Facebook to tackle extremist material

Facebook, the social media giant is introducing more tools to tackle online extremist material and it will thus launch the Online Civil Courage Initiative in the U.K. on Friday. The technology company has already launched this initiative in Germany and France. This will provide educational and financial support to non-government organisations to combat any hateful material that appears online. Facebook has faced much criticism for being slow in reacting to terrorist propaganda on its platform. The U.K. Prime Minister Theresa May also shared her concerns on extremists concern after the London Bridge terror attack.

source: theguardian, shutterstock.com

Tesla Inc. announced that it would produce electric cars in China for the first time on Thursday. Tesla shares surged by 1.7 percent and is trading at $382.61 on the market. The automaker is a growing player in the city of Shanghai where the “global fight for self-driving cars is raging hot.” Elsewhere, Germany will report its Manufacturing Purchasing Managers Index (PMI) for June at 07:30 GMT today and this could shed more light on the economic health of the manufacturing sector.

Important economic events due to be released today is Canada’s Core Consumer Price Index (CPI), which is at 12:30 GMT and the U.S. New Home Sales for May, at 14:00 GMT. These are expected to affect trends of the Canadian dollar and the U.S. dollar. Meanwhile, the U.S. dollar was seen lower against other major currencies today. The EUR/USD gained 0.14 percent as it traded at $1.1168 earlier on Friday.

Technical Analysis

USOIL

USOIL

Yesterday, the U.S. West Texas Intermediate recovered some losses around 11:00 UTC, pulled by momentary jumps which ended at 14:00 UTC at $43.09 a barrel. On Friday, the commodity is seen picking up some heights as from 02:00 UTC to record momentary jumps in the next few hours. The asset gained 0.4 percent at $42.91 a barrel around 05:00 UTC. It may continue this bullish trend through the day.

EUR/GBP

EUR/GBP

This currency pair was seen moving towards a downtrend since yesterday around 09:00 UTC. Its lowest level for yesterday was quoted at the 0.87884 level around 19:00 UTC. It was seen much volatile in today’s early trading hours and started tumbling as from 02:00 UTC. France Services PMI report for June due at 07:00 UTC could impact trend of the euro and thus, the EUR/GBP pair as well, keep an eye here.

EUR/JPY

EUR/JPY

On Thursday, the EUR/JPY pair was quoted at its lowest level around 07:00 UTC at 123.914 yen. It recorded a huge fall at 12:00 UTC as from the 124.295 level to end this bearish trend by the 124.028 level. Today, the asset started its session positively at 00:00 UTC at 124.086 yen to close this bullish trend by 03:00 UTC at 124.257 yen. The Ichimoku Cloud indicator suggests a change in trend around 14:00 UTC, trade within this time zone.

Things to watch on the market

Tip 1

Investors can consider trading on Facebook shares, along with pairs such as ALPHABET VS FACEBOOK and LINKEDIN VS FACEBOOK. The Nasdaq Composite is also recommended as Facebook is a component of NASDAQ.

 

Tip 2

Trading on Tesla shares would be a good opportunity as the price of shares is edging higher. Currency pairs such as the EUR/GBP and the EUR/USD are available for trade on the Long Term tool.

 

Tip 3

Consider trading assets such as the GBP/CAD, USD/CAD and the AUD/CAD with the FX/CFD tool in regards to the economic events taking place today.