Daily Update - 5th May 2019
Euro Gross Domestic Product resulted positive and boosted the common currency against the dollar & analysts believe that EU will be most likely striking a smooth agreement with UK. By mid-day, Germany Harmonized Index was released further supporting the positive trend of the Euro. Finally to conclude the day US markets opened with US Pending Home Sales coming in favor of US Dollar but did not change of the dollar direction. The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector it is a significant indicator of the overall economic condition in US and the number also serves as a hint towards the NFP. Followed by the most important data for this week Federal Reserve Interest Rate Decision, a rate hike tends to boost the local currency, as it is understood as a sign of a healthy inflation. A rate cut, on the other hand, is seen as a sign of economic and inflationary woes and, therefore, tends to weaken the local currency. Followed by the official statement released by US Federal Reserve on the Future projections of US Economy. With European markets closed on Wednesday, the focus will then shift to finalized April manufacturing PMI numbers due out on Thursday. Yesterday’s Market
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