EUR/USD at 1.1166. Tokyo CPI dropped 0.3%.

EUR/USD slightly declined during Asian session today. As of 3:15 AM EDT the currency pair was trading at 1.1166, which is just 0.12% below the previous close. The pair is declining six days in a row, losing nearly 1% from the start of the week.

Asian markets were mixed today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 2,979.43, up 0.62%.
  • Nikkei 225 rose 0.65% finishing at 17,002.75.

Shanghai Composite and Nikkei 225 closed this week posting gains of 0.8% and 1.6% respectively, while Hang Seng fell 1.5%.

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Tokyo’s core consumer price index dropped 0.3% this month form previous year, lower than the analysts’ average estimate of 0.2% decrease.

This result will keep the central bank under pressure to bring extra stimulus although it eased policy in January.

“Japan won’t see inflation hit the BOJ’s target in the next few years. The BOJ is falling into a vicious cycle in which it remains under pressure for further easing even as it has few effective policy means available” said Koya Miyamae from SMBC Nikko Securities.

Oil markets were closed today. During this week the WTI Crude rose 0.5%, while the Brent Crude posted nearly 2% decline for a week.

The oil rally, which lasted for five weeks ended driven by large US crude inventory report from Energy Information Administration. The data showed that the US crude stockpiles reached a record high of 532.5 million barrels, which represented an increase of 9.4 million barrels from last month.

 

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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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