EUR/USD at 1.0935. Oil prices above $40.

EUR/USD rebounded to Friday’s close levels after it hit the daily low of 1.0935 during the morning hours of European session. As of 12:00 PM EST the pair was trading at 1.1009, which is just 0.09% above the previous close.

The decline in Euro at the beginning of European hours was ahead of ECB meeting scheduled this week, where it is expected to move the interest rates to lower negative level.

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“Momentum is fading again and, combined with persistently weak inflation readings, should ensure a comprehensive package of stimulus measures” said Ian Williams, a strategist at Peel Hunt, referring to the upcoming ECB meeting.

European shares were mostly down today. Below is presented the performance of major indices:

  • FTSE 100 closed at 6,182.40, down just 0.27%.
  • CAC 40 declined by 0.32% finishing at 4,442.29.
  • Euro Stoxx 50 was trading at 3,021.09 as of 5:50 PM GMT, which is 0.54% lower than the previous close.

Oil prices jumped today continuing the rally started last week. As of 12:02 PM EST the WTI Crude was trading at 37.59 USD/bbl up 4.65% and Brent Crude at 40.62 USD/bbl, which represents a 4.91% increase from the previous close.

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Brent reached its three-month high today gaining more than 45% from its yearly low and WTI Crude was up more than 40% from its February lows.

“We would argue that this latest rally is mostly a reversal of the same factors that drove oil prices into the 20s earlier this year. We have seen positive changes on U.S. supply and EM, but overall oil fundamentals remain challenging” said Elizabeth Volynsky from Morgan Stanley.

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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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