EUR/USD at 1.1127. Shanghai Composite jumped more than 3%.

EUR/USD was trading higher throughout the Asian hours, but it sharply dropped at the end of the session. As of 3:00 AM EDT the pair was trading at 1.1127, which is 0.08% below the previous close.

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

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  • Shanghai Composite jumped 3.34% finishing at 2,916.62.
  • Nikkei 225 closed at 17,234.98, up 0.98%.
  • Hang Seng was trading at 20,840.61 as of 3:54 PM HKT, which represents a 1.02% increase from the previous close.

According to the data released today, the Japan’s industrial production rose 0.3% in April from the previous month, beating analysts’ estimates for a 1.5% decline. On a year-on-year basis the industrial production dropped 3.5%.

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Japan’s unemployment rate remained steady in April, Tokyo’s Institute of Labor announced today. The national unemployment rate stood at 3.2% in April, after a drop of 0.1% in the previous month.

Another report from Japan showed that the household spending in April declined 0.4% on year-on-year basis, representing the second month of consecutive declines.

Oil prices were mixed today. The WTI was trading higher throughout the Asian session, while the Brent slightly declined. As of 3:14 AM EDT the WTI Crude was trading at 49.52 USD/bbl up 0.39% and Brent Crude at 49.55 USD/bbl, which is 0.42% lower than the previous close.

Investors’ eyes are on upcoming OPEC meeting this week. “OPEC has no reason to cut production at this point when the market is already moving back to an equilibrium. My expectation for the meeting is very limited” said Neil Beveridge, a senior analyst at Bernstein Research.

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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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