EUR/USD at 1.0908. European stocks dropped.

EUR/USD continued to increase during European session reaching the daily high of 1.0945. However it slid back to previous levels at the end of the session. As of 12:00 PM EST the pair was trading at 1.0908, which is 0.16% higher than the previous close.

European shares plunged today driven by a steady decline in oil prices. The major indices had the following performance:

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  • FTSE 100 lost 2.28% closing at 5,922.01.
  • CAC 40 finished at 4,283.99, which represents a 2.47% decline.
  • Euro Stoxx 50 was trading at 2,951.85, which is 2.29% lower than the previous close.

Today the Eurostat made a report, according to which the jobless rate in the 19 country eurozone had fallen to 10.4% from 10.5% in November. It is the lowest level since 2011. The results are better than the analysts’ expectations of 10.5%. In the full 28 member European Union the unemployment rate remained unchanged at 9% in December.

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Greece and Spain continue to have the highest unemployment rate of 24.5% (as of October) and 20.8% (as of December) respectively. Countries with lowest unemployment rate are Czech Republic and Germany, both at 4.5%.

Oil prices dropped even lower during European session. As of 12:00 ET the WTI Crude oil was trading at 30.27 USD/bbl, down 4.27% and Brent Crude at 33.03 USD/bbl, 3.53% 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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