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Flash: Typically bland June gives way to more volatility amidst Fed – Investec

FXstreet.com (Barcelona) - As expected, the US dollar dominated proceedings yesterday as it bobbed along in the weekly ranges before exploding into life on the release of the US growth figures in the afternoon.

It was a slower day across the wider markets yesterday as equities continued to consolidate with month end approaching and with the Nikkei managing to claw back over a 1% after its collapse earlier this week.

Markets are operating in a fragmented fashion at the moment as commodities remain range bound after big moves earlier in the month, equities markets seem to be catching breath after hitting all time highs this month and the currency market appears to be torn between chasing riskier assets or to continue to plough into the haven of the US dollar. According to Lee McDarby, Corporate Treasury at Investec, “This environment combined with the market remaining on tenterhooks regarding QE across the pond means that it’s very likely the month of June will be a lively one before activity winds down prior to the summer.”

American equity markets open lower falling US consumer spending

The US stock market experienced a lower opening Friday, rescinding some of recent gains in the wake of the recent release of mixed US data. In the United States, Personal Spending (April) fell -0.2%, against expectations of +0.1%. In addition, Core Personal Consumption Expenditure – Price Index (YoY) climbed +1.1% in April, vs. projections of +1.0%. Finally, Personal Income (MoM) was reported at 0.0% in April, against estimates of +0.1%.
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