Yesterday USD was trading in multiple directions.
The currency strengthened opposite the JPY and EUR, but slipped opposite AUD and GBP. Janet Yellen head of the FRS went on record in front of Congress pointing out the US economy’s positive trend which in turn will affect the Fed’s interest rate stance, adopting a more hawkish policy if inflation allows it. EUR/USD slipped slightly after Yellen’s speech losing 0.13% finally settling at 1.1400. Conversely USD/JPY actually saw a 0.12% gain reaching 113.27.
GBP/USD saw continued growth on Thursday also likely riding on the back of the BoE’s McCafferty’s statement that he would position himself behind and interest rate hike in the next meeting of the BoE. This resulted in GBP/USD growing 0.42% reaching 1.2940.
AUD/USD pair has also experienced gains for the fifth session in a row. The pair grew 0.66% reaching 0.7729.
Metals dropped slightly on Thursday after multiple days of seeing gains. Gold fell by 0.16% coming in at a price of 1217.50. Silver’s loss was even more significant, losing 1.45%and reaching 15.68.
Oil prices have been inching up since the IEA 2017 oil demand forecast showed improvement. The report noted, that demand should increase from the current 160K barrel per day to a respectable 98 million barrels per day. This resulted in Brent seeing a 1.70% increase reaching 48.50. WTI also experienced an upswing of 1.52% and is at 46.20.
US and EU stock are currently trading in the green. The Dow Jones is at 21562.5 after growing 0.14%. The NQ saw a 0.21% boost reaching 5794.8. S&P went up 0.22% to 2447.4.
The FTSE went up 0.05% and is currently at 0.7422.4. The CAC went up to 5243.7 after gaining 0.43%. Finally, the DAX also had a good trading day, gaining 0.13% reaching 12654.1.
This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.