EUR/USD closed at 1.1177. US jobless claims dropped to 259,000.

EUR/USD sharply rose during European session today after ECB’s decision to cut its interest rates to zero. It also cut its deposit rate to -0.4% and expanded its bond-buying program to EUR 80 million a month from EUR 60 million. The EUR/USD closed at 1.1177, which represents a 1.62% gain.

“While very low or even negative inflation rates are unavoidable over the next few months as a result of movement in oil prices, it is crucial to avoid second-round effects,” said the ECB president Mario Draghi. Forecasted inflation targets are 0.1%, 1.3% and 1.6% for 2016, 2017 and 2018 respectively.

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US shares closed mostly unchanged today after a volatile session. The performance of major indices is presented below:

  • DJIA closed at 16,995.13, slightly below the previous close.
  • Nasdaq Composite finished 0.26% lower at 4,662.16.
  • S&P 500 closed at 1,989.57, almost unchanged from the previous close.

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The US Labor Department announced today that the initial claims for state unemployment benefits dropped to a 259,000 for the week ended March 5, which represents the lowest figure since October. Unemployment rate stayed at the same 4.9% level.

“The labor market continues to be the light shining through the foggy state of the global economy … the recent improvement in a host of economic data should provide a bit of relief that the expansion still has legs,” said Jim Baird from Plante Moran Financial Advisors.

Oil prices were trading lower today. The WTI Crude closed at 38.02 USD/bbl, which is 0.71% below the previous close. Brent Crude was trading at 40.10 USD/bbl as of 5:29 PM EST, representing a 2.36% decline.

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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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