MARKET UPDATE 31-May-18

Forex today was a turnaround on the back of the relief in European markets where political risk, for now, seems to have somewhat subsided. This saw the Euro record its second biggest daily rise against the greenback this year.

Futures in Japan, Australia and Hong Kong all signalled gains. The S&P 500 Index rose the most in more than three weeks as U.S. 10-year yields pushed above 2.84 percent.

Meanwhile, the US economic growth was slightly sluggish – more than initially thought in the first quarter, as consumer spending rose at its weakest pace in nearly five years. Their GDP increased at a 2.2 percent annual rate against the 2.3 percent previously reported.

Well…this had given some strong hold to our Aussie-Kiwi counterparts…. but let’s see how long this revived mood remains in the market.

FX Rates 31.05.18

 

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