EUR/USD climbed back to 1.1395. Oil prices recovered.

EUR/USD climbed back at the end of European session after dropping to as low as 1.1335. As of 1:00 PM EDT the currency pair was trading at 1.1395, which is just 0.04% above the previous close.

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

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  • FTSE 100 closed at 6,091.23, down 1.19%.
  • CAC 40 lost 2.18% finishing at 4,250.28.
  • Euro Stoxx 50 was trading at 2,890.35 as of 5:50 PM GMT, which represents a 2.43% decline from the previous close.


The European Union’s statistics office Eurostat reported today that the Eurozone retail sales increased 0.2% in February, which represents 2.4% year-on-year growth. This figure was higher than the analysts’ estimates of 1.9% rise. The data also revealed that the retail sales in Germany, the biggest economy in Eurozone, dropped 0.4% in February following a 0.1% decline in January.

Oil prices recovered during European hours after Kuwait officials announced that the production freeze by major oil producing countries would proceed without Iran. The meeting is scheduled on April 17 in Doha, where both OPEC and non-OPEC producers are expected to reach an agreement on cooperative output freeze deal.

Recently Iran’s Deputy Oil Minister reported that Iran won’t participate until its output reaches the pre-sanction levels.

Additionally, Saudi Arabia’s deputy crown prince reported last week that Saudi Arabia refuses to freeze the production without Iran’s participation.

As of 1:33 PM EDT the WTI Crude was trading at 35.66 USD/bbl (-0.11%) and Brent Crude at 37.68 USD/bbl, which is just 0.03% lower than 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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