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Wall Street closes flat as investors get ready for long weekend

Major equity indexes remained virtually unchanged on Friday ahead of the Memorial Day weekend but were able to record gains on a weekly basis after two consecutive weeks of losses."Trading volume, with just about 5.2 billion shares changing hands on U.S. exchanges, was the lowest of the year," Reuters reported. However, despite the quietness, led by Costco's 1.8% gain, retailers continued to perfo...

00:23 27 May /2017 Forex

GBP/USD holds above 1.28, on the brink of biggest weekly drop since January Eren Sengezer

The GBP/USD pair fell its lowest level since April 25 at 1.2775 during the NA session and started to retrace its losses as investors started to cash in their profits ahead of the Memorial Day weekend. As of writing, the pair was trading at 1.2805, losing 130 pips, or 1%, on the day.In addition to the recovery seen in the <...

00:23 27 May /2017 Forex

Quieter week reiterates generally solid fundamentals - Wells Fargo

Analysts at Wells Fargo explain that new information released this week pertaining to the housing market showed that sales of new and existing sales slipped in April after getting an early start to a very robust spring selling season.Key Highlights:Global ReviewIncreasingly Self-Sustaining Expansion in the Eurozone

23:23 26 May /2017 Forex

Increasingly self-sustaining expansion in the eurozone - Wells Fargo

Economists at Wells Fargo assessed the latest macro data from the euro area, with the key quotes found below:"Sentiment indicators in the Eurozone are quite strong at present. The manufacturing PMI in the euro area rose to a multi-year high in May, and the Ifo index of German business sentiment stands at its highest level since reunification. That said, the actual state of the Eurozone economy doe...

23:23 26 May /2017 Forex

EUR/USD consolidates below 1.12, headed for weekly losses Eren Sengezer

After falling to a new three-day low at 1.1160 during the NA session opening, the EUR/USD pair has been consolidating its daily losses in a very tight range in the last few hours. As of writing, the pair was trading at 1.1170, losing 0.35% on the day.The thinning trading volume in the session suggests that investors show n...

23:23 26 May /2017 Forex

Gold leaps to fresh monthly highs amid weakening risk appetite Eren Sengezer

Despite the thinning trading volume in the NA session, gold was able to continue gathering strength against the USD, pushing the XAU/USD pair to its highest level since May 1 at $1269.55. As of writing, the pair was trading at $1268, up 1%...

22:46 26 May /2017 Forex

UK PM May: G7 clear that Russia and Iran must push for Syria ceasefire

UK Prime Minister Theresa May was on the wires, via Reuters, noting that G7 clear that Russia and Iran must push for Syria ceasefire.More headlines (via Reuters):

20:23 26 May /2017 Forex

USD/JPY: Recovery loses momentum, holds comfortably above 111

Following the positive inflation figures from Japan, the JPY gathered strength against the USD during the first half of the day and pushed the USD/JPY pair to a three-day low at 110.88. However, as the greenback caught fresh bids in the early NA session on the back of positive data, the pair started to recover its losses. ...

20:23 26 May /2017 Forex

USD/CAD struggles to move away from daily lows on oil recovery Eren Sengezer

After easing to a daily low at 1.3433, the USD/CAD tried to rebound during the NA session as the greenback gathered strength on positive macro data but failed to gain momentum. As of writing, the pair is trading at 1.3460, still losing 0.18% on the day.Boosted by the solid consumer spending numbers from the U.S., the GDP g...

19:46 26 May /2017 Forex

CME Group FedWatch's June hike probability drew close to 90% on US Data Eren Sengezer

CME Group FedWatch tool, which calculates unconditional probabilities of Federal Open Market Committee (FOMC) meeting outcomes to generate a binary probability tree, shows that the probability of a June rate hike on Friday leaped to 87.7% from 83% on Thursday as today's data showed that the increase in consumer spending continued to boost the GDP growth in the U.S. Furthermore, recently released s...

19:23 26 May /2017 Forex

Consumer sentiment holds near its recent high - Wells Fargo Eren Sengezer

Analysts at Wells Fargo noted that the University of Michigan’s Consumer Sentiment index rose 0.1 point to 97.1 in May and remains roughly even with its average of 97.3 maintained in the six months following the November election.Key quotes:"Consumer sentiment was little changed over the month, although the final May reading did fall slightly from the mid-month report. Consumer se...

19:23 26 May /2017 Forex

AUD/USD slipped below mid-0.74's on USD strength

After pushing to a session high at 0.7460 just before the NA session went underway, the AUD/USD pair came under pressure as the greenback gathered strength against its competitors following the upbeat macro data from the United States. At the moment, the pair is trading at 0.7440, down 0.20% on the day.Following the first ...

18:46 26 May /2017 Forex

US: Consumer sentiment remains solid since Trump's election - UoM Eren Sengezer

The final reading of University of Michigan Consumer Sentiment Index eased to 97.1 from 97.7 and missed the market consensus of 97.5.Key highlights from Surveys of Consumers chief economist, Richard Curtin's comments:

17:23 26 May /2017 Forex

GBP/USD weaker, pierces 1.2800 Pablo Piovano

The selling pressure around the Sterling remains everything but abated today, forcing GBP/USD to retreat to fresh lows in sub-1.2800 levels.GBP/USD down on USD-bids, UK pollsCable came under strong and renewed selling pressure at the end of the week in response to a persistent buying interest around the buck and latest

17:23 26 May /2017 Forex

EUR/USD attempts some recovery near 1.1170 Pablo Piovano

After bottoming out at fresh weekly lows near 1.1160, EUR/USD is now looking to pick up some pace following another US release.EUR/USD finds support at 1.1160The pair dropped to the area of 1.1160 following upbeat results from US GDP figures for the first quarter, although the lower-than-expected results from US consumer sentimen...

17:23 26 May /2017 Forex

Oil and the S&P 500 - BBH

Analysts at BBH assess the recent changes on the correlation between the price of oil and the S&P 500 Index with the following analysis:"The fluctuation of oil prices is often cited as an important factor driving equities.  Our work shows that this is not always the case and that the correlation between the price of oil and the S&P 500 continues to ease."  "We looked the statistical relati...

17:00 26 May /2017 Forex

USD/CHF recovers daily losses post-US data Eren Sengezer

Following the upbeat macro data from the United States, the USD/CHF pair, which spent the majority of the day moving sideways above the 0.97 handle, gathered momentum and erased all of its daily losses. As of writing, the pair was trading at 0.9750, up 0.27% on the day.Today's data revealed that according to the second est...

16:46 26 May /2017 Forex

US Dollar climbs to highs near 97.40 on US GDP Pablo Piovano

The greenback – in terms of the US Dollar Index – met a bout of upside pressure following the release of the US Q1 GDP, advancing to the upper end of the range near 97.40.US Dollar bid after upbeat dataThe index gathered further traction after another revision of US 16:23 26 May /2017 Forex

USD/JPY recovers over 40-pips from sub-111.00 level post-US data Haresh Menghani

The USD/JPY pair caught some fresh bid at lower level and managed to recover around 35-pips from sub-111.00 level touched in the past hour after mixed US economic releases. Currently trading around 111.25 region, spot gained some bullish traction after the revised estimate of the 16:23 26 May /2017 Forex

US: The PCE price index increased 2.4% in first quarter of 2017 Eren Sengezer

"The price index for gross domestic purchases increased 2.6 percent in the first quarter, compared with an increase of 2.0 percent in the fourth quarter. The PCE price index increased 2.4 percent, compared with an increase of 2.0 percent. Excluding food and energy prices, the PCE price index increased 2.1 percent, compared with an increase of 1.3 percent," said the U.S. Bureau of Economic Analysis...

16:00 26 May /2017 Forex