EUR/USD at 1.1235. Oil jumped 11%.

EUR/USD gradually declined throughout the day. As of 12:00 PM EST the currency pair was trading at 1.1235, down 0.71% from previous close.

The European Union’s official statistics agency reported today the quarterly eurozone GDP results, which matched with the analysts’ expectations. The economy grew by 0.3% in the final three months of 2015. Christoph Weil from Commerzbank said today “The eurozone economy is recovering painfully slowly. And this restrained growth pace will persist in the coming quarters.”

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European markets rebounded today from yesterday sell-off. The performance of major indices is presented below:

  • FTSE 100 gained 3.08%, closing at 5,707.60.
  • CAC 40 finished the session at 3,987.08, up 2.32%.
  • Euro Stoxx 50 was trading at 2,749.42 as of 5:30 PM GMT, 2.58% above the previous close.

Oil prices jumped more than 11% today driven by hopes for possible production cuts after UAE Energy Minister Suhail bin Mohammed al-Mazrouei’s comments. According to him the OPEC is willing to talk with other exporters about cutting output, noting that cheap oil is already forcing some output reductions, which will help rebalance the market.

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However, many analysts believe that the chances of cooperative production cut are still low. Particularly ANZ bank said today, “Comments from the UAE energy minister that OPEC was willing to cooperate on production cuts had little impact. We view this as further jawboning, with the likelihood of a coordinated response on supply cuts very low”.

As of 11:17 AM EST, the WTI Crude was trading at 29.07 USD/bbl, up 10.91% and Brent Crude at 32.57 USD/bbl, which is 8.35% above the previous close.

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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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