EUR/USD at 1.1157. ECB left interest rates unchanged.

EUR/USD sharply dropped during the European session today. As of 1:00 PM EDT the currency pair was trading at 1.1157, which is 0.25% lower than the previous close.

European shares finished slightly lower today. Below is presented the performance of major indices:

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  • FTSE 100 closed at 6,185.61, down 0.10%.
  • CAC 40 lost 0.21% finishing at 4,466.00.
  • Euro Stoxx 50 was trading at 3,033.86 as of 5:50 PM GMT, which is 0.16% lower than the previous close.

The European Central Bank (ECB) raised its forecasts for growth and inflation for 2016, and left the interest rates unchanged. ECB’s main interest rate stands at 0%, while the deposit rate is -0.4%. The bank now estimates 1.6% growth for 2016 and 1.4% for 2017. Inflation is expected to be 0.2%, higher than the previous forecast of 0.1%. “The risks to the euro area growth outlook remain tilted to the downside, but the balance of risks has improved. The comprehensive package of decisions taken in early March underpins the momentum of the euro area’s economic recovery” said Mario Draghi.

Oil prices moderately rose after the OPEC meeting, where the major oil producers agreed to not set a ceiling on the output level. “The market is balancing. Trends are all good in terms of supply and demand. Prices have recovered somewhat and I believe they will continue to recover” said Saudi energy minister Khalid al-Falih.

As of 12:44 PM EDT the WTI Crude was trading at 49.29 USD/bbl up 0.57% and Brent Crude at 50.15 USD/bbl, which is 0.86% higher 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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