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All Eyes on Yellen’s Big Speech

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Starting todays report with an important quotation from Federal Reserve Governor Jerome Powell who said yesterday, An interest rate rise could be suitable fairly soon, adding that he supports gradual increases if data underpin forecasts for an improving economy. U.S dollar declined yesterday, negatively affected by profit taking. The greenback is awaiting Yellen speech on the economy and she could mention an interest rate hike, at Harvard later on today. U.S Dollar index fell by 30 pips yesterday and settled at 95.13.

EUR gained little yesterday and traded at $1.12, before declining to $1.1190. The fiber is awaiting Yellens big speech; in addition, it could decline further to $1.1150.

GBP traded below $1.47, negatively affected by  the brexit campaign. As we noted in previous reports, the pound is strongly affected by the EU referendum.

Purchases of U.S. Previously Owned Homes Rebounded in April and jumped to its highest level in more than 10 years. Despite such Rebound, USD declined to 110 vs. JPY.

Gold fell yesterday, negatively affected by good US jobless claims data. Gold traded at $1,219 before declining to $1,217. Investors will turn their attention to Yellen speech today.

Brent crude jumped to $50 a barrel on Thursday for the first time in more than seven-months,then bounced below that level, negatively affected by interest rates and  signs of a slowdown in China. WTI traded below 48.50 and could settle at that level by the end of todays trading session.

The most important economic events:

  • USD Gross Domestic Product (Annualized) (1Q S): (GMT 12:30) Important Forecast (0.9%) Previous (0.5%).
  • USD Fed's Yellen to Speak at Harvard's Radcliffe Day: (GMT 14:30) Very important.

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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