EUR/USD at 1.1125. Germany PPI dropped by 2.4%.

As of the end of European session the EUR/USD was trading at 1.1125, which is 0.16% above the previous close. The pair fluctuated around 1.1067-1.1145 during the day.

Among major data announcement from Eurozone was the release of Germany producer price index. According to the report published today, the PPI dropped by 2.4% in January compared with relative month a year ago. Monthly PPI decreased by 0.7%, worse than the expectations of 0.3% increase.

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Yesterday the published minutes from ECB meeting showed that the European Central Bank considers easing the monetary policy further. The next meeting is scheduled on March 10. Analysts expect (average based on poll by Reuters) that the bank will cut 10 basis points from its 0.3% deposit rate.

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European shares slipped today following the Asian markets. The performance of major indices is presented below:

  • FTSE 100 dropped by 0.36% closing at 5,950.23.
  • CAC 40 finishied the session at 4,223.04 losing 0.39%.
  • Euro Stoxx 50 was trading at 2,871.05 as of 5:50 PM EST, which represents a 0.83% decline.

Despite closing lower today, the European shares significantly gained in value throughout this week. A rally started on Monday was a recovery from a huge sell-off occurred from the beginning of the month. During this week FTSE 100, CAC 40 and Euro Stoxx 50 jumped 4.3%, 5.7% and 4.2% respectively.

Oil prices declined even lower during the European session. As of 11:50 AM EST the WTI Crude was trading at 29.54 USD/bbl, down 4% and Brent Crude at 33.02 USD/bbl, which is 3.68% below the previous close.

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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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