EUR/USD at 1.1308. US retail sales climbed 1.3% in April.

EUR/USD closed lower today. As of 6:00 PM EDT the pair was trading at 1.1308, which represents a 0.58% decline from the previous close.

US shares fell today. Below is presented the performance of major indices:

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  • DJIA closed at 17,535.32, down 1.05%.
  • Nasdaq Composite declined 0.41% finishing at 4,717.68.
  • S&P 500 closed at 2,046.61, which represents a 0.85% decline from the previous close.

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The Commerce Department reported today, that the US retail sales in April grew at a fastest rate in a year. Retail sales rose 1.3% in April, compared with the decline of 0.3% in March.

According to the data released from the Labor Department, the US producer price index increased 0.2% in April after falling 0.1% the previous month.

“Today’s data materially strengthen the hand of those within the Fed for a rate increase in June but we remain doubtful as to whether this view will prevail, barring an especially robust employment report in early June” said Anthony Karydakis from Miller Tabak in New York.

Oil prices closed lower today. The WTI Crude closed at 46.21 USD/bbl, down 1.05%. The Brent Crude was trading at 47.84 USD/bbl as of 5:38 PM EDT, which represents a 0.50% decline from the previous close.

OPEC announced today that the global oil glut may grew this year, as the oil producing countries increase their output. The supply from OPEC producers is growing after Iran’s sanction were lifted and the meeting on cooperative production freeze produced no results.

“Fundamentally, oversupply still persists. Oil output remains high” said OPEC in the report released today.

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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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