EUR/USD at 1.1080. Brent Crude above $35.

EUR/USD is trading in a range of 1.1070-1.1118 during Asian session today. The rate fluctuates around the resistance level of 1.1087. As of 3:00 AM EST the currency pair was trading at 1.1080, which was 0.06% lower than the previous close.

Yesterday’s massive decline of US dollar was driven by ISM Non-Manufacturing PMI release, according to which the US service activity growth in January declined to 53.5, the weakest figure in 27 months. After this release the EUR/USD soared above 1.1100, the highest level since October 2015.

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Asian markets were mixed today. The performance of major indices is provided below:

  • Shanghai Composite was up 1.53%, closing at 2,781.02.
  • Nikkei 225 closed at 17,044.99 losing 0.85%.
  • Hang Seng Index finished at 19,183.09, gaining 1.01%.
  • Australia’s ASX/S&P 200 climbed 2.12%, closing at 4,980.40.
  • India’s Sensex was trading at 24,444.60 as of 1:32 PM IST, which is 0.91% higher than the previous close.

Oil prices continue the rally started yesterday. During Asian session both WTI Crude and Brent Crude prices increased even higher. As of 02:35 ET the WTI was trading at 32.77 USD/bbl, up 1.52% and Brent at 35.55 USD/bbl, which is 1.46% higher than the previous close.


Oil prices continue to climb, despite the fact that most banks lowered their short-term forecasts for oil. For example, Morgan Stanley revised its Brent Crude price forecast for 2016 last week, lowering it to $30 from $49.

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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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