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Federal Reserve Could Hike Interest Rates in June

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Let’s start today’s report with the U.S. interest rates and Fed meeting’s news. According to the FOMC minutes, the Federal Reserve could hike the interest rates in June if economic data points to stronger second-quarter growth as well as enhanced inflation and employment. This view was also supported by most Fed policymakers.

The USD index increased 0.6% and touched 95.17 levels after disclosure of the minutes. The EUR declined vs. USD and traded near the support level of $1.12. In light of positive statements of U.S. officials and the recovery of economic data, the fiber could touch $1.1350 by the end of the week.

Yesterday, the pound jumped to its highest level in three-months vs. a basket of currencies, as the supporters of keeping the UK in the EU has taken an 18 % point lead over the opposite party that is with exiting the EU, ahead of the June 23 referendum.  The Cable extended its gains yesterday and touched levels of $1.46 before being negatively affected by the strong USD and falling below $1.46. From a technical point of view, the pair could re-test levels of $1.46 during the course of the day.  

On Wednesday, USD surged vs. JPY and settled above the psychological level of 110. The Japanese economy avoided recession and grew at an annualized pace of 1.7%. The greenback could continue its gain and touch 111 level.

Gold prices fell by 1% negatively affected by strong USD. The yellow metal traded at $1,257 and the next resistance levels are $1250 and $ 1241.

Oil prices declined on Wednesday and WTI traded at $48, negatively affected by strong USD. Oil prices are subject to geopolitical developments and the volume of production.

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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