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.


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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