EUR/USD at 1.1307. Japan’s industrial production dropped 6.2%.

EUR/USD slightly increased during Asian session after a huge rally yesterday, which was driven by comments from Fed Chair Janet Yellen’s comments. As of 3:00 AM EDT the currency pair was trading at 1.1307, which is 0.11% higher than the previous close.

Asian shares were mostly up today, except Japanese Nikkei 225, which dropped affected by weaker than expected industrial production data release. Below is mentioned the performance of major indices:

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  • Shanghai Composite climbed 2.77% closing at 3,000.65.
  • Nikkei 225 dropped 1.31% finishing at 16,878.96.
  • Hang Seng was trading at 20,803.35 as of 3:42 HKT, which is 2.15% higher than the previous close.
  • Australia’s S&P/ASX 200 closed at 5,010.30, up 0.12%.
  • India’s Sensex was trading at 25,248.63 as of 1:14 PM HKT, which represents a 1.40% increase from the previous close.

The Trade Ministry of Japan announced today that the industrial production dropped 6.2% in February, which is worse than the average estimate of 5.9% decline.  It contracted by the most since March 2011 tsunami.

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“The slump in industrial output in February suggests that manufacturing activity will contract this quarter” said Marcel Thieliant from Capital Economics.

Oil prices finally recovered during Asian session today after falling for five days in a row. As of 3:22 AM EDT the WTI Crude was trading at 38.94 USD/bbl up 1.72% and Brent Crude at 39.66 USD/bbl, which is 1.33% higher than the previous close.

“There’s a little bit of steadying in oil prices in the Asian time zone. The predominant attitude is one of wait-and-see until the Energy Information Administration figures come out” said Ric Spooner from Sydney’s CMC Markets.

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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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