EUR/USD climbs again towards 1.09. Oil prices jumped 6,64%.

EUR/USD was trading above 1.09 most of the time during the first half of the day, however it sharply dropped to 1.0781 after Mario Draghi’s announcement. During North American session it recovered again and closed at 1.0868, down 0.21%.

US markets slightly increased affected by today’s oil price recovery and ECB announcement. Below are presented the performance of major US indices:

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  • Dow Jones Industrial average closed at 15,882.68, a 0.74% gain.
  • Nasdaq Composite rose to 4,537.15 in the middle of the day, but closed the trading only at 4,472.06 or 0.01% higher than the previous close.
  • S&P 500 closed at 1,868.99, which represents a 0.52% increase.

Among major news concerning the US economy we can mention:

  1. Weekly jobless claims of 293,000, which is a six-month high. The estimate was 278,000.
  2. Philadelphia Fed index was -3.5 VS expectation of -5.9

Oil prices sharply rose today with both WTI and Brent trading above 29$. But investors are still concerned whether it has hit the bottom. Khalid al Falid, the chairman of Saudi Aramco announced at World Economic forum, that he expects a recovery in oil prices this year. “The market has overshot on the low side and it is inevitable that it will start turning up,” Falih said.

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Recently, during the same forum, Bob Dudley, the director of BP admitted that it is not impossible for oil prices to fall to 10$. He predicted that the price will recover by the middle of the year and will be around 30-40$.

Today WTI crude oil closed at 29.53$, increasing 4.16%. As of 17:37 ET the Brent Crude was trading at 29.73 USD/bbl, which is 6.64% higher than the previous closing price.

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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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