EUR/USD at 1.0814. Oil price above 31$.

EUR/USD continues its bearish movement and closes the European session at 1.0814, down 0.47% from previous close.

European markets rose today as was expected after the rally started during Asian session. The performance of major European indices are presented below:

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  • FTSE 100 soared 2.19% reaching 5,900.01. The index made a slight recovery after it fell more than 20% from its April high.
  • CAC 40 closed at 4,336.69, which is 3.1% higher its previous close.
  • Euro Stoxx 50 is trading at 3,030.73 (+2.95%) as of 5:30 PM.
  • IBEX 35 increased by 3.3% and closed the session at 8,722.90.

During the last couple of days, investors’ eyes are on World Economic Forum annual meeting, where George Soros, the billionaire investor gave an interview today, describing his sentiment as pretty bearish.

soros

“In 2008, it was the subprime crisis in America. This time, it is China and the deflationary forces it is transmitting to the rest of the world. It’s serious. And the Chinese left it too long to address the changeover in the growth model that they have to adopt from — investment and export-led to domestic-led. So a hard landing is practically unavoidable.” said Soros. He also added that China could manage that problem. “It has over $3 trillion of foreign-exchange reserves. The issue is that China’s problems are being passed on to the rest of the world” he said.

Oil prices continue the rally during European trading session. As of 11:42 ET, the price of WTI Crude was 31.58 USD/bbl, up 6.94% and the price of Brent Crude was 31.44 USD/bbl gaining 7.49%.

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I’m a finance specialist with 4+ years of working experience, out of which 2 years as a SME relationship manager at Byblos Bank and 2 years as a Finance Director in a Food & Beverage sector. My academic background include BA in economics, MA in finance, CFA Level 1 and F1, F2, F3 level of ACCA. I’m also experienced in Forex/CFD trading and Forex/ Equity markets analysis.

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