EUR/USD at 1.1289. Oil producers will meet in Russia next month.

EUR/USD was trading slightly higher throughout the Asian hours, however it fell back to the yesterday closing levels at the end of the session. As of 03:00 AM EDT the pair was trading at 1.1289, unchanged from the previous close.

Asian shares closed mixed today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 2,959.24, up 0.22%.
  • Nikkei 225 rose 1.20% finishing at 17,572.49.
  • Hang Seng closed at 21,467.04, losing 0.72%.
  • S&P/ASX 200 fell 0.69% finishing at 5,236.40.
  • India’s Sensex was trading at 25,838.47 as of 1:43 PM IST, which represents a 0.16% decline from the previous close.

According to the preliminary data release today, Japanese manufacturing activity contracted in April, posting its worse result since 2013. The major reason for it served the earthquakes at the southern island of Kyushu this month.

The Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) dropped to a seasonally adjusted 48.0 in April compared with a reading of 49.1 in March.

Oil prices moderately rose during Asian session today. As of 3:33 AM EDT, the WTI Crude was trading at 43.76 USD/bbl up 1.34% and Brent Crude at 45.08 USD/bbl, which is 1.24% higher than the previous close.

Iraq’s Deputy Oil Minister Fayyad Al-Nima reported yesterday that the major OPEC and other oil producing countries are expected to meet in Russia next month to discuss the output freeze deal.

“Iraq will take part in this meeting. Iraq’s view is to have a freeze in output for a short period to help protect the interests of both producers and consumers equally by easing the surplus from the market and improving prices.” said Al-Nima.

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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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