EUR/USD at 1.1381. US service sector expanded in March.

EUR/USD had a volatile session today fluctuating from 1.1335 to 1.1407. As of 6:00 PM EDT the currency pair was trading at 1.1381, which is 0.09% lower than the previous close.

US shares fell today following a slight decline yesterday. Below is presented the performance of major indices:

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  • DJIA closed at 17,603.32, down 0.75%.
  • Nasdaq Composite lost 0.98% finishing at 4,843.93.
  • S&P 500 closed at 2,045.17, which represents a 1.01% decline from the previous close.

The US Commerce Department announced today that the trade deficit rose 2.6% reaching $47.1 billion in February, which is worse than the analysts’ estimates of $46.2 billion.

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According to the data released today the US service sector expanded in March.

Markit Economics’ services purchasing managers’ index stands at 51.3 in March, which is higher than the analysts’ forecasts of 51.2.

The Institute of Supply Management’s non-manufacturing index increased to 54.5 from 53.4 a month earlier, beating the analysts’ estimate of 54.0.

“The strong ISM non-manufacturing results confirm that the US economy is far from recession. Although energy production is down, and manufacturing is flat, service industries and construction (included in non-manufacturing) continue to do well.” written in a note from PNC.

Oil prices were trading lower most of the time today until they sharply rebounded at the end of the North American session. WTI Crude closed at 35.89 USD/bbl, up 0.53%. As of 5:49 PM EDT the Brent Crude was trading at 38.32 USD/bbl, which represents a 1.67% gain from the previous close.

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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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