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MARKET WRAP: European Markets Closed On A Strong Note

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Fundamental analysis of Forex market

Despite the weak economic data out of Europe, traders pushed the European markets higher.

Stocks

  • The S&P 500 Index jumped 0.79 percent as of 16:00 London time, while the Nasdaq Composite Index rose 0.86 percent and the Dow Jones Industrial Average increased 0.9 percent.
  • The Stoxx Europe 600 gained 1.09 percent.
  • The MSCI Emerging Market Index scored 1 percent.

Currencies

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  • The Dollar Spot Index dropped 0.09 percent, breaking its five consecutive trading days rally.
  • The euro jumped 0.3 percent to $1.1220 despite the weak eurozone economic data
  • The British pound jumped 0.87 percent to $1.3149 ahead of the key Brexit vote.

Bonds

  • The yield on 10-year Treasuries jumped three basis points to 2.47 percent.
  • Germany’s 10-year yield scored two basis points to negative 0.05 percent.
  • Britain’s 10-year yield rose almost one basis point to 1.01 percent.

Commodities

  • West Texas Intermediate increased 1.1 percent to $60.95 a barrel.
  • Gold still below 1300 mark but gained 0.3 percent to $1,296 an ounce.

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