EUR/USD at 1.1382. Oil prices up 1.5%.

EUR/USD was trading slightly lower throughout the day, however the pair sharply rose at the end of the European session. As of 1:00 PM EDT the pair was trading at 1.1382, which is 0.16% higher than the previous close.

Barclays analysts provided their outlook on EUR/USD today. “Friday’s unexpected rally through 1.1350 on increased volumes makes us more bullish in the short term. A move above 1.1375 would signal higher towards targets in the 1.1420/50 area. Overall we are bearish against the 1.1620 highs” written in the report.

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

  • FTSE 100 rose 1.03% finishing at 6,273.40.
  • CAC 40 closed at 4,423.38, up just 0.04%.
  • Euro Stoxx 50 was trading at 3,001.90 as of 5:50 PM GMT, which represents 0.15% increase from the previous close.

Oil prices were up today driven mainly by weak US dollar. As of 1:12 PM EDT the WTI Crude was trading at 49.34 USD/bbl up 1.48% and Brent Crude at 50.25 USD/bbl, which is 1.23% higher than the previous close.

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“As a result of the extremely disappointing nonfarm Friday data, expectations for the Fed’s June rate hike … were completely removed from the table, causing the U.S. dollar to crash on Friday afternoon,” said Troy Vincent, oil analyst at ClipperData, stating that this triggered the Brent crude prices to a reach new high for the year in overnight trading and “should continue to provide support to commodities in general”.

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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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