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Session Recap: USD extends decline ahead Fed's meeting

FXstreet.com (San Francisco) - The US dollar traded lower on Tuesday as investors are assuming that the Fed could remove language that signs the asset-purchase tapering this year. The idea comes from the weaker than expected Chicago PMI that April's figures showed contraction.

On the other side, housing prices jumped 9.3% in February and the Consumer Confidence rose well above expectations to 68.1 points in April. In Europe, Cyprus's parliament approved the EU bailout.

The EUR/USD rose to the highest level since April 17th at 1.3185. The GBP/USD extended its advance to trade at maximums since February at 1.5565 while the USD/JPY declined further to test the 97.00 level.

Main headlines in the American session:

US: S&P/Case-Shiller Home Prices Indices beats consensus, up by 9.3% in February

US: Chicago PMI disappoints at 49 in April

US: Consumer Confidence surprises and jumps to 68.1 in April

Cyprus' parliament approves EU bailout

Moody's downgrades Slovenia to Ba1, outlook negative

Wall Street closes higher on strong earnings

Wall Street closes higher on strong earnings

The US stocks market closed Tuesday with gains as investors were confidence on strong earnings and a good consumer confidence data. The S&P 500 finished April at record high, the Dow ended up for fifth straight month and the Nasdaq closed at highest level since 2000.
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Forex: EUR/USD trades above 1.3150 and closes May with strong gains

The euro traded positive against the US dollar on Tuesday as markets are expecting that the Fed will maintain the status quo regards to its QE after the recent economic data. On the bigger chart, the EUR/USD is closing April with strong gains from the 1.2743 monthly bottom as it has recovered all the March losses. April has been the seventh month of gains of the last ten.
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