EUR/USD at 1.1171. Oil prices below $40.

EUR/USD was trading slightly lower throughout the day. As of 1:00 PM EDT the currency pair was trading at 1.1171, which is 0.11% lower than the previous close.

Credit Agricole published its outlook on EUR/USD recently. “We remain of the view that EUR upside is limited from the current levels. While we do not exclude that the EUR will reach levels closer to 1.13-1.15, we believe that rallies should be sold” written in the report.

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The currency pair is declining five days in a row, losing more than 1.5% from its Friday high.

European shares fell today. The performance of major indices is mentioned below:

  • FTSE 100 closed at 6,106.48, losing 1.49%.
  • CAC 40 dropped 2.13% finishing at 4,329.68.
  • Euro Stoxx 50 was trading at 2,986.73 as of 5:50 PM GMT, which represents a 1.83% decline from the previous close.

Oil prices are falling three days in a row following a massive rally which lasted more than a month. As of 1:07 PM EDT the WTI Crude was trading at 39.41 USD/bbl down 0.96% and Brent Crude at 40.28 USD/bbl, which is 0.47% lower than the previous close.

Abdalla Salem el-Badri, secretary-general of the OPEC announced recently that a meeting of oil producing countries is expected to be held in Doha on April 17 and more than 15 major producers will attend. However later key players such as Iran and Libya refused to participate, as they are not planning to freeze their output in the near term.

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Moreover the Energy Information Administration reported a record high US inventory level 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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