EUR/USD at 1.1097. Oil prices fell almost 3%.

EUR/USD was relatively stable throughout the day. As of 1:00 PM EDT the pair was trading at 1.1097, which was just 0.06% lower than the previous close.

European shares finished slightly lower today following a decline in Asian markets after the Bank of Japan reported a possibility of further lowering interest rates into negative territory.

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Below is presented the performance of major indices:

  • FTSE 100 closed at 6,139.97, down 0.56%.
  • CAC 40 decreased by 0.75% finishing at 4,472.63.
  • Euro Stoxx 50 was trading at 3,067.21 as of 5:50 PM GMT, representing a 0.80% decline.

Oil prices fell today on oversupply worries. The prices decline for the second day in a row after a massive rally lasted for several weeks. As of 12:54 PM EDT the WTI Crude was trading at 36.08 USD/bbl down 2.96% and Brent Crude at 38.44 USD/bbl, which is 2.76% below the previous close.

The deal on production freeze by OPEC and Russia seems to make little impact as Iran doesn’t consider joining them and plans to double its oil output.

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The EIA is expected to announce the weekly oil inventory data tomorrow. According to the most recent report from EIA the US crude inventories increased by 3.9 million barrels to 521.9 million for the week ended March 4.

“My concern is if the market surges right back to $50 a barrel… we just end up with another problem six months from now” said Jeffrey Currie from 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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