EUR/USD down 0.13%. Fed’s next interest rate hike probably in June.

EUR/USD finished slightly lower today. As of 6:00 PM EDT the pair was trading at 1.1202, which is 0.13% below the previous close.

US shares moderately declined today. Below is presented the performance of major indices:

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  • DJIA closed at 17,435.40, down 0.52%.
  • Nasdaq Composite lost 0.56% finishing at 4,712.53.
  • S&P 500 closed at 2,040.04, which is 0.37% lower than the previous close.

The number of Americans filing for unemployment benefits dropped 16,000 to a seasonally adjusted 278,000 for the week ended May 14 according to the report from the Labor Department. The claims have been below a threshold level of 300,000 for 63 consecutive weeks.

New York Fed President William Dudley announced today that the US economy is strong enough for an interest rate hike in June. “If I am convinced that my own forecast is sort of on track, then I think a tightening in the summer, the June-July time frame is a reasonable expectation,” said Dudley.

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“The Fed seems to think the economy is quite a bit stronger than some market pundits and maybe investors in general think. Not only is there the concern that they will, in fact, do damage to the economy, but also one more step in removing the easy money that clearly has been a benefit for rising asset prices over the last few years” said Bruce McCain from Key Private Bank in Cleveland.

Oil prices were trading lower throughout the day, but managed to recover at the end of the North American session finishing slightly below the yesterday close. The WTI Crude closed at 48.16 USD/bbl, down just 0.06%. The Brent Crude was trading at 48.79 USD/bbl as of 5:46 PM EDT, which is 0.29% lower than 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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