1. Euro Tumbles After An Uneventful ECB Meeting
EURUSD went through a highly volatile trading session yesterday falling to as low as 1.2098 after ECB President Draghi made some dovish statements in his press conference. The ECB’s rate on bank overnight deposits, which is currently its primary interest rate tool, remains at -0.40 percent while the main refinancing rate, which determines the cost of credit in the economy, remained unchanged at 0.00 percent. This morning the EUR tumbled by an added 0.1% as of 7:00 GMT.*
2. Gold Heads For Biggest Decline In Four Weeks
Spot gold (XAUUSD) traded at $1,316.92 per ounce as of 7:00 GMT today having tumbled to as low as $1,315.06 in the previous session. A strong U.S. dollar continues to suppress any gold bullish movement. Gold prices are set for a decline of more than 1 percent this week, weighed down by a rallying dollar. It is important to note that the dollar has been gaining increasing momentum over the past week on high U.S. Treasury yields and easing geo-political concerns..**
3. Amazon Stock Skyrockets As Earnings Double
Amazon appears to be virtually unstoppable, as the company (AMZN) reported on Thursday that it made $1.6 billion in profit during the first three months of 2018. This figure is more than double last year’s profits, even as Amazon continues invests in costly fulfillment centers and original programming. It should be noted that these ultra-strong earnings came as a surprise to most as the official estimate among analysts was that Amazon’s profit would actually shrink from the prior year. The surprise surge in profit was driven by Amazon’s cloud computing business, Amazon Web Services, and a fast-growing advertising division that has evolved into a multi-billion dollar business. AMZN closed 4 percent higher at $1,517.96 on Thursday. The question now is: Will the uptrend continue after US open today?.***
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***Source: Seeking Alpha