EUR/USD at 1.1119. Japan’s retail sales dropped 0.8% in April.

EUR/USD was relatively stable during Asian session today. As of 3:00 AM EDT the pair was trading at 1.1119, which is just 0.03% above the previous close.

UOB analysts provided their outlook on EUR/USD today. “Despite the low odds, EUR managed to break below the 1.1125/30 support last Friday and the decline is likely the start of the next down-leg of the bearish phase that started about 2 weeks ago. However, 1.1050/55 is still acting as a major support and those who are short should look to take partial profit at this level. Stop-loss is adjusted lower to 1.1200 from 1.1230 previously” written in the report.

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

  • Shanghai Composite closed at 2,822.45, up just 0.05%.
  • Nikkei 225 rose 1.39% finishing at 17,068.02.
  • Hang Seng was trading at 20,651.92 as of 3:43 PM HKT, which is 0.37% higher than the previous close.
  • S&P/ASX 200 increased 0.04% finishing at 5,408.00.
  • India’s Sensex was trading at 26,736.70 as of 1:15 PM IST, which represents a 0.31% increase from the previous close.

According to the government report, the Japanese retail sales dropped 0.8% in April for the second consecutive month, compared with the analysts’ estimate of 1.2% decline.

Oil prices opened higher today, but gradually declined throughout the Asian hours. As of 3:07 AM EDT the WTI Crude was trading at 49.27 USD/bbl down 0.12% and Brent Crude at 49.16 USD/bbl, which is 0.32% lower than the previous close. Investors’ eyes are on the upcoming OPEC meeting scheduled on Thursday.

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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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