EUR/USD at 1.1386. Oil prices hit the 2016 high.

EUR/USD closed the day with a slight decline. As of 6:00 PM EDT the currency pair was trading at 1.1386, which is 0.15% lower than the previous close.

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

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  • DJIA closed at 17,721.25, up 0.94%.
  • Nasdaq Composite increased 0.80% finishing at 4,872.09.
  • S&P 500 finished at 2,061.72, which represents a 0.97% gain from the previous close.

San Francisco Fed President John Williams talked about possible Fed rate hikes this year. “I definitely see two or three rate hikes … as being reasonable. In a way it doesn’t matter so much whether we were to raise rates in April, or June, or…July. What matters is the path of interest rates and kind of the normalization process… As long as, I think, we stay on this kind of basic path of raising interest rates gradually over the next couple of years, that’s kind of what’s important for financial conditions” said Williams.

Oil prices jumped to their highest level of 2016 today ahead of Doha meeting, which is scheduled on April 17.

“People are now realizing that this OPEC meeting could be a historic turning point for the market. Now, with U.S. production cuts, our sense is that we’re entering a new cycle upwards” said Phil Flynn from Price Futures Group.

bull

Igor Sechin, head of Rosneft, announced today that low oil prices wouldn’t last, stating that a minimum price of $50 a barrel was needed to avert future supply shortages. “The oil price is growing. I think everyone is expecting the successful outcome of our work. We will need higher price levels than $45 or even $50 a barrel” said Sechin.

The WTI Crude closed at 42.17 USD/bbl, climbing 4.48%. The Brent Crude was trading at 44.24 USD/bbl as of 5:40 PM EDT, which represents a 3.29% increase 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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