Market Update – 16-05-2016
AvaTrade | May 16, 2016 07:47AM ET
While today might be a quiet day with no major news coming out, the rest of the week is full with important news. We have data that will influence the AUD tonight with the RBA meeting minutes and employment data on Thursday. The GBP has important news each day of the week except Friday and also the EUR has volatility ahead with inflation data on Wednesday. The Japanese GDP data will also be released Wednesday morning. Also Wednesday we have the FOMC meeting minutes, which will be highly anticipated.
Currencies
EUR/USD – when we saw the break of the support around the 1.1375 level we headed further down. The move was also bolstered by strong data out of the US which is confirming the US economy is doing well, and this in turn could increase the chances we will see the FED raise the interest rate next month, although the chance of this happening remains not that high at the moment.
USD/JPY – is trading between the 108.2 and 109.5 level for the past week and we can expect to break out his band in the coming days as we get more data and especially the Japanese GDP data on Wednesday.
Yahoo (NASDAQ:YHOO) – it is known that Yahoo is looking for some time now to sell its internet business and it reportedly has already attracted numerous interested parties. Over the weekend it appears that also Warren Buffet is interested.
by Shawn Koopman
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