Starting today’s report with an important quotation from Federal Reserve Governor Jerome Powell who said yesterday, “An interest rate rise could be suitable fairly soon, adding that he supports gradual increases if data underpin forecasts for an improving economy.” U.S dollar declined yesterday, negatively affected by profit taking. The greenback is awaiting Yellen speech on the economy and she could mention an interest rate hike, at Harvard later on today. U.S Dollar index fell by 30 pips yesterday and settled at 95.13.
EUR gained little yesterday and traded at $1.12, before declining to $1.1190. The fiber is awaiting Yellen’s big speech; in addition, it could decline further to $1.1150.
GBP traded below $1.47, negatively affected by the “brexit” campaign. As we noted in previous reports, the pound is strongly affected by the EU referendum.
Purchases of U.S. Previously Owned Homes Rebounded in April and jumped to its highest level in more than 10 years. Despite such Rebound, USD declined to 110 vs. JPY.
Gold fell yesterday, negatively affected by good US jobless claims data. Gold traded at $1,219 before declining to $1,217. Investors will turn their attention to Yellen speech today.
Brent crude jumped to $50 a barrel on Thursday for the first time in more than seven-months,then bounced below that level, negatively affected by interest rates and signs of a slowdown in China. WTI traded below 48.50 and could settle at that level by the end of today’s trading session.
The most important economic events:
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