EUR/USD at 1.1022. Shanghai Composite plunged 6.41%.

EUR/USD was trading around the yesterday close during Asian session today. As of 3:00 AM EST the pair was trading at 1.1022 up just 0.04%. The currency pair moves sideways, remaining in a range of 1.0950-1.1050 for 3 days in a row.

Asian markets were mostly down today. Shanghai Composite plummeted more than 6%, probably a result of investors taking profits after the recent recovery. It represents the largest one-day loss in February.

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The performance of other Asian indices is presented below:

  • Nikkei 225 gained 1.41% closing at 16,140.34.
  • Hang Seng finished the session at 18,874.88, which is 1.65% below the previous close.
  • Australia’s ASX/S&P was slightly up today closing at 4,881.20.
  • India’s Sensex was trading at 22,975.54 down 0.49% as of 1:25 PM IST.

“The familiar themes of global growth concerns and oil woes have dominated sentiments, and look set to continue in the near future,” said Bernard Aw from brokerage IG.

Oil prices slightly fell during Asian session after the recovery experienced yesterday, which was a result of high US gasoline demand report, according to which last month it rose by more than 5% compared with the respective period last year.

As of 2:30 AM EST the WTI Crude was trading at 31.88 USD/bbl, down 0.84% and Brent Crude at 34.17 USD/bbl, which is 0.70% below the previous close.

“We feel it’s just a matter of time before we break below $30 to the downside” said Tariq Zahir, from Tyche Capital Advisors.

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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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