EUR/USD at 1.0866. Asian shares mixed.

EUR/USD closed the Asian session unchanged at 1.0866. Barclays Capital provided technical setups for this currency pair yesterday.  “The move below our initial targets near 1.0850 encourages our bearish view. We are now looking for further decline towards the 1.0710 lows. Selling interest is in the 1.1050 area, near the 200-dma” written in the report.

Asian shares were mixed today. Major indices had the following performance:

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  • Shanghai Composite closed at 2,859.76, up 0.35%.
  • Nikkei 225 increased by 1.28% finishing at 16,960.16.
  • S&P 500 closed slightly lower at 19,959.04 (-0.31%).

Data release today showed the Caixin-Markit non-manufacturing purchasing managers’ index declined to 51.2 from 52.4 in January, the lowest figure in three months.
“Manufacturing the world over continues to slide. Asia is feeling the brunt. The region’s domestic travails, above all in China, are well known, but the west is also losing steam. What’s worrying is that employers have started to cut back, raising the risk of a hit to consumption” said Frederic Neumann from HSBC.

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“Overall, the services sector has outperformed manufacturing industries, reflecting continued improvement in the economic structure. While implementing measures to stabilize economic growth, the government needs to push forward reform on the supply side in the services sector to release its potential” said He Fan, chief economist at Caixin Insight Group.

Oil prices were trading slightly lower during Asian session today. As of 2:48 AM EST the WTI Crude was trading at 34.62 USD/bbl down 0.12% and Brent Crude at 36.71 USD/bbl, which is 0.60% lower than the previous close.

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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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