EUR/USD almost unchanged. European shares posted losses this week.

EUR/USD was relatively stable today. As of 13:15 PM EDT the currency pair was trading at 1.1168, which is 0.11% lower than the previous close.

Analysts from Danske Bank provided their outlook on EUR/USD today. “With the Fed set to deliver merely a September hike this year, in our view, the case for USD upside from Fed re-pricing near term looks increasingly weak. At the same time, the ECB has now given up the fight for further euro depreciation. In the absence of USD support from relative interest rates near term, we are likely in for range-trading in the 1.10-1.14 interval for the pair near term before a more sustained move higher further out” written in the report.

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European Equity markets are closed today due to “Good Friday” holiday. Below is mentioned the weekly performance of major indices:

  • FTSE 100 lost 1.5% this week after a volatile trading session.
  • CAC 40 plunged more than 3% closing the week at 4,329.68.
  • Euro Stoxx 50 finished at 2,986.73, falling 2.39% during the week.

Oil prices ended the rally that started from mid-February. WTI Crude ended this week slightly higher, while the Brent Crude lost 2%.

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The massive rally lasting more than a month was triggered by hopes from cooperative production freeze after Russia and Saudi Arabia agreed to leave the oil output on January levels. The upcoming meeting, which is expected to be held on April 17 on Doha will be attended by more than 15 participant countries as per the announcement from the OPEC president Mohammed al-Sada. However later Iran reported its refusal to participate, stating that it will not consider cutting production levels until it reaches the pre-sanction output level of 4 million barrels per day.

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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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