EUR/USD almost unchanged. US oil below $38.

EUR/USD stayed almost flat as of the end of Asian session. The currency pair was trading at 1.1330 as of 3:00 AM EDT. The pair has gained almost 1.5% since the start of the week, driven mainly by dovish comments from Fed Chair Janet Yellen.

Asian shares were mixed today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 3,003.92, just 0.11% higher than the previous close.
  • Nikkei 225 lost 0.71% finishing at 16,758.67.
  • Hang Seng was trading at 20,739.29 as of 3:13 PM HKT, which represents a 0.31% decline from the previous close.

Oil prices continue to decline during Asian session. As of 2:58 AM EDT the WTI Crude was trading at 37.98 USD/bbl down 0.89% and Brent Crude at 39.05 USD/bbl, which is 0.53% lower than the previous close.

The Energy Information Administration reported yesterday that the US crude inventories rose to 534.8 million barrels in the week to March 25, which represents the seventh week of gains. U.S. crude inventories currently stand at their highest levels in more than 80 years.

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“Oil prices will trend down again … $35 a barrel will be the support level. Low prices are not sustainable in the long-run. Anytime prices get close to $45-$50 a barrel, funds that have taken long positions are likely to take profits. Unless things really ignite the global economy, then people will sell-off at that level,” said Tony Nunan from Mitsubishi Corp.

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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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