Apple stock drops after Epic Games lawsuit ruling

“Hope is bogus emotion that only costs you money.” – Jim Cramer

 

 

HEADLINES

 

 

 

• Dollar gains with yields as Fed policy in focus
• GBP/USD fails gains near 1.3900, erases weekly gains
• Gold prices end lower, mark first weekly loss in 5 weeks
• Oil rallies to $73 on tight U.S. supplies, Biden-Xi call
• Apple can no longer force developers to use in-app purchasing, judge rules in Epic Games case
• SpaceX gets ready to launch first all-civilian crew to orbit
• US CPI Preview: A soft reading should not be taken as an indication that inflation is quickly fading – Wells Fargo

 

 

FOREX

 

 

Dollar gains with yields as Fed policy in focus

 

The dollar rose on Friday in line with higher U.S. Treasury yields as investors focused on when the Federal Reserve is likely to begin reducing its asset purchases. The greenback has risen from a one-month low reached last Friday after jobs data for August showed that jobs growth slowed, while wage inflation rose more than expected.

 

GBP/USD fails gains near 1.3900, erases weekly gains

 

The GBP/USD again failed to break above 1.3900. The same situation happed last week and during mid-August. The area has become a critic level; while below the upside for cable will be limited, with a break higher clearing the way to more gains. On the flip side, the immediate support could be seen at 1.3830 followed by 1.3790 and 1.3750

 

 

COMMODITIES

 

 

Gold prices end lower, mark first weekly loss in 5 weeks

 

Gold prices fell back below the key $1,800-an-ounce mark on Friday, settling with a weekly loss, their first in five weeks. The ICE U.S. Dollar Index was slightly higher and Treasury yields also inched up Friday, “so gold had a double headwind,” said Michael Armbruster, managing partner at Altavest. Bullion tends to be sensitive to moves in the U.S. dollar and government debt yields, which can undercut appetite for precious metals.

 

Oil rallies to $73 on tight U.S. supplies, Biden-Xi call

 

Oil rose to briefly top $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost. About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. That is roughly equal to what OPEC member Nigeria produces.

 

 

STOCKS

 

 

Apple can no longer force developers to use in-app purchasing, judge rules in Epic Games case

 

Apple’s lucrative App Store business received a major blow Friday thanks to a federal judge’s decision in the company’s legal battle with Epic Games. Judge Yvonne Gonzalez Rogers handed down the decision in the closely watched trial, and issued an injunction that said Apple will no longer be allowed to prohibit developers from providing links or other communications that direct users away from Apple in-app purchasing. Apple typically takes a 15% to 30% cut of gross sales. Apple stock dropped more than 3% in trading Friday.

 

SpaceX gets ready to launch first all-civilian crew to orbit

 

Yet another billionaire entrepreneur is set to ride into space this week, strapped inside the capsule of a SpaceX rocketship, as part of an astro-tourist team poised to make history as the first all-civilian crew launched into Earth orbit. Jared Isaacman, the American founder and chief executive of e-commerce firm Shift4 Payments, will lead three fellow spaceflight novices on a trip expected to last three days from blastoff at Cape Canaveral, Florida, to splashdown in the Atlantic.

 

 

ANALYSIS

 

 

US CPI Preview: A soft reading should not be taken as an indication that inflation is quickly fading – Wells Fargo

 

“We look for headline and core CPI to increase 0.4% and 0.2%, respectively, in August. Our bottoms-up forecast indicates that both are close calls, with the risk for the headline tilted to the downside and the risk for the core tilted to the upside.”

“A softer monthly print should not be taken as an indication that inflation is quickly fading back to its anaemic pre-COVID pace. The initial stage of reopening may be behind us, but the economy remains in transition mode. Until inventories are rebuilt and workers return to the labor market in greater numbers, inflation is set to remain elevated. The duration of “transitory” continues to lengthen.”

 

 

CHART

 

 

Euro / Australian dollar – Daily Candlesticks

Source: GKFX Prime Metatrader 4

EUR/AUD has rebounded off 1.59 support and is now testing short term resistance from the 20 DMA and 1.606. A breakout would confirm a new uptrend. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

SOURCE

 

https://www.fxstreet.com/economic-calendar
https://www.fxstreet.com/news/us-cpi-preview-a-soft-reading-should-not-be-taken-as-an-indication-that-inflation-is-quickly-fading-wells-fargo-202109101615
https://www.fxstreet.com/news/gbp-usd-fails-gains-near-13900-erases-weekly-gains-202109101605
https://www.investing.com/news/stock-market-news/spacex-gets-ready-to-launch-first-allcivilian-crew-to-orbit-2613735
https://www.marketwatch.com/story/headed-for-a-weekly-loss-gold-prices-fight-to-keep-1-800-level-11631276527
https://www.reuters.com/business/energy/oil-slips-chinas-plan-release-crude-reserves-airline-demand-woes-2021-09-10/
https://www.cnbc.com/2021/09/10/epic-games-v-apple-judge-reaches-decision-.html