EUR/USD at 1.1158. US Crude inventories dropped 4.2 million barrels.

EUR/USD was fluctuating in a range of 1.1129 – 1.1169 throughout the day. As of 6:00 PM EDT the pair was trading at 1.1158, which is 0.16% higher than the previous close.

US shares are rising for a second day in a row. Below is presented the performance of major indices:

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  • DJIA closed at 17,851.51, up 0.82%.
  • Nasdaq Composite rose 0.70% finishing at 4,894.89.
  • S&P 500 closed at 2,090.54, which is 0.70% higher than the previous close.

According to the data released from Markit today, its flash purchasing manager’s index (PMI) for US dropped to 51.2 in May, compared with the analysts’ expectations of an increase to 53. “Having correctly forewarned of the near-stalling of the economy in the first quarter, the surveys are now pointing to just 0.7% annualized GDP growth in the second quarter, notwithstanding any sudden change in June” said Markit chief economist Chris Williamson.

Oil prices climbed today. The WTI Crude closed at 49.56 USD/bbl, up 1.93%. The Brent Crude was trading at 49.88 USD/bbl as of 5:15 PM EDT, which is 2.61% higher than the previous close. The increase was driven by the bigger-than-expected decline in crude inventories. According to the report from US Energy Information Administration released today, the crude inventories dropped 4.2 million barrels in the week to May 20, which is significantly lower than the analysts’ estimate of 2.5 million barrel decrease.

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“The price of oil gained ground for a second day, with Brent pushing on US$50 per barrel after the Department of Energy confirmed a big draw in weekly inventories suggested overnight by the API,” said Jasper Lawler from CMC Markets.

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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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