Social media giant Facebook (NASDAQ: FB) stock fell almost 5% per cent on Monday after its app, its photo-sharing platform Instagram, and messaging service WhatsApp, suffered a massive global outage. The outage, which has affected millions of users around the world and it educed Facebook CEO, Mark Zuckerberg's personal wealth by the US $ 7 billion on Monday.
"Facebook, Instagram, WhatsApp and Messenger are coming back online now. Sorry for the disruption today — I know how much you rely on our services to stay connected with the people you care about," Mark Zuckerberg, the CEO of Facebook said.
Wall Street ended lower on Monday after US President Joe Biden said he cannot guarantee the government will not breach its $28.4 trillion debt limit unless Republicans join Democrats in voting to raise it.
Crude oil prices holding the previous session gains. On Monday, the oil prices bounced after the Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed to stick to the script and only increase output in November by 400,000 bpd.
In the currency market, the EURUSD has started to reverse lower, following a period of strength that took the pair up into the key $1.1740 resistance level on Monday. Meanwhile, the British pound remains strong against the Euro.
The safe-haven metal climb to a fresh weekly high of $1770 on Monday. However, the upside price action remained under pressure as the US dollar Index rebound back to above the key resistance area of 93.90.
The RBA on Tuesday kept rates on hold at a record low of 0.1 per cent and the central bank committed to keeping the rate of bond purchases steady at $4bn a week until February. "The Delta outbreak has interrupted the recovery of the Australian economy and GDP is expected to have declined materially in the September quarter," RBA governor Philip Lowe said.
Moving ahead today, the important events to watch:
US – Trade balance: GMT – 12.30
US – ISM services PMI: GMT – 14.00
Worldwide, more than 235 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 43.8 million cases and has had more than 700,000 deaths from COVID-19, the highest totals in the world.
EURUSD: The currency pair retreated back to below 1.1700 after it failed to break above the 1.1740 resistance. Overall, the momentum remains bearish throughout the European session.
The important levels to watch for today: Support- 1.1580 and 1.1560 Resistance- 1.1620 and 1.1650.
GOLD: The yellow metal trades below $1760, any break below $1747 the next downside side level to watch is $1735/30. On the upper side, the immediate resistance was around $1770 then 1785.
The important levels to watch for today: Support- 1747 and 1740 Resistance- 1765 and 1772.
Quote of the day- “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” — Robert Kiyosaki.
Read more- https://gulfbrokers.com/en/daily-market-report-381