Thursday as equities climbed toward all-time highs.






Wall St rises as earnings lift outlook


U.S. stocks ended higher on Thursday, boosted by robust U.S. earnings and forecasts, while data showed the economy recovered to pre-pandemic levels in the second quarter. The U.S. economy grew solidly in the second quarter, putting the level of gross domestic product above its pre-pandemic peak, but the pace of GDP growth was slower than economists had expected.


Amazon posts third $100 billion quarter in a row, but still misses expectations


Amazon shares fell more than 6% in extended trading on Thursday after the company reported its first revenue miss in three years and gave weak third-quarter guidance. Amazon’s revenue grew by 27% year over year to $113.08 billion. That’s a significant slowdown from the second quarter of 2020, when sales skyrocketed 41% year over year.


Robinhood closes at $34.82 in grim stock market debut


Robinhood Markets Inc’s shares closed more than 8% lower at $34.82 per share on their first day of trading, as many investors who used the popular trading app to participate in this year’s “meme” stock trading frenzy snubbed its initial public offering (IPO). Only 16 of the 99 U.S.-listed companies that were worth at least $10 billion when they went public declined on their first day, according to Dealogic, whose data goes back to 1995.






British pound/ US dollar – 4-hour Candlesticks

Source: GKFX Prime Metatrader 4

GBP/USD has broken above key resistance at 1.39 and is testing the 1.40 round number. RSI has reached overbought levels over 70 on the 4hr chart. The breakout confirms a new bullish trend. - Prepared by Trading Writers*






*Times in GMT

Source: FX Street Economic Calendar





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