Amazon Tumbles After Reaching New Record High

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1. Amazon Tumbles After Reaching New Record High
Amazon (NASDAQ:AMZN) gained 3.2% aftermarket on Thursday after some strong Q2 results that beat EPS estimates but missed on revenue despite a 39% Y/Y revenue growth. Amazon reported a sharp jump in Q2 earnings Thursday, thanks again to its AWS cloud computing services. But the spotlight, not surprisingly, was directed at Amazon’s Alexa voice assistant. In fact, the name “Alexa” came up some 31 times in the earnings news release. The stock tumbled however, late on Thursday, as investors sought to cash in on the rally’s profits. AMZN closed 3% lower on Thursday’s U.S. session, after reaching a record high of $1863.61.*

2. Dollar Steadies, All Eyes On US GDP
The dollar steadied on Friday following a rally against its peers overnight. Investors will now be focusing on U.S. economic growth data, which could give a fresh catalyst for direction amid a wider focus on global monetary policy and bond yield direction. Traders will now be bracing for a potentially strong reading of U.S. gross domestic product data, set for release later on Friday. The U.S. economy is expected to have increased at a 4.1 percent annualized rate in the second quarter, following a 2.0 percent pace of growth in the first quarter. A strong GDP reading is expected to have a positive effect on the USD pairs.**

3. Euro Falls On Draghi’s Promise
ECB kept its QE parameters and forward guidance unchanged on Thursday, reiterating the intention to keep rates at this level at least until summer 2019. ECB’s dovish stance caused the EUR/USD pair to tumble more than 100 pips following Draghi’s press conference, sinking under 1.1650 to bottom out in a weekly low. The EUR/USD could be facing some more downward pressure today, if a strong U.S, GDP pushes the dollar higher.***

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*Seeking Alpha Jul. 26, 2018 4:26 PM ET
**Source: Reuters Jul. 27, 2018 3:56 AM GMT
***Source: Investing Jul. 27, 2018, 11:22 PM GMT+3

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