EUR/USD at 1.1217. US Crude Inventories unexpectedly rose 1.31 million barrels.

EUR/USD was fluctuating around the yesterday close during the Asian session. As of 03:00 AM EDT the pair was trading at 1.1217, unchanged from the previous close.

UOB analysts provided their bearish outlook on EUR/USD yesterday. “Downside potential limited to 1.1215. We turned bearish EUR yesterday but highlighted that the downside potential is likely limited to 1.1215. The rather calm overnight trading has resulted in a quick loss in downward momentum but further weakness is still expected after the current short-term consolidation is over. Stop-loss remains unchanged at 1.1400” written in the report.

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Asian shares were mostly down today. Below is presented the performance of major indices:

  • Shanghai Composite closed at 2,806.91, down 0.02%.
  • Nikkei 225 finished slightly higher at 16,646.66.
  • Hang Seng lost 0.67% closing at 19,694.33.
  • S&P/ASX 200 closed at 5,323.30, down 0.61%.
  • India’s Sensex was trading at 25,563.95 as of 1:57 PM IST, which is 0.55% lower than the previous close.

Oil prices continue to decline today. As of 3:57 AM EDT the WTI Crude was trading at 47.45 USD/bbl down 1.54% and Brent Crude at 48.13 USD/bbl, which is 1.63% lower than the previous close.


The major reason for this decline was the announcement from the Energy Information Administration (EIA), according to which the US crude inventories surprisingly rose 1.31 million barrels, compared with the analysts’ estimates of 2.8 million barrel decline.

“The fact that oil hasn’t pushed through $50 a barrel suggests the market is discounting the impact of the disruptions. As these issues linger, we expect an increasing supply risk premium will price into the market,” said Daniel Hynes, senior commodity strategist with ANZ.

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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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