EUR/USD down 0.11%. Brent oil dropped more than 4%.

EUR/USD closed slightly lower after a volatile session. As of 6:00 PM EDT the pair was trading at 1.1383, which is 0.11% lower than the previous close.

According to the analysts at UOB, EUR/USD will move down to 1.1300 area in a short-term. “We just shifted to a neutral stance last Friday and there is no change to the view. The current movement is viewed as corrective pull-back which has scope to extend lower to 1.1300 but at this stage, a sustained move below this level is not expected. Overall, this pair is expected to remain under pressure unless it can reclaim 1.1495”written in the report.

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US shares finished nearly unchanged from the yesterday close. Below is presented the performance of major indices:

  • DJIA closed at 17,705.91, down 0.20%.
  • Nasdaq Composite rose 0.30% finishing at 4,750.21.
  • S&P 500 closed at 2,058.69, which is just 0.08% higher than the previous close.

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Charles Evans, president of the Chicago Fed talked about Fed interest rate hikes this year in a conference held in London. “While the fundamentals for U.S. growth continue to be good, uncertainty and risks remain. In my opinion, the continuation of ‘wait and see’ monetary policy response is appropriate to ensure that economic growth continues. Overshooting a little bit just to make sure you get to 2 percent strikes me as being quite sensible” said Evans.

Oil prices dropped today. The WTI Crude closed at 43.44 USD/bbl, down 2.73%. Brent Crude was trading at 43.45 USD/bbl as of 5:38 PM EDT, which represents a 4.23% decline from 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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