EUR/USD at 1.1299. Oil prices stayed flat.

EUR/USD slightly decreased after a volatile Asian session. As of 3:00 AM EDT the currency pair was trading at 1.1299, which represents a 0.14% decline from the previous close. Analysts from Danske bank provided their outlook on EUR/USD estimating the range of 1.10-1.14 in a near term after dovish comments from Fed. EUR has significantly strengthened from Wednesday, when Fed announced its plans to cut the number of interest rate hikes from 4 to 2.

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Asian markets were mixed today. Below is presented the performance of major indices:

  • Shanghai Composite gained 1.73% closing at 2,955.15.
  • Nikkei 225 lost 1.25% finishing the session at 16,724.81.
  • Hang Seng was trading at 20,623.11 as of 3:15 PM HKT, which is 0.58% above the previous close.

The Shanghai Composite and Hang Seng posted an increase of 5.15% and 2.10% for the week respectively. Nikkei 225 lost 1.26% during this week.

Oil prices were relatively steady during Asian session fluctuating around the yesterday’s closing price. As of 2:47 AM EDT the WTI Crude was trading at 40.23 USD/bbl up 0.07% and Brent Crude at 41.55 USD/bbl, just 0.02% above the previous close.

The Fed remarks on interest rate hikes and upcoming meeting of oil producers is driving the oil prices higher for the third day in a row.

“Global fundamentals are little changed and oil has instead been lifted by higher risk-appetite. A dialogue among key producing countries to address oil output will at best yield a decision to freeze output, but not the much-needed reduction required to rebalance the market.” written in the note form BNP Paribas.

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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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