EUR/USD at 1.1258. China’s GDP grew 6.7% in Q1.

EUR/USD was relatively stable during Asian session today. As of 3:30 AM EDT the pair was trading at 1.1258, which is just 0.04% lower than the previous close.

Asian shares slightly declined today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 3,078.12, down 0.14%.
  • Nikkei 225 declined 0.37% finishing at 16,848.03.
  • Hang Seng was trading at 21,328.89 as of 3:34 PM HKT, which represents a 0.04% decline from the previous close.

Asian shares made a significant jump this week. Shanghai Composite, Nikkei 225 and Hang Seng posted 3.12%, 6.39% and 4.7% increase during the week respectively.

The data released today revealed that China’s GDP grew at an annual rate of 6.7% in Q1 2016 meeting the analysts’ expectations but lower than the 6.8% result in the fourth quarter.

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According to the National Bureau of Statistics the China’s Industrial production increased 6.8% year on year in March, higher than the analysts’ estimates of a 5.5%.

“What this shows is a stabilization of the old economy. I would still be a bit cautious about headline growth… last year’s 6.9 percent figure was underpinned by a massive contribution from financial services, and the strong loan and credit growth recently and the recent resumption of IPO activity suggests this could still be a big contribution” said Raymond Yeung from ANZ.

As of 3:18 AM EDT the WTI Crude was trading at 41.57 USD/bbl up 0.17% and Brent Crude at 43.93 USD/bbl, which is 0.21% higher than 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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