EUR/USD at 1.0831. Oil prices above $34.

EUR/USD closed today at 1.0831, plunging 1.01%. The currency pair finished the month with a decline of just 0.26%, after a volatile January with the rate fluctuating in a range of 1.070-1.099.

US stocks jumped today mainly driven by BOJ interest rate cut in the morning. Below are presented the performance of major US indices:

EURO-DOLLAR.Com Top Forex Brokers
Trade EUR/USD with AVA Trade
Trade EUR/USD with eTORO
Trade EUR/USD with XM.Com
  • DJIA soared 2.47% closing at 16,466.30.
  • Nasdaq Composite finished at 4,613.95, up 2.38%.
  • S&P 500 gained 2.48% closing at 1,940.24.

Oil prices increase for 4 days in a row this week. The WTI closed today at 33.62$, up 1.20%. As of 14:29 ET the Brent was trading at 34.74$, which is 2.51% higher than the previous close. The prices significantly recovered during the last week of January, noting that they plunged to 27.67$ on Jan 18.

erf

The rebound in prices was driven by possibility that Russia and Saudi Arabia will negotiate on cutting the oil production by 5%. However some contradictory reports were announced afterwards. For example, Russian oil giant Rosneft told Financial Times that the rally in prices was “idiotic”, stating the possibility of cutting the oil output is possible in theory and nothing much changed from a year ago.

Also the Barclays Capital reported on Jan 28, that they are highly skeptical that such meeting between these countries will have an effect on supply cuts.

Moreover, Iranian oil official announced today that they would not cooperate to cut oil production until its output returns to pre-sanctions levels.

AVA Trade
Trade With Confidence
Award-winning innovative broker. Segregated accounts with leading international banks.+200 financial instruments for trading.
XM
$30 No Deposit Bonus
Open an XM Zero account and trade with spreads as low as 0! Average EUR/USD spread 0.1
eToro Social Trading
Copy Successful Traders
Automatically copy leading traders in eToro community. Expert trader? get copied yourself to earn a second income!

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.

Tags: , ,

Comments are closed.