EUR/USD at 1.1397. Oil prices jumped 5% after EIA report.

EUR/USD was trading in a range of 1.1327-1.1432 throughout the day. The currency pair closed at 1.1397, which represents a 0.14% increase from the previous close.

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

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  • DJIA closed at 17,716.05, up 0.64%.
  • Nasdaq Composite climbed 1.59% finishing at 4,920.71.
  • S&P 500 closed at 2,066.66, which is 1.05% higher than the previous.

Minutes from Federal Reserve March 15-16 meeting released today indicated that the Fed was unlikely to raise interest rates before June.

“In light of this expectation and assessment of the risks to the economic outlook, several expressed the view that a cautious approach to raising rates would be prudent or noted their concern that raising the target range as soon as April would signal a sense of urgency they did not think appropriate,” said in the minutes.

Oil prices jumped more than 5% after the EIA reported a surprise decline in US crude stockpiles.

According to the Energy Information Administration the US crude oil supplies dropped by 4.9 million barrels in the week ended April 1 compared with the analysts’ estimates for an increase of 3.2 million barrels.

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The WTI Crude closed at 37.75 USD/bbl, which is 5.18% higher than the yesterday closing price. The Brent Crude was trading at 39.75 USD/bbl as of 5:53 PM EDT, which represents a 4.96% gain from the previous close.

According to Matt Smith from ClipperData the decline in oil imports was driven by the fog in the Houston Ship Channel, but the imports will probably increase again next week.

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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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