Google fined by the EU

EU regulators fined Google with a record amount of €2.4bn over antitrust abuses. Google is alleged for manipulating its search engine results in building its online shopping service. This is by far the largest fine doled out by Brussels for a monopoly abuse after following a seven-year probe. The tech giant has been provided with 90 days to stop its illegal practices or it would have to face further penalties. Google stated it will appeal its decision to the highest court in Europe, while regulators still continue to enquire other charges, including the use of Android mobile operating system to promote other Google products.

source: theguardian, achinthamb/Shutterstock.com

Governors of Central Banks are set to speak on their monetary policy today at 13:30 GMT, including the Bank of England Governor Mark carney, the Bank of Canada Governor Stephen Poloz and the European Central Bank President Mario Draghi. Currency pairs would be hugely affected by these speeches. Comments delivered by Draghi that “the euro has more room to move higher” uplifted the currency to a two-week high on Tuesday.

Next event arranged for today is the U.S. Pending Home Sales for May which is due at 14:00 GMT. The S&P 500 dropped by 0.8 percent as the Technology Sector closed below its 50-day moving average for the first time since April 13rd. In her speech yesterday, Fed Chair Yellen said “Banks are very much stronger,” which means that we are far from another financial crisis now.

Technical Analysis

EUR/GBP

EUR/GBP

The EUR/GBP pair gained several momentary jumps as from 08:00 UTC yesterday when it traded at the 0.87861 level to close this bullish trend by 13:00 UTC at the 0.88397 level. It reached a record high of 0.88601 around 18:00 UTC on Tuesday. The asset started today’s session on a positive note and was last quoted up at the 0.88553 level by 02:00 UTC, it is available on the FX/CFD tool.

EUR/USD

EUR/USD

This currency pair traded impressively on the foreign exchange market yesterday and after various momentary jumps, it was quoted at $1.12879 at 13:00 UTC. It continued this uptrend and reached a record high of $1.13484 around 19:00 UTC. On Wednesday, the asset started tumbling as from 02:00 UTC, it may gradually fall further through the day. Consider using the Options Builder tool for this one.

USOIL

USOIL

The U.S. West Texas Intermediate recorded several momentary jumps as from 08:00 UTC and reached the $43.95 level by 11:00 UTC on Tuesday. Today, the commodity initiated its session on a positive note at 00:00 UTC when it traded at $43.79 a barrel to reach $44.10 a barrel around 03:00 UTC. U.S. Crude Oil Inventories due later at 14:30 UTC can impact trends of this asset further on the market.

Things to watch on the market

Tip 1

Consider trading Alphabet Inc. today since this asset remains affected by the fine imposed on Google. Alphabet’s share price dropped by 1 percent after this announcement was made on Tuesday. The Nasdaq Composite is also recommended for trade as its shares were down by 1.6 percent.

 

Tip 2

Currency pairs such as the EUR/GBP, EUR/USD GBP/CAD, and the EUR/CAD are highly recommended for trade today. Also consider indices such as the FTSE 100 and the TSX 60.

 

Tip 3

Trade the GBP/USD, AUD/USD and Wall Street indices for today.