EUR/USD up 0.37%. Fed keeps interest rate at 0.5%.

EUR/USD increased during European and North American sessions today, although being down throughout Asian session. The currency pair closed at 1.0906, making an increase of 0.37% from the previous close.

US stocks were down today caused by worried remarks from Fed. The US Federal Reserve kept interest rates steady at current 0.5% level as was expected, mentioning that it is closely monitoring the global economy and taking the global risk seriously. It also stated that it is not going to abandon plans of raising rates gradually during 2016.

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The stock sell-off was caused also by disappointing corporate earnings and huge decline in major stocks like Apple and Boeing, which lost 6.55% and 8.91% respectively today.

The performance of major indices are presented below:

  • DJIA increased to 16,235.03 in the afternoon, but sharply decline at the end of the session hitting the low of 15,878.30 and closing at 15,944.46 (-1.38%).
  • Nasdaq Composite lost 2.18% today closing at 4,468.17.
  • S&P 500 was down 1.09% finishing the session at 1,882.95.

Oil prices sharply increased during North American session, after being mostly down throughout the day. WTI Crude closed at 32.16 USD/bbl, which is 2.26% higher than the previous closing price. As of 17:25 ET the Brent Crude was trading at 32.86 USD/bbl, up 3.33%. Investors are focused on the possibility that Russia and Opec will cooperate in order to cut the oil production.

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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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