EUR/USD down 0.19%. Germany’s factory orders unexpectedly dropped.

EUR/USD was trading slightly lower throughout the Asian session today. As of 3:00 AM EDT the pair was trading at 1.1342, which is 0.19% lower than the previous close.

UOB analysts provided their bullish outlook on EUR/USD today. “While the sharp break higher in EUR has shifted the outlook to bullish from neutral, it appears that we may have seen a chunk of the rally. That said, as long as 1.1250 is not taken out in the days ahead, further advance to 1.1400, 1.1450 is still a distinct possibility” written in the report.

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Asian shares finished mixed today. Below is presented the performance of major indices:

  • Shanghai Composite closed at 2,934.10, down 0.16%.
  • Nikkei 225 lost 0.37% finishing at 16,580.03.
  • Hang Seng was trading at 21,005.51 as of 3:25 PM HKT, up 0.28%.
  • S&P/ASX 200 closed at 5,360.40, up 0.78%.
  • India’s Sensex was trading at 26,834.22 as of 12:57 PM IST, almost unchanged from the previous close.

According to the data from the Federal Statistical Office released today, Germany’s new orders in manufacturing dropped 2.0% in April compared with the analysts’ estimate of 0.5% decline. Year-on-year, the index decreased 0.5%.

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Oil prices rose during the Asian hours today. As of 3:04 AM EDT the WTI Crude was trading at 49.05 USD/bbl up 0.88% and Brent Crude at 50.04 USD/bbl, which is 0.81% higher than the previous close. “The weaker U.S.-dollar drove commodity prices higher” reported ANZ bank.

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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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