EUR/USD dropped 0.72%. US retail sales in May beat expectations.

EUR/USD significantly fell today. As of 6:00 PM EDT the pair was trading at 1.1207, which represents 0.72% decline from the previous close.

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

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  • DJIA closed at 17,674.82, down 0.33%.
  • Nasdaq Composite fell 0.10% finishing at 4,843.55.
  • S&P 500 closed at 2,075.32, which is 0.18% lower than the previous close.

According to the report from the Commerce Department, the US retail sales grew 0.5% in May, after rising for 1.3% in the previous month. Year-on-year the retail sales rose 2.5%.

The Labor Department announced today that the US import prices rose 1.4% in May, which represents the biggest increase since March 2012.

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“As has been the case in the prior two years, the modest first-quarter disappointment in consumer spending now appears to be a short-lived soft patch. This number also lends credence to the idea that the big miss on May payrolls may have been sending an overly pessimistic signal on growth.” said Michael Feroli from JPMorgan in New York.

Oil prices fell today. This represents the fourth day of consecutive declines. The WTI Crude and Brent Crude closed at 48.49 USD/bbl and 49.83 USD/bbl down 0.80% and 1.03% respectively.

“The strong U.S. dollar versus most currency pairs is a negative price directional driver for the oil complex.” said Dominick Chirichella, senior partner at the Energy Management Institute in New York.

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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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