EUR/USD at 1.0999. Oil prices declined further.

EUR/USD closed the Asian session slightly below the yesterday close. As of 3:00 AM EST the pair was trading at 1.0999, down just 0.19%.

Barclays made a prediction on US dollar recently. According to the report the wage increase and inflation data releases supported the US dollar. Analysts are generally neutral on USD not expecting any meaningful move; however they believe that it can slightly appreciate during next weeks.

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

  • Shanghai Composite gained 0.88% closing at 2,928.90.
  • Nikkei 225 lost 0.85% finishing the session at 15,915.79.
  • Hang Seng closed at 19,192.19, which is 1.15% below the previous close.

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While the Asian markets significantly lost value in February, with Nikkei 225 and Hang Seng indices losing more than 9% and 2.5% respectively from the start of the month, Shanghai Composite jumped 7%.

Major driver for falling shares is the announcement from Saudi Minister, according to which there is no possibility for oil production cut in near future, which moved oil prices lower and thus affecting the stock markets.

“I suspect few people were expecting a deal to cut production so his comments are hardly a surprise. Yet, the latest development seems to suggest that for oil producers to get more united they will have to feel more pain,” said Ayako Sera from Sumitomo Mitsui Trust Bank.

As of 2:33 AM EST, the WTI Crude was trading at 31.37 USD/bbl, down 1.57% and Brent Crude at 33 USD/bbl, which is 0.81% below 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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