Forex Market Trading May17 Aftermath

Forex Market Trading May17 Aftermath - The dollar gained against the majors in today's forex market trading. Usd gained 48 pips against the gbp, and 104 pips against the eur. The reason why the gbp took a smaller fall was the release of the BoE meeting minutes,instead of the anticipated 8-0 unanimous decision, six members voted for a no-change in policy, while two members voted in favor for a change in policy. Stephen Nickels voted in favor for a rate cut, while David Wilton voted for a 25-bp rate hike to 4.75%.

Today's forex market trading saw the gbp fail to breach the 1.90 level after the minutes release, and retreated in us forex market trading on strong usd inflation data. The April core CPI outpaced analyst estimates for a decline to 0.2%, instead remaining unchanged from the previous month at 3.0%. The headline figure also edged out forecasts for a rise to 0.5%, jumping to 0.6% in April compared with a 0.4% a month earlier. The fed said it will keep and eye on incoming data in deciding the upcoming steps.

The eur closed at 1.2741 and the gbp at 1.8821. That's all for Forex Market Trading May17 Aftermath.