EUR/USD up 0.43%. Fed kept interest rates unchanged.

EUR/USD rose today. As of 6:00 PM EDT the currency pair was trading at 1.1259, which represents 0.43% increase 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 17,640.17, down 0.20%.
  • Nasdaq Composite lost 0.18% finishing at 4,834.93.
  • S&P 500 closed at 2,071.50, which is 0.18% below the previous close.

The Federal Reserve kept interest rates unchanged at its June meeting as was expected and indicated its plans for two hikes in 2016. “We do need to make sure that there’s sufficient momentum. I’m not comfortable to say (the next hike) is in the next meeting or two, but it could be. It’s not impossible that by July, for example, we would see data that led us to believe that we are in a perfectly fine course.” said Janet Yellen, the chair of Federal Reserve. The Fed also revised its forecast for the economic growth for both 2016 and 2017 to 2.0% from 2.1% estimated previously.


According to the report from Fed, the US industrial production fell to a seasonally adjusted 0.4% in May, compared to the analysts’ forecast of 0.3% decline.

Oil prices fell today. The WTI Crude closed at 48.01 USD/bbl and Brent Crude at 48.97 USD/bbl, down 0.99% and 1.73% respectively.

The Energy Information Administration (EIA) announced today that the US crude stockpiles declined less than expected. The Crude inventories fell by 933,000 barrels last week, compared to the analyst’s estimate of 2.3 million decline.

“In short, this data will do little to move the needle in either direction for oil prices and the energy market will continue to get its cue from macro-economic environment and global equity markets,” said Chris Jarvis from Caprock Risk Management.

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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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