EUR/USD at 1.1055. Oil prices slightly recovered.

EUR/USD opened lower today, but recovered at the end of the Asian session. As of 3:00 AM EDT the pair was trading at 1.1055, which is 0.10% higher than the previous close.

Asian shares were trading mostly higher today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 2,895.70, up 1.45%
  • Nikkei 225 rose 2.39% finishing at 15,309.21.
  • Hang Seng closed at 20,227.30, down just 0.16%.
  • S&P/ASX 200 increased 0.47% finishing at 5,137.20.
  • India’s Sensex was trading at 26,350.65 as of 1:50 PM IST, which represents 0.18% decline from the previous close.

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China’s Premier Li Keqiang encouraged global markets to have confidence in the country’s outlook as the growth remains within sufficient range, despite “the downward pressure on the economy is still mounting”. He also added that China wouldn’t devalue the yuan to secure a short-term advantage.

Oil prices slightly recovered today after a huge sell-off on Friday. As of 4:04 AM EDT the WTI Crude was trading at 47.85 USD/bbl up 0.44% and Brent Crude at 48.77 USD/bbl, which represents 0.74% increase from the previous close.

“If we assume a 2 percent drop in UK GDP in response to the exit vote, which is on the high end of our economists’ estimates, then UK oil demand would likely be reduced by 1 percent or 16,000 barrels per day, which is a 0.016 percent hit to global demand. This is extremely small on any measure.” wrote Goldman Sachs.

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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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