EUR/USD at 1.1023. US jobless claims increased to 272,000.

EUR/USD closed today at 1.1023, slightly above the previous close. The currency pair was fluctuating between 1.0950 and 1.1050 levels from Tuesday following a significant drop on Monday.

US stock continue to rise today. Major indices experienced moderate gains as mentioned below:

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  • DJIA closed at 16,697.29, up 1.29%.
  • Nasdaq Composite rose by 0.87% finishing the session at 4,582.21.
  • S&P 500 closed at 1,951.70, which is 1.13% higher than the previous close.

US Labor Department reported today that the number of Americans filling for unemployment benefit increased by 10,000 reaching 272,000 for the week to February 20. The average forecast was 270,000. The jobless claims stand below 300,000 for 51 weeks, which indicates an improvement in job market.

Oil prices rebounded during North American session after trading below the yesterday close throughout the day. The WTI Crude oil closed at 33.07 USD/bbl, which is 2.86% higher than the previous close. As of 5:32 PM EST the Brent Crude was trading at 35.12 USD/bbl, rising 2.06%.

Affected by the sharp oil price decline during last 4 months, the world’s second-biggest oilfield services provider Halliburton announced that it would cut 5,000 workers, which represents 8% of its global workforce. It had already cut 4,000 jobs in Q4 2015. “Our industry has turned down faster than anyone ever expected. It’s now clear that business opportunities will be much worse than anticipated.” said the Halliburton CEO Dave Lesar.

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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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