GBP/USD trimmed gains on disappointing Fed comments

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Source: Forexpros

Cable trimmed gains on Thursday, as the Chairman of the Federal Reserve disappointed expectations of the market for further stimulus. GBP/USD peaked at 1.5600, a one week-high, and consolidated at 1.5553, which is still a 0.37% gain in the U.S. morning trading session. The support was likely to be at 1.5428, and resistance was prone to be found at 1.5643.

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Thu, 07 Jun 2012 19:44:26 GMT

China lowered borrowing costs

China has taken the decision to decrease borrowing costs to manage the current recession as Europe's current slowdown jeopardizes global development. According to the People's Bank of China, the lending percentage for one year will be lowered from 6.56% to 6.31% effective 7 June. In addition, the deposit percentage for one year will drop from 3.5% to 3.25%.

Thu, 07 Jun 2012 19:22:27 GMT

U.S. stock futures gain after cut of Chinese rates

U.S. markets gained this Thursday after Chinese reserve bank unexpectedly decreased its deposit and interest rates by 25 basis points. The Dow Jones Industrial Average rallied 72 points to 12,491. The Standard & Poor 500 Index advanced 10.50 points to 1,319.40 and Nasdaq-100 index climbed 16.50 points to 2,566.50. Petroleum futures ticked higher, while gold and the Greenback retreated.

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