EUR/USD at 1.1283. WTI Crude below $27.

EUR/USD moderately increased in the morning reaching the daily high of 1.1321, however declined to its previous levels thereafter and closed the Asian session at 1.1283, which is just 0.02% above the previous close.

EUR/USD gained during the North American session yesterday after Janet Yellen’s comments, which posed questions concerning the March hike. In her announcement, Yellen mentioned that the Fed’s monetary policy cycle is not on a preset course, as upcoming interest rate decisions will continue to be influenced by the incoming economic data over the next several months. Investors considered Yellen’s comments as relatively dovish.

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Asian markets dropped today, particularly Nikkei 225 reached its 52-week low of 15,429.99 in the afternoon and after a slight recovery closed at 15,713.39, which is 2.31% lower than the previous close.

Oil prices continue to decline. WTI Crude dropped to a new low of $26.72 per barrel today and finished the Asian session at $26.99. Brent Crude was trading at $30.55 per barrel as of 3:00 AM EST, which is 0.94% lower than the previous close.

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Robert Dudley, the CEO of BP spoke at the IP Week conference in London Wednesday noting that he is bearish on oil prices for the first half of the year. “In the second half, every tank and swimming pool in the world is going to fill and fundamentals are going to kick in. The market will start balancing in the second half of this year” said Dudley.

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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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