MARKET UPDATE 26 – MAY – 17

Yesterday we saw a weakening of the US currency due to unfavourable FOMC meeting minutes which saw policymakers hold off on raising interest hikes this year.
This morning we saw a more favourable US economic data with their initial jobless claims which was expected to increase to 238K but only increased to 234K. This has compensated the widening of the trade balance deficit for the month of April for the US economy and resulting in a stronger USD today by 15 points to stand at 0.4699.
However rest assured, on a 7 day moving average. The USD has weakened this week standing at 0.4701 when compared to same time last week at 0.4668.
Looking on to tomorrow morning we have expectation for a stronger USD as they roll out their GDP for first quarter expected to increase from 0.7% to 0.9%.

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