Market Update – 30th May 2016 – Yellen Confirms Further Rate Rise Close

  

U.S quarterly GDP ticked along on target Friday evening as the latest figures showed growth of about 0.8% annualised. The on target GDP figure along with further hawkish pro-rate rise comments from the Federal Reserve Chair Janet Yellen pushed the Greenback higher. Expectations are that we’ll see a further rate rise from the U.S Federal Reserve in June or at the latest July.

U.S equities piled on further gains marking the best week of trade since March.  The tech heavy NASDAQ was the best performer up 0.65%. Local equities futures suggest we’ll see further gains on local markets today, while the Aussie will likely be flat in the absence of data and thin trade tonight with both London and the U.S having bank holidays.

DATA RELEASES TODAY:

Bank Holidays – U.S and U.K (payments in USD and GBP will be delayed one day)

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Patrick Downes

Senior Corporate FX Dealer

 

Compass Markets

Contact Patrick for a quote on 0431 278 632 or 03 9099 8459

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