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NY Open: Wall Street bitten by FANGs

Forex 4 minutes to read
Michael O’Neill

FX Trader,

Summary:  The biggest and the brightest of Nasdaq's tech stars have lost some shine today and taken the rest of Wall Street lower. Meanwhile, the Brexit-beleaguered sterling is hurting too.

Facebook (FB: Nasdaq), Apple (APPL: Nasdaq), Netflix (NFLX: Nasdaq), and Google (Alphabet GOOGL: Nasdaq), collectively referred to as the FANGs, have taken a bite out of Wall Street in early trading. Facebook is on the receiving end of a lot of negative press stemming from earlier scandals and the departure of several key executives. Apple is suffering lower than expected demand for its latest iPhones. The acrimonious end to the Asia Pacific Economic Cooperation summit which reduced expectations for a near-term resolution to the US/China trade war is another factor weighing on equities.

The US dollar is higher than its opening level except against EURUSD and USDCHF.  EURUSD is supported by bullish technicals with some studies suggesting a break above resistance in the 1.1450-90 area would suggest a short-term bottom is in place (1.1215) and set the stage for further gains to 1.1620.  EURUSD support is at 1.1380 and 1.1340.

Sterling is a headline play. Negative headlines, especially those suggesting that Prime Minister Theresa May lost a “no confidence” vote, would drive GBPUSD to 1.2660 and then 1.2350. Positive news will keep GBPUSD bears on their toes, and worried about the UK Parliament passing the Brexit deal.   The antipodean currencies are suffering from lower commodity prices.

USDCAD is tracking broad US dollar and oil price moves. This morning’s 2.16% plunge in WTI, since New York opened, helped solidify the USDCAD floor in the 1.3140-50 zone. The drop in oil prices came after Saudi Aramco said it was cancelling plans to launch the world’s largest corporate bond sale, in part due to uncertainty around oil prices. Earlier, Russia's Energy Minister Alexander Novak raised the spectra that presumed Opec production cuts being announced at the December 6 meeting, may not be a sure thing.
EURUSD, hourly. Source: Saxo Bank

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