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Google Fined By EU, USD Drops Ahead Of Yellen Speech

Published 2017-06-27, 08:52 a/m
Updated 2023-07-09, 06:32 a/m

Major indices around the world have been giving back some of yesterday’s gains overnight. For the US, Dow and SPX futures are flat but NASDAQ futures are down 0.4% being dragged down by Google (NASDAQ:GOOGL).

Google has been hit this morning with a €2.4 billion fine from the EU for using its market dominance in search engines to give an advantage to its comparison shopping service. Google has also been ordered to stop its illegal conduct and give competitors equal treatment within 90 days. On the other hand, Western Digital (NASDAQ:WDC) pre-announced spectacular Q2 results but Google with its higher weighting may have a bigger impact on the index today.

The US dollar has come under pressure this morning, particularly falling relative to EUR, CNH and gold, which has regained the $1,250 level. The yuan rallied overnight after China’s Premier Li Keqiang indicated he expects the country to meet its 2017 GDP growth target and encouraged US companies to keep capital in the country even as foreign exchange and capital controls ease.

The greenback may be active through the day amid swirling US developments. Yesterday’s Supreme Court decision to partially reimpose the travel ban and ongoing health care negotiations may impact political sentiment. On the economic side, General Motors (NYSE:GM) cut its US auto sales forecast, and noted pricing pressures suggesting a weakening US economy. This news arrives at a particularly significant time, just ahead of Fed Chair Yellen speaking later this morning. Any comments related to future interest rate moves or reducing the balance sheet could attract attention from traders.

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