Forex News | UFX Daily Forex Currency Trading News 24-May-2016

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Forex News | UFX Daily Forex Currency Trading News 24-May-2016

Forex News –¬†Wall Street finished in the red following the drops in Europe earlier on Monday. The Dow Jones fell by 0.05%, the S&P 500 by 0.21%, and the NASDAQ lost 0.08% from its value. Alibaba shares rose, closing at $79.00.

The U.S. Dollar traded low against most major currencies as the Flash Manufacturing PMI came less than expected at 50.5 vs. 51.0 forecast. Today, the New Home Sales and the Richmond Manufacturing Index are expected at 521K and 9 respectively. Later, the FOMC Meeting Minutes are due for release.

Gold is struggling with the resistance at $1260, while oil continues to fall, closing at $48.11 a barrel.

The euro fell versus the dollar, closing at 1.1220 as Flash Manufacturing PMI came less than expected at 51.5 vs. 51.9 forecast. The pair has touched the lower band of the Bollinger Bands with the Stochastic RSI below 50. Crossing below the lower band may continue the drop towards 1.1100, while climbing towards the upper may start a reversal towards 1.1500. Today, the German ZEW Economic Sentiment is expected at 12.1 vs. 11.2 previously.

The Pound fell versus the dollar, closing at 1.4482. The pair has broken below the bullish trend line with the MACD below 0. As long as it holds below the trend line, a fall towards 1.4300 is expected. However, breaching the line may start a reversal towards 1.4600. Today, the Average Earnings Index and the Unemployment Rate are expected at 1.7% and 5.1% respectively. Today, the Public Sector Net Borrowing and the Inflation Report Hearings are due for release. More news

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