EUR/USD at 1.1318. Oil prices rose 3%.

EUR/USD closed slightly higher today. As of 6:00 PM EDT the pair was trading at 1.1318, which is just 0.09% higher than the previous close.

Morgan Stanley analysts provided their outlook on EUR/USD today. “EUR/USD will have to break below 1.1220 to break ranges to the downside. With the flow picture staying EUR-supportive it may require seeing EUR used as a proxy for hedging Brexit risks to push it lower at this stage. EUR-implied volatility trades at a fraction of GBP volatility. Hence, selling EUR via the options market seems lucrative to us” written in the report.

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

  • DJIA closed at 17,710.71, up 1.00%.
  • Nasdaq Composite rose 1.22% finishing at 4,775.46.
  • S&P 500 closed at 2,066.66, which is 0.98% higher than the previous close.

“Oil is the catalyst but the move today wouldn’t have been this big if stocks had not been this weak lately” said Jim Paulsen from Wells Capital Management.

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Oil prices significantly rose today. The WTI Crude closed at 47.72 USD/bbl, up 3.27%. The Brent Crude was trading at 49.07 USD/bbl as of 5:23 PM EDT, which represents a 2.59% increase from the previous close.

The disruption in Nigeria, which pushed the oil output to the record lows, serves the biggest catalyst for high oil prices. “If Nigeria goes offline, it’s sticky. These armed militants are very intent on shutting down production. They have the capacity to do so” said Helima Croft from RBC Capital 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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