EUR/USD at 1.1223. Oil prices increased for the third week in a row.

EUR/USD fell throughout the day. As of 6:00 PM EDT the currency pair was trading at 1.1223, losing 0.58%.

US shares closed mixed today. The performance of major indices are mentioned below:

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  • DJIA closed at 18,003.75, up 0.12%.
  • Nasdaq Composite lost 0.80% finishing at 4,906.23.
  • S&P 500 closed unchanged at 2,091.58.

The Markit’s Purchasing Managers’ Index (PMI) in April dropped to its lowest level since 2009. The manufacturing PMI declined to 50.8 from a reading of 51.5 in March.

“The survey data are broadly consistent with manufacturing output falling at an annualized rate of over 2% at the start of the second quarter, and factory employment dropping at a rate of 10,000 jobs per month,” said Chris Williamson from Markit.

Oil prices grew for a third week in a row. The WTI Crude closed at 43.73 USD/bbl, up 1.27%. The Brent Crude was trading at 45.19 USD/bbl as of 5:32 PM EDT, which represents a 1.48% increase from the previous close. The increase was mainly driven by the possibility of reviving the output freeze talks again after failing Doha meeting.

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“The current rally is driven by a market sentiment that is becoming more and more convinced that the worst is over and the global oil market rebalancing process is already in play,” said Dominick Chirichella from Energy Management Institute in New York.

“While this recent rally has the potential to run further to the upside … we believe that it is not yet driven by a sustainable shift in fundamentals” written in the note by Goldman Sachs.

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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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