Google releases an algo update a day pretty much with a few major ones a year (penguin, medic etc.). Each one is different and affects different factors, sites and niches. It's impossible to say the effects before hundreds of sites are analysed and SEOs pitch in with their thoughts on the update. Google sometimes doesn't officially confirm updates which makes it harder to analyse them. However, sometimes they will give details on their algo. updates which gives you an idea of what effects can be expected.
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