EUR/USD at 1.0884. Chinese financial fraud for $7.6 billion.

EUR/USD increased during European session reaching the daily high of 1.0912. As of 12:00 PM EST, the currency pair was trading at 1.0884, which is 0.50% higher than the previous close.

European markets were down today, mainly driven by weak economic data announcement from China. The performance of major indices is as follows:

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  • FTSE 100 closed at 6,060.10, down 0.39%.
  • CAC 40 lost 0.56%, finishing the session at 4,392.33.
  • Euro Stoxx 50 was trading at 3,021.01 as of 5:50 PM GMT, which is 0.79% less than the previous close.

Oil prices continue the decline started at Asian session. As of 11:36 ET, the WTI Crude was trading at 32.09 USD/bbl, 4.55% lower than the previous close. Brent Crude was trading at 34.73 USD/bbl, losing 3.50%. Oil prices fell on Chinese data, the world’s largest energy consumer and on OPEC uncertainty about cutting production.

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Among the major events of today, we can mention the $7.6 billion Ponzi scheme discovered in China. Online lender Ezubao robbed 900,000 investors for a total of $7.6 billion. It offered fake investment products to its clients/investors promising investors that borrowers would pay back loans at interest rates between 9 percent and 14.6 percent, however 95% of borrowers were fake entities created by Ezubao. This can be considered the biggest financial fraud in China.

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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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