Fundamental analysis for May 21, 2015

May 21, 2015

The US dollar strengthened significantly relative to its main competitors - the dollar index basket (USDX) finished the trading day at the mark of 95.46. The pair EUR/USD came under attack amid the ECB stimulating measures increase rumors. By the end of the day the pair euro/dollar had decreased.

During the day the pair GBP/USD was also under pressure amid the UK April weak inflation data. The CPI went into the negative territory for the first time since 1960 and against this background the trades ended with the quotations decrease despite a correction was observed earlier.

The bullish trends in the world's leading stock markets contributed to demand for the pair USD/JPY which by the end of the day had increased.

Taking in consideration the oil prices decline traders expected demand for the US dollar before the US Federal Reserve last meeting minutes publication. Bearing in mind the US low inflation expectations, we expected the "pigeon rhetoric" in the report and in this regard an upward rebound in the market.

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