EUR/USD at 1.1322. UK GDP grew 0.4% in Q1 2016.

EUR/USD had a volatile session today. As of 1:00 PM EDT the currency pair was trading at 1.1322, which represents a 0.20% increase from the previous close.

European shares slightly rose today. Below is mentioned the performance of major indices:

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  • FTSE 100 closed at 6,319.91, up 0.56%.
  • CAC 40 rose 0.58% finishing at 4,559.40.
  • Euro Stoxx 50 was trading at 3,130.43 as of 5:50 PM GMT, which is 0.29% higher than the previous close.

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According to the report from the Office for National Statistics (ONS), preliminary estimates of UK GDP for the Q1 2016 grew by 0.4% meeting the analysts’ expectations, but down from 0.6% increase for the Q4 2015. This quarter’s GDP represents a thirteenth consecutive quarter of increase. The GDP grew by 2.1% on year-on-year basis, higher than the analysts’ estimates of 2% increase.

“Today’s figures suggest growth has slowed as compared with the pace up to the middle of last year. Services continue to underpin the economy but other sectors have shown falling output this quarter.” said Joe Grice from ONS.

Oil prices were trading higher today. As of 12:35 PM EDT the WTI Crude was trading at 44.58 USD/bbl up 1.23% and Brent Crude at 46.44 USD/bbl, which represents a 1.53% gain from the previous close.

“The price rise is for the most part sentiment – and momentum-driven. Despite speculative overheating, any news that could suggest a higher price is viewed as a good reason to buy,” said Carsten Fritsch from Commerzbank.

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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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