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Currency market

The Fed is shown prudent.

Few changes in the meeting of yesterday on the market of currencies, with the principals crossroads quoting in narrow ranges.

Law reports of the latest meeting of the American Federal Reserve celebrated at the beginning of May reflect that, although its interest rates' increase of reference for June is practically discounted, the institution is shown prudent when it comes to the rhythm of future rises until ensuring of that the weakness relejada in the latest data macro published is temporary.

Part of the market expected a more aggressive tone and it caused a light depreciation of the dollar, that in its crossroad against the euro comes back to open today above the level EUR 1,1200/USD, with a first resistance with an upward trend in annual maxima that saw on Tuesday of EUR 1,1265/USD, to go to search the psychological level of EUR 1,1300/USD.

The oil price remains in levels of USD 54/Barrel Brent. Today the meeting of the OPEC is celebrated in which is expected an agreement of maintaining is arrived at the current arrangement of production cuts 9 more months, proposed by the United States and Saudi Arabia. So far the most correlated currencies with its contribution consolidate gains of the last few weeks, being especially notable the assessment of the canadian dollar, that it opens today in USD 1,3400/CAD (+1%) and EUR 1,5050/CAD (+0,6%), after the message of its central bank, that despite to maintain types yesterday in 0,50%, more optimistic was shown on its economy.

The pound furthermore opens today in EUR 0,8650/GBP after an unsuccessful attempt yesterday of recovering the level of EUR 0,8600/GBP. The movement would be able to continue until the area of EUR 0,8690/GBP, pending know today the preliminary GDP of the first quarter in The United Kingdom.

General, observe on the market a feeling of little aversion to the risk, that it maintains restrained implied volatilities and the Nipponese currency above EUR 125.00/JPY.

In addition in the agenda of today, weekly unemployment in the United States.

Indicative ranges for today

EURUSD
1,1170-1,1280

EURGBP
0,8625-0,8690

EURJPY
124.60-126.10

 
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