EUR/USD at 1.1015. Oil prices climbed more than 5%.

EUR/USD had a volatile session today. The pair dropped to its daily low of 1.0935 during European session but quickly recovered at the start of North American session closing at 1.1015, which is 0.15% above the previous close.

US shares were mixed today. The performance of major indices is presented below:

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  • DJIA close at 17,073.95, up 0.40%.
  • Nasdaq Composite lost 0.19% closing at 4,708.25.
  • S&P 500 finished the session at 2,001.76, which is just 0.09% above the previous close.

The Fed Vice Chairman Stanley Fischer announced today that the inflation might accelerate in the US, a statement that support the view that we may see another rate hike this year. “We may well at present be seeing the first stirrings of an increase in the inflation rate” said Fischer, noting that they consider rising inflation a favorable thing.

Saudi Arabia’s Minister of Petroleum & Mineral Resources Ali Al-Naimi said today that oil output cut wouldn’t happen adding that there was no sense in wasting time in seeking production cuts.

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However, it seems that investors have hopes on an upcoming meeting of oil producing countries, as oil experiences massive gains during recent weeks.

“It’s more confirmation that oil producers are close to achieving some kind of a deal on price support. It’s feeding bullish sentiment into a market that’s turned 180 degrees from where it stood just weeks ago” said Phil Flynn from Price Futures Group.

The WTI Crude finished at $37.90, gaining 5.51%. Brent Crude was trading at 40.77, which represents a 5.29% increase from 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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