EUR/USD at 1.1025. Oil prices soared.

EUR/USD traded in a range of 1.1003-1.1135 throughout the day. It slightly recovered during North American session and closed at 1.1025, which is 0.97% below the previous close.

US shares increased today driven by a significant rise in oil prices. Major indices had the following performance:

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  • DJIA climbed 1.40% closing at 16,620.66.
  • Nasdaq Composite finished at 4,570.61, up 1.47%.
  • S&P 500 closed the session at 1,945.50, which represents a 1.45% increase from the previous close.

The annual Economic Report of the President was released today, according to which the US economy will continue its modest growth in 2016.

“The U.S. economy has just completed the best two years of job growth since the 1990s and the fastest two-year decline in the unemployment rate since the 1980s while extending the longest streak of job growth on record. Consumers are more confident about the economy than they have been in over a decade, and wages are rising at the fastest pace since the financial crisis.” written in the report.

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The report also emphasized the challenges for the economy; particularly it said that slow foreign demand hurt GDP growth, which had declined to 1.8% in 2015. Sharp drop in oil prices boosted consumption by 0.5%, however it hurt drilling and other oil and gas sector relating activities.

Oil prices jumped today. As of 5:26 PM EST the Brent Crude was trading at 34.61 USD/bbl, which is 4.85% above the previous close. WTI Crude gained 6.21% and finished the session at 31.48 USD/bbl.

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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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