EUR/USD above 1.09. Brent Crude below $34.

EUR/USD continues to trade above 1.09 levels, after rebounding from lows of 1.0831 on Monday. As of 3:00 AM EST the currency pair was trading at 1.0903, up 0.13%.

Asian shares were mostly down today driven mainly by falling oil prices, except Chinese stocks, which made a recovery during this session. According to Alan Oster, chief economist at National Australia Bank, China’s manufacturing and construction sector (making almost 50% of the economy) will grow by 8.5% in 2016. He added, that he didn’t see the Chinese economy falling over, however he didn’t expect to see a huge increase in demand for commodities, including oil.

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Below is mentioned the performance of major Asian indices:

  • Shanghai Composite gained 2.26% closing at 2,749.57.
  • Nikkei 225 was trading slightly down from a previous close throughout the day. It closed at 17,750.68 losing 0.64%.
  • Hang Seng Index closed at 19,446.84, which represents a 0.76% decline from the previous close.
  • Australia’s ASX/S&P 200 was down 1% finishing the session at 4,993.30.
  • India’s Sensex was trading at 24,766.48 (-0.24%) as of 1:46 PM IST.

Oil prices were down during Asian session, which was expected taking into account a huge sell-off yesterday. As of 3:02 ET the WTI Crude was trading at 31.23$ down 1.23% and Brent Crude at 33.89$, which is 1.02% lower than the previous closing price.

Goldman Sachs headquarters Sao Paulo Brazil

Goldman Sachs wrote in its report published on Sunday, that it might be too late for OPEC producers to be able to prevent another large decline in prices. It also mentioned that cooperation between Russia and OPEC on cutting output is highly unlikely.

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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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