EUR/USD declined 0.3%. China’s CPI beat expectations.

EUR/USD slightly declined during Asian session today. As of 3:00 AM EST the currency pair was trading at 1.0966, which is 0.3% lower than the previous close.

The immediate resistance is located at 1.1000, a break beyond which will open doors for a test of 1.1034/42 (daily R1/ 200-DMA). On the other side, the immediate support stands at 1.0941/39 (daily S1/ 1h 200-SMA), a break below which will move the rate down to 1.0911 (100-DMA) levels.

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Asian stocks were mixed today. Below is presented the performance of major indices:

  • Shanghai Composite dropped 2.02% closing at 2,804.73.
  • Nikkei 225 finished at 16,852.35, up 1.26%.
  • Hang Seng stayed almost unchanged at 19,984.42.

China’s National Bureau of Statistics reported that the annual consumer inflation rose 2.3 percent in February compared with the same month year ago. This figure was above analysts’ forecasts of 1.9% increase. It represents the fastest YoY increase since 2014.

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“In absolute terms, the prices of many food items are at their highest point since the National Bureau of Statistics started collecting weekly data in 2009. The only episode that was comparable was February 2008. A comparison with 2008 would suggest that food prices should continue to ease in the coming weeks, as have been the case since mid-February” said Julie Wang from HSBC.

Oil prices were trading a bit lower during Asian session. As of 2:48 AM EST the WTI Crude was trading at $38.03 down 0.68% and Brent Crude at $40.68, which is 0.95% 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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