EUR/USD down 0.18%. Oil prices continue to fall.

EUR/USD fell during Asian session today. As of 3:00 AM EDT the pair was trading at 1.1201, which is 0.18% lower than the previous close.

UOB analysts provided their outlook on EUR/USD yesterday. “Momentum indicators continue to deteriorate and the prospect for the current bearish phase to extend lower to the next key level at 1.1140/45 is not high. Unless there is a clear break below 1.1180 within these couple of days, a move back above the stop-loss at 1.1295 (adjusted lower from 1.1320) is enough to indicate that a short-term low is in place” written in the report.

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Asian shares were mostly down today. Below is presented the performance of major indices:

  • Shanghai Composite closed at 2,821.67, down 0.77%.
  • Nikkei 225 lost 0.94% finishing at 16,498.76.
  • Hang Seng closed at 19,830.43, up 0.11%.
  • S&P/ASX 200 declined 0.44% finishing at 5,295.60.
  • India’s Sensex was trading at 25,316.92 as of 1:44 PM IST, which is 0.34% higher than the previous close.

Oil prices declined during Asian hours today. As of 3:35 AM EDT the WTI Crude was trading at 47.76 USD/bbl down 0.67% and Brent Crude at 48.03 USD/bbl, which is 0.66% lower than the previous close.

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“Banks are seeing a sharp uptick in interest to finance storage charters. This storage is not happening for profit. Rather, the market is looking for places to store oil. To profit, traders need to hope for oil prices to rise enough to pay for the new debt incurred for this storage” said Morgan Stanley.

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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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