EUR/USD was relatively stable during Asian session today. As of 3:00 AM EDT the pair was trading at 1.1260, which is just 0.09% lower than the previous close.
Technical strategy team at Barclays Capital provided their bearish outlook on EUR/USD, stating that their “bearish view was initially encouraged by the move below 1.1230. We now look for an extension below 1.1210 to open our next targets near the 1.1145 range lows and then the 1.1065 area. Beyond there, we are targeting a move towards the 1.0820 area.”
Asian shares closed mixed today. Below is mentioned the performance of major indices:
- Shanghai Composite closed at 2,964.70, up 0.61%.
- Nikkei 225 lost 0.49% finishing at 17,353.28.
- Hang Seng was trading at 21,311.00 as of 3:48 PM HKT, almost flat.
- S&P/ASX 200 fell 0.30% closing at 5,220.60.
- India’s Sensex was trading at 25,961.12 as of 1:20 PM IST, which represents a1.10% increase from the previous close.
Oil prices were slightly higher today. As of 3:13 AM EDT the WTI Crude was trading at 42.81 USD/bbl up 0.40% and Brent Crude at 44.71 USD/bbl, which represents a 0.52% increase from the previous close.
Analysts cautioned that an increasing producer race between Saudi Arabia and Iran might put a pressure on crude oil prices.
“The biggest bear risk to the oil market right now is that Iran’s ramp-up accelerates and then that Saudi Arabia does the same,” written in the note from Citi.
However, BP’s chief executive Bob Dudley announced today that high demand and weak supply growth will drive global markets closer into balance by the end 2016.
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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.
Tags: Asia, EUR/USD, Oil price
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