Forex news | Daily Forex Currency Trading News 30-May-2016

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Forex news | Daily Forex Currency Trading News 30-May-2016

Forex News – Wall Street finished in the green as Federal Reserve Chair Janet Yellen rattles Wall Street by offering strong indications that the Fed could raise interest rates in the coming months. The Dow Jones rose by 0.25%, the S&P 500 by 0.43%, and the NASDAQ added 0.65% to its value. Amazon shares fell by 0.37%, closing at $712.24.

The U.S. Dollar traded high against most major currencies after Fed Chair Janet Yellen said U.S. interest rates could rise in the coming months and U.S. first quarter growth was revised upward. The Prelim GDP came out at 0.8% unchanged. No major economic data is expected today.

Gold fell, closing at $1,210 an ounce as the dollar spiked following Janet Yellen’s comments. Crude Oil fell, closing at $49.44 a barrel.

The euro fell versus the dollar, closing at 1.1112, after data showing U.S. first quarter growth was revised upward. Technically, according to the 1-hour chart,the pair is trading below the resistance line at 1.1135 with a negative RSI indicator below 50. Holding these conditions should continue the bearish trend to around 1.1050, while crossing above the line may lead the pair up towards 1.1200.

The Pound finished lower versus the dollar, closing at 1.4619. Technically, according to the 4-hour chart, the pair is trading in an ascending triangle pattern. Falling below the lower side of the triangle may lead the pair back to lower areas around 1.4510, while breaching the upper side may take it towards 1.4700. More News

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