News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/7g9pB8D9xK
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/OCLzmXaDCu
  • Technical analysis of charts aims to identify patterns and market trends by utilising differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/UZela9nSIm
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/7oqC3ykBbU
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/9S5tXIs3SX https://t.co/IgUIG55MbH
  • Supply constraints, rebounding global demand and rising inflation expectations may drive crude oil prices higher in the near term. Get your market update from @DanielGMoss here: https://t.co/ezPoAwcJt7 https://t.co/NMfk1cYSvE
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/OiRiBVeuzL
  • Crude Oil Prices Aiming Higher on OPEC Surprise, Inflation Expectations - https://www.dailyfx.com/forex/fundamental/forecast/weekly/title/2021/03/06/Crude-Oil-Prices-Aiming-Higher-on-OPEC-Surprise-Inflation-Expectations.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $CL #Crudeoil #OOTT #OPEC https://t.co/AKvXWX9DLQ
  • Given the size of the rally in the eleven months preceding the beginning of the current decline a broader sell-off looks warranted. Get your market update from @PaulRobinsonFX here: https://t.co/UxZiSulpwB https://t.co/raXvlzkGbV
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/lp0tmKS9WR
GameStop Frenzy Leaves Wall Street, Heads to Capitol Hill

GameStop Frenzy Leaves Wall Street, Heads to Capitol Hill

Brendan Fagan,

The GameStop craze that attracted the attention of millions just a few weeks ago came back into the limelight as House members held a hearing on Thursday to look into the events that unfolded. Robinhood CEO Vlad Tenev, Melvin Capital CEO Gabe Plotkin, Reddit CEO and co-founder Steve Huffman, Citadel Securities CEO Ken Griffin and Keith Gill, known more famously as “Roaring Kitty,” testified in front of the House Financial Services Committee.

In January, a massive short squeeze rocketed the value of GameStop’s shares from roughly $20 to a high of $483. Since then, the shares have fallen roughly 90%. The squeeze crushed Melvin Capital, a hedge fund who had shorted the stock heavily, meaning the firm was betting on GameStop’s share value to decrease. The parabolic rise in GameStop shares caused Melvin to incur billions in losses, while also forcing brokers to restrict trading of numerous securities on their platforms.

GameStop 15M Chart

GameStop Chart

Chart created with TradingView

While GameStop stole the show with its parabolic rise, other equities such as AMC, BlackBerry, and Nokia came under pressure from retail traders who pushed stock prices to lofty levels. While this small group of select equities skyrocketed, broader markets turned choppy as many institutional and individual investors watched the situation unfold from the sidelines.

Trading Forex News: The Strategy
Trading Forex News: The Strategy
Recommended by Brendan Fagan
Trading Forex News: The Strategy
Get My Guide

Markets have remained subdued since the smoke settled surrounding these equities, with major US indices hovering near all-time highs. At the height of the squeeze, the S&P 500 traded as low as 3,693. The Index has since rebounded to the 3,900 level as the reflation trade once again returns to the forefront.

S&P 500 5 Minute Chart

S&P 500 Chart

Chart Created with TradingView

The Testimony

Much of the focus of Thursday’s testimony was on Robinhood’s decision to restrict trading of risky equities, the involvement of Citadel with payment for order flow, and finally the role Melvin Capital played by taking such a large short position. Representatives on both sides of the aisle expressed outrage on behalf of “Main Street,” echoing the sentiment felt by many that there is one set of rules for Wall Street and another for retail traders.

Robinhood CEO Vlad Tenev struck an apologetic tone, saying “I’m not going to say that Robinhood did everything perfect.” Tenev was accused of being reckless with customer funds, and was scolded by multiple Representatives about delisting securities from the Robinhood platform during the squeeze. Tenev disputed that the decision to delist securities was done to protect hedge funds, something that was also echoed by Citadel CEO Ken Griffin later on.

USD Forecast
USD Forecast
Recommended by Brendan Fagan
Get Your Free USD Forecast
Get My Guide

Also testifying was reddit user Keith Gill, also known as “Roaring Kitty.” Gill, who notoriously advertised the potential squeeze in GameStop on a Reddit forum known as WallStreetBets, claimed that he is just an individual who talks about his personal investments, and doesn’t offer or make suggestions for investments. Gill’s goal by posting on Reddit was to make trading more understandable to the average person, not to manipulate markets. Gill argued that it is “scary how little we know about markets,” a concept that was echoed by Representatives as they grilled the Wall Street CEOs.

Written by Brendan Fagan, Intern at DailyFX

To contact Brendan, reach out on Twitter @BrendanFaganFx

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES