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Virgin Galactic stock dives after Branson’s space flight

"Keep on going, and the chances are that you will stumble on something, perhaps when you are least expecting it. I never heard of anyone ever stumbling on something sitting down." - Charles F. Kettering

 

 

HEADLINES

 

 

  • Dollar edges higher amid pandemic concerns; U.S. inflation data eyed
  • Pound-New Zealand Dollar Rally Running into Key Resistance, RBNZ forms Main Event Risk
  • Oil Down as Delta, OPEC Stand-Off Haunt Market
  • Gold eases on firmer dollar as U.S. inflation data looms
  • S&P 500 Climbs to Fresh Record as Banks Catch Bid Ahead of Earnings
  • Why Virgin Galactic Stock Is Tumbling the Day After Its Historic Launch
  • TikTok bans influencers from promoting cryptocurrency
  • June FOMC meeting marked a turning point for USD - CIBC

 

FOREX

 

 

Dollar edges higher amid pandemic concerns; U.S. inflation data eyed

 

The dollar climbed across the board on Monday as concerns about the pandemic encouraged investors to seek a safe haven, and as they awaited more clues about the global economic recovery.

 

Pound-New Zealand Dollar Rally Running into Key Resistance, RBNZ forms Main Event Risk

 

The Pound's rebound against the New Zealand Dollar is likely to fade around current levels given the proximity of a layer of technical market resistance and the looming Reserve Bank of New Zealand (RBNZ) policy update.

 

Currently the market sees the RBNZ potentially raising interest rates as soon as November 2021, effectively making this the most 'hawkish' developed market central bank. This stance is on balance supportive of New Zealand Dollar valuations and therefore provides a cap on GBP/NZD's upside potential.

 

 

COMMODITIES

 

 

Oil Down as Delta, OPEC Stand-Off Haunt Market

 

Oil prices fell Monday as worries about the spread of the Delta variant of the coronavirus and the continued Saudi-UAE standoff in OPEC kept buyers away as the market began a new week. The United States recorded the highest number of Covid cases over the weekend since May as the highly-transmissible Delta variant of the virus became more prevalent.

 

Gold eases on firmer dollar as U.S. inflation data looms

 

Gold fell on Monday in step with a stronger dollar as investors cautiously looked forward to U.S. inflation data that could influence the Federal Reserve’s timeline for easing its bond purchases. The closely watched U.S. consumer price index (CPI) report is due to be released on Tuesday. Fed Chair Jerome Powell is scheduled to testify before Congress on Wednesday and Thursday.

 

 

STOCKS

 

 

S&P 500 Climbs to Fresh Record as Banks Catch Bid Ahead of Earnings

 

The S&P 500 hit a fresh record high Monday, led by financials as investors piled into banking stocks ahead of their earnings later this week. A slew of major Wall Street banks are set to kick off the quarterly earnings season in earnest this week, with JPMorgan Chase & Co and Goldman Sachs reporting earnings on Tuesday.

 

Why Virgin Galactic Stock Is Tumbling the Day After Its Historic Launch

 

Virgin Galactic stock tumbled Monday morning, the day after Richard Branson’s company completed the world’s first space tourism flight. That isn’t as odd as it seems.

Shares in Virgin Galactic (ticker: SPCE) rose 217% in the two months ahead of Sunday’s flight and climbed about 9% in Monday’s premarket trading. But shares fell down about 17% during the regular session on Monday.

 

 

CRYPTO

 

 

TikTok bans influencers from promoting cryptocurrency

 

TikTok banned influencers from promoting financial services and products on its social media platform, The Financial Times reported on Thursday. In the U.S., TikTok also prohibits ads promoting virtual currencies and cryptocurrencies, as well as cryptocurrency trading platforms and advisory services, according to its website.

 

 

ANALYSIS

 

 

June FOMC meeting marked a turning point for USD - CIBC

 

"The June FOMC meeting marked a turning point for the USD. Prior to the meeting, positioning and sentiment on the greenback was largely bearish," analysts at CIBC write. "Going forward, we now envisage a higher floor for the USD against other currencies. The Fed's pivot marks a transition away from the old reflation narrative towards a new one whereby real yields underperform relative to nominals. That should continue to push USD shorts to exit given the relatively higher yields in the US to other developed markets."

 

 

CHART

 

 

US dollar / Japanese yen – Daily Candlesticks

 

Source: GKFX Prime Metatrader 4

USD/JPY has broken a rising trendline connecting the lows since late April and is now re-testing it, as well as previous support and now resistance at 110.50. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

SOURCE

https://www.fxstreet.com/economic-calendar
https://www.investing.com/news/stock-market-news/sp-500-climbs-to-fresh-record-as-banks-catch-bid-ahead-of-earnings-2555745
https://www.investing.com/news/commodities-news/oil-down-as-delta-opec-standoff-haunt-market-2555763
https://www.reuters.com/article/global-precious/precious-gold-eases-on-firmer-dollar-as-u-s-inflation-data-looms-idUSL4N2JV2VC
https://www.reuters.com/business/dollar-steadies-amid-pandemic-concerns-inflation-focus-2021-07-12/
https://www.cnbc.com/2021/07/12/crypto-roundup-jack-dorsey-confirms-square-bitcoin-wallet-tiktok-ban.html
https://www.forexlive.com/news/!/june-fomc-meeting-marked-a-turning-point-for-usd-cibc-20210712
https://www.forexlive.com/news/!/june-fomc-meeting-marked-a-turning-point-for-usd-cibc-20210712
https://www.poundsterlinglive.com/nzd/15662-pound-new-zealand-dollar-rally-running-into-key-resistance-rbnz-forms-main-event-risk

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