CMS Daily Market Report 24 May 2018

 

The U.S. dollar charged higher against most major currencies as the minutes of the Federal Reserve’s latest monetary-policy meeting indicated that the central bank is on track to raise interest rates in June, but that the central bank plans to stay on its moderate path as it boosts rates to historically normal levels and unwinds its balance sheet. The dollar also rose after data firm IHS Markit Wednesday said its composite Purchasing Managers Index for the currency area — based on survey responses from 5,000 businesses — fell to 54.1 in May from 55.1 in April. A reading above 50.0 signals an expansion in activity. That was the lowest reading for 18 months. Later today, traders are looking for Home sales data due to release at 3:00 GMT. It is forecast to come at 5.56 Million as compared to 5.60 million earlier.

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