EUR/USD down 0.15%. US initial claims unexpectedly dropped.

EUR/USD slightly declined today. As of 06:00 PM EDT the currency pair was trading at 1.1263, which is 0.15% lower than the previous close.

US shares were almost unchanged today after a two-day rally. Below is presented the performance of major indices:

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  • DJIA closed at 17,926.43, up 0.10%.
  • Nasdaq Composite finished slightly lower at 4,945.89.
  • S&P 500 closed at 2,082.78 (+0.02%).

According to the report from US Labor Department, the number of Americans filing for unemployment benefits surprisingly dropped last week. Initial claims for state unemployment benefits fell by 13,000 to a seasonally adjusted 253,000 for the week ended April 9, which was lower than the analysts’ expectations of an increase of 270,000.

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In a separate report the Labor Department said that its Consumer Price Index rose 0.1% in March, lower than the analysts’ forecast for a 0.2% increase.

Oil prices had a volatile session today. The WTI Crude and Brent Crude closed at 41.50 USD/bbl and 43.84 USD/bbl, down 0.62% and 0.77% respectively.

Oil prices significantly rose during this week ahead of Doha meeting, where the major oil producers will meet.

“I think the market is really looking ahead to Doha. An agreement to freeze production does little to change physical balances, but constructive rhetoric could serve as a sentiment changer at a minimum, helping to legitimize the current rally and have the market hold the $40 a barrel level as the new psychological floor” said Michael Tran from RBC Capital Markets.

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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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