1. GBP/USD Recovers On BoE Statement
The GBP stabilized in early Friday morning after nothing a strong rally against the dollar and the euro on Thursday. The sterling was supported after the Bank of England kept interest rates on hold but a vote for a hike by its chief economist heightened expectations that it could tighten policy at its next meeting in August. Meanwhile, the dollar fell from its 11-month peak against a basket of major currencies as investors took profits in early morning trade on Friday.*
2. PayPal Reaches Yearly High On New Acquisition
PayPal (PYPL) continued its acquisition spree with Simillity, a fraud prevention and risk management platform, for $120M in cash. The acquisition is expected boost PayPal’s ability to offer fraud prevention and risk management products to merchants globally, according to PayPal representatives. Simility’s tools use machine-learning to adapt and evolve with each transaction, which was seen as a great addition to Paypal’s services. The deal is expected to be officially closed in Q3 2018. PYPL reached a yearly high on the announcement to close at $85.97 on Thursday **
3. Gold Prices Stabilize On Weaker dollar
Gold prices steadied today, after hitting a six-month low in the previous session, as the dollar retreated from its 11-month peak. Spot gold was little changed at $1,271.5 an ounce, as of 7:00 GMT this morning, while in the prior session; the bullion (XAUUSD) touched $1,260.84, its lowest value since Dec. 19, 2017! A weaker greenback makes the dollar-denominated metal cheaper for holders of other currencies and thus pushes gold prices higher. ***
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*Source: CNBC Jun 22, 2018 6:25 GMT
**Source: Seeking Alpha Jun. 21, 2018 16:25 GMT
***Source: CNBC Jun 22, 2018 3:25 GMT
