Market Update – 31-05-16
AvaTrade | May 31, 2016 09:37AM ET
EUR/USD – After yesterday’s slight recovery against the dollar, the Euro seems to be continuing its momentum upward on Tuesday. After hitting the lowest level in two months, on the back of Yellen’s comments and various sources from the FED reiterating the point that a rate hike is likely the dollar was gaining momentum but after some positive news out of German and France this morning the Euro seems to have reversed back. How long this will last is another thing, as we have a busy few days of news from the US later this week.
Oil – Since reaching the $50 level last week Crude has been fairly flat, trading around the $49.5 level, this is primarily due to the OPEC meeting in Vienna on Thursday, where traders will be wondering will there be any changes in production. Iraq have already come out and said they are increasing their exports in the month of June.
By Ian Fallon
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