UFX Daily Forex Currency Trading News 11-May-2016

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Sluggish Oil Boosts Major Indices
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Wall Street finished in the green on Tuesday (10.05.16), as a rally in persistently sluggish oil prices and financial stocks provided a boost to the major indices.The Dow Jones rose by 1.26%, the S&P 500 by 1.25%, and the NASDAQ added 1.26% to its value. Microsoft shares rose by 1.90%, closing at .02 a share.

The U.S. Dollar traded higher against the major currencies. The JOLTS Job Openings came out higher than expected at 5.76M vs 5.55M and the Wholesale Inventories at 0.1% vs. 0.2% forecast. Today, the Federal Budget Balance is expected 116.2B vs. -108.08B previously.

Gold rose slightly, closing at ,265 an ounce as investors digested a mixed U.S. hiring report. Crude Oil rose 2.85%, closing at .68 a barrel one day after suffering one of its worst single-day sessions in the calendar year

The euro finished lower versus the dollar on Tuesday, extending losses from the last several sessions, as upbeat labor and GDP data in the U.S. bolstered the greenback. Technically, according to the Daily chart, the pair is holding above the bullish trend line with RSI indicator above 50. Maintaining these conditions should continue the positive trend towards 1.1450, while dropping below the line may start a reversal to around 1.1300.

Technically, according to the Daily chart, the GBP/USD has breached the 20-day Moving Average with the Momentum indicator below 0, and is expected to fall towards 1.4300. However, breaching the Moving Average may lead to a rise towards 1.4600 . Today, the Manufacturing Production is expected at 0.4% vs. -1.1% previously.

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