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Daily market overview – 26/04/2016

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Daily market overview – 26/04/2016

Daily market overview – 26/04/2016
April 26
09:00 2016

The green bank is relatively steady so far as markets is waiting for FOMC meeting later this week ( Wednesday).

Data on new home sales came weaker than expected with a decline from 519K to 511K. US CB consumer confidence data is due today and a drop from 96.2 to 95.8 is being observed. Also, the flash services PMI and the Richmond manufacturing index have lined up today , along with the figures of durable goods orders.

Oil prices fell on Monday due to profit taking after a rally last week that brought the oil price to the highest level in four and a half months. Last week’s gain mostly was triggered by geopolitics factor in Kuwait. The strike was expected to limit oil supply, and the oil price will rise even though the Doha meeting came out disappointing because the major oil producers could not reach an agreement on the production freezing. However, profit taking occurred ahead to the Fed’s monetary policy meeting which is expected to give a hint about the US economy outlook.

Gold prices were modestly higher during Monday trading, based on the expectations of new home sales data and a softer US$ on that day. The housing stats also applied downward to copper prices on Monday.

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  1. Varvara
    Varvara April 26, 11:39

    FOMC meeting minutes are very important as they provide a detailed picture regarding the FOMC position on the monetary policy, so currency traders carefully examine them in relation to future changes in interest rates.

    Reply to this comment
  2. Ed
    Ed April 26, 12:34

    Gold hasn’t lost its value for centuries, unlike any other currencies. Investing in gold is a normal variant that helps protect against inflation and crisis

    Reply to this comment

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