EUR/USD down 0.71%. US GDP grew 0.8% in Q1 2016.

EUR/USD fell today. As of 5:00 PM EDT the currency pair was trading at 1.1113, which is 0.71% lower than the previous close.

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

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  • DJIA closed at 17,873.22, up 0.25%.
  • Nasdaq Composite rose 0.65% finishing at 4,933.50.
  • S&P 500 closed at 2,099.06, which is 0.43% higher than the previous close.

According to the data from the Commerce Department released today, the US Gross domestic product grew at a 0.8% annual rate in the first quarter, compared with the figure of 0.5% increase announced previously. “This gives us more confidence that growth will hit its marks in the second quarter … enough forward speed for the Fed to continue with its gradual pace of rate hikes” said Chris Rupkey, chief economist at MUFG Union Bank in New York.

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US Federal Reserve Chair Janet Yellen spoke today, stating that the Fed should raise the interest rates in the coming months if the economy grew as estimated. “It’s appropriate … for the Fed to gradually and cautiously increase our overnight interest rate over time, and probably in the coming months such a move would be appropriate” said Yellen.

Oil prices were trading lower throughout the day, but they rose during the North American session. The WTI Crude closed at 49.56 USD/bbl up 0.16% and Brent Crude at 49.49 USD/bbl, which represents a 0.20% decline from the previous close. “Speculators are clearly very cautious at these price levels. Then there is dollar strength to consider with a Federal Reserve hike in June back on the table” said David Hufton from PVM brokerage.

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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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