RIDE says in SEC filing that current cash levels are not enough to begin production. Lordstown had stated at its results that it needed extra capital. Investors left trying to read between the lines is this new news? Lordstown Motors continues to take its investors on a bumpy RIDE of late, excuse the pun but
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EUR/USD holds lower ground below 10-day SMA, two-week-old resistance line. Further weakness envisioned amid stronger bearish bias of MACD. Bears aim for ascending trend line from April, bulls have a bumpy road. EUR/USD stays pressured around 1.2170 during early Wednesday morning in Asia. The currency major pair snapped a two-day uptrend the previous day while
White House is planning to launch a new “strike force” to combat unfair trade practices, mainly targeting China, Reuters reports, citing senior administration officials. Key takeaways “The “supply chain trade strike force,” led by the US trade representative, will look for specific violations that have contributed to a “hollowing out” of supply chains that could
US equities closed mixed amid doubts economic recovery, Fed’s next move. 15% corporate tax by the G7 battles upbeat news from vaccines, covid. Fed’s Yellen offered mixed comments over inflation, rate hikes. Cautious mood ahead of the key Thursday, light calendar keeps traders on the sidelines. US shares began the trading week on a sluggish
DXY failed to extend the recent bullish attempt beyond 90.60. The leg lower could re-test the May lows in the mid-89.00s. DXY navigates without a clear direction in the lower bound of the recent range and following Friday’s post-NFP sell-off. If the selling impulse picks up extra pace, then a re-test of the 90.00 mark
NZD/USD fades Friday’s recovery moves amid quiet session in Asia. US Treasury Secretary Yellen praised higher interest rate at G7. US jobs report roiled tapering speculations with downbeat NFP, Participation Rate. New Zealand markets are off due to Queen’s Birthday, focus China’s trade numbers for May for immediate direction. NZD/USD portrays a sluggish start to
USD/CAD fell sharply in the early American session. Nonfarm Payrolls in US rose less than forecast in May. Employment in Canada declined by 68,000, Unemployment Rate rose to 8.2%. The USD/CAD pair rose to its highest level in a week at 1.2134 on Friday but turned south in the second half of the day. After
GBP/USD Forecast: To 1.40 or 1.42? All eyes on US Nonfarm Payrolls Sterling has succumbed to data and Fed-related dollar strength. Nonfarm Payrolls and also worries about the Delta variant are set to move the currency pair. Friday’s four-hour chart is showing that cable is at crossroads. Down but not out – that is probably
EUR/USD extends the bearish note to the 1.2100 area. EMU’s Retail Sales contracted 3.1% MoM in April. Lagarde speaks on Climate later in the session. The leg lower in EUR/USD picks up further pace and stays on collision course with the 1.2100 key support on Friday. EUR/USD focused on data EUR/USD accelerates the downside and
GBP/USD hits weekly lows under 1.4100 as the US dollar soars The GBP/USD is falling more than 50 pips and is back under the 20-day moving average for the first time in a month. A rally of the US dollar across the board sent cable to the 1.4100 area, after trading above 1.4200, during the
EUR/USD fades the initial optimism and recedes below 1.2200. The dollar attempts a recovery ahead of key data releases. Final May EMU Services PMI came in above consensus. The single currency resumes the downside after a positive start of the session and now drags EUR/USD back below the key support at 1.2200 the figure. EUR/USD
GBP/USD turns positive on the day above 1.4160 GBP/USD reversed its direction after dropping toward 1.4100. US Dollar Index retreated modestly from daily highs. UK PM Johnson says they are on track to end restrictions on June 21. The GBP/USD pair fell to a fresh daily low of 1.4112 during the European session but didn’t
The Reserve Bank of Australia (RBA) “will have to wait and see the economic impact of lockdown in Victoria”, Deputy Governor Guy Debelle said in a scheduled speech on Wednesday. Additional quotes “Do not expect wage growth to be high enough until 2024. “ “Hoping for wage growth at 3+% in 2024. “ more to come
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GBP/USD maintains the strong tone following its bullish “outside day” for a break to a new cycle high. Economists at Credit Suisse look for a move to their first core upside target of 1.4302/77 – the 2018 highs and 50% retracement of the 2014/2020 bear trend. Support at 1.4155 ideally now holds “With a base
GBP/JPY bulls in charge to the hourly resistance level. Bears seeking a retracement according to the daily chart. GBP/JPY is on the bid according to the lower time frames but there is a risk in banking on the impulse according to the daily chart. The following illustrates a bearish bias on the daily chart to
EUR/JPY is heading to the top of its channel at 134.73 though RSI has not confirmed the new high. Therefore, the pair could struggle to extend its recent advance, according to Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank. Uptrend at 131.19 underpins euro/yen “EUR/JPY last week closed above 133.13/48, these were the
AUD/USD bulls seeking deeper test of the daily resistance zone. Bears need to take out daily support at this juncture while the RBA comes as a major hurdle for AUD AUD/USD will be the focus for the open on Monday given the economic calendar’s line up which considers Chinese PMIs as the main data for