EUR/USD at 1.1137. US stocks rose today.

EUR/USD was trading around the yesterday close throughout the day and closed the session at 1.1137 (-0.22%), slightly below it.

Among major data announcement today from Europe is the ZEW indicator of Economic sentiment report, according to which the indicator for Germany declined to 1.0 point in February from 10.2 points in January. The same indicator for Eurozone has dropped to 13.6 points compared with 22.7 points last month.

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According to Sascha Steffen, head of the “International Finance and Financial Management” Research Department at ZEW, the decline in economic activity in the world and the unpredictable consequences of decreasing oil prices put a pressure on ZEW indicator. “In view of these developments, the concern over an increased credit default risk has already caused stock and bond prices for many banks in Europe, Japan and the US to slump” said Steffen.

US shares rose today following the rally started yesterday. The performance of major indices is mentioned below:

  • DJIA closed at 16,196.41, up 1.39%.
  • Nasdaq Composite rose by 2.27% closing at 4,435.96.
  • S&P 500 finished the session at 1,895.58, which is 1.65% above the previous close.

Oil prices closed lower today driven by disappointing results from Doha meeting, where ministers of Saudi Arabia, Russia, Venezuela and Qatar were attending. An agreement of freezing the output on January level was reached between Saudi Arabia and Russia, however a declining oil prices suggest that investors had hopes for a significant production cut decision, which will end the global glut.

The WTI Crude finished the session at 29.04 USD/bbl, down 1.36%. Brent Crude was trading at 32.35 USD/bbl as of 5:25 PM EST, which is 3.11% lower than 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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