Apple accused of patent violation
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Wall Street finished in the red on Friday, as Apple Inc. weighed on all three major indices amid reports that Chinese regulators have charged the tech giant with infringing on the patents of a local Chinese mobile phone company. The Dow Jones fell by 0.33%, the S&P 500 by 0.33%, and the NASDAQ lost 0.92% from its value. Google shares also dropped, to close at $691.72.
The U.S. Dollar traded low against most major currencies after the release of mixed U.S. economic reports did little to boost optimism over the strength of the economy and the Federal Reserve’s decision to hold interest rates continued to weigh. No economic data is expected today.
Gold rose on Friday, closing at $1,298 an ounce. Crude Oil rose 3.83%, closing at $47.98 a barrel.
The euro rose versus the dollar on Friday, closing at 1.1277 on expectations that the killing of a pro-EU British politician may alter the balance of opinion in Britain’s referendum on EU membership. On the 1-hour chart, the pair is trading bullish with the momentum above 0. Holding above this level may lead the pair to a rise towards 1.1400. However, breaking below this level may cause a reversal and we might see the pair falling towards 1.1250. Today, the German PPI is expected at 0.4% vs. 0.1% previously.
The Pound rose more than 1% on Friday versus the dollar, closing at 1.4581, as momentum surrounding the EU exit campaign slowed for the time being after officials suspended Brexit-related activities for a second straight day following the murder of a British Parliament member. On the 1-hour chart, the pair is trading close to the resistance at 1.4615. Breaching this level with the RSI indicator above 50 may lead the Cable towards 1.4700. However, failing to do so may lead to a drop towards 1.4400 areas.