EUR/USD at 1.0876. China’s manufacturing PMI dropped.

EUR/USD fluctuated around yesterday close during Asian session today ranging from 1.0865 to 1.0894. As of 3:00 AM EST the pair was trading at 1.0876, which is just 0.07% lower than the previous close.

Asian shares moderately rose today. Major indices had the following performance:

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  • Shanghai Composite closed at 2,733.17, gaining 1.68%.
  • Nikkei 225 was up 0.37% finishing at 16,085.51.
  • Hang Seng closed at 19,407.46, which is 1.55% higher than the previous close.

China’s manufacturing PMI for February dropped to 49.0 from 49.4 in January, which represents its lowest level in four years.  Caixin manufacturing PMI decreased to 48.0 from 48.4 in January. China’s manufacturing sector is declining for seventh straight month. “The manufacturing sector continues to display worrying signs of a gradual slowdown,” said Michael Hewson from CMC Markets.

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On Monday, the People’s Bank of China announced about his decision to cut its reserve requirement ratio by 50 basis points. “We think the PBOC easing is consistent with continued weaker-than-expected economic activity and downside risks to growth. It should help to support market sentiment in the near term.” reported Jian Changfrom Barclays.

Oil prices continue the rally during Asian session today. As of 2:38 AM EST the WTI Crude was trading at 34.22 USD/bbl up 1.39% and Brent Crude at 39.96 USD/bbl, which is 1.07% higher than the previous close. Brent Crude price hit its eight-week high today reaching levels above $37. “Fundamentally, things are still extremely weak. It’s being driven more by hope,” said Matthew Smith from ClipperData. And the hope was triggered after the deal between Russia and Saudi Arabia to freeze the output levels.

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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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