EUR/USD at 1.1355. Janet Yellen on next Fed rate hike.

EUR/USD had a volatile session today fluctuating in a range of 1.1327 -1.1393. As of 6:00 PM EDT the pair was trading at 1.1355, which is 0.09% lower than the previous close.

US shares finished higher today. Below is presented the performance of major indices:

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  • DJIA closed at 17,920.33, up 0.64%.
  • Nasdaq Composite rose 0.53% finishing at 4,968.71.
  • S&P 500 closed at 2,109.41, which represents 0.49% increase from the previous close.

Federal Reserve Chair Janet Yellen announced today that we will see the interest rate hike, but didn’t indicate when. “I see good reasons to expect that the positive forces supporting employment growth and higher inflation will continue to outweigh the negative ones. One development that could shift investor sentiment is the upcoming referendum in the United Kingdom. A UK vote to exit the European Union could have significant economic repercussions” said Yellen.

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She also added that the last week’s labor market report was disappointing, but she mentioned that “one should never attach too much significance to any single monthly report”.

According to the report from US Fed, its index on labor market conditions dropped to its lowest level since 2009, as a negative addition to the last week’s report on weak payrolls. The market conditions index declined to -4.8 in May from -3.4 in April.

Oil prices finished higher today. The WTI Crude closed at 49.69 USD/bbl, up 2.20%. The Brent Crude was trading at 50.48 USD/bbl as of 5:58 PM EDT, which represents 1.69% increase from the previous close.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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