EUR/USD down 0.20%. China’s services PMI increased to 52.2 in March.

EUR/USD gradually declined throughout the Asian session today. As of 03:00 AM EDT the currency pair was trading at 1.1358, which is 0.20% lower than the previous close.

Asian shares closed mostly around the previous close today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 3,050.59, down just 0.08%.
  • Nikkei 225 slightly declined by 0.11% finishing at 15,715.36.
  • Hang Seng was trading at 20,223.46 as of 3:35 PM HKT, which represents a 0.23% gain.
  • Australia’s S&P/ASX 200 finished at 4,945.90, up 0.44%.
  • India’s Sensex was trading at 24,933.32 as of 1:07 PM IST, which represents a 0.20% increase from the previous close.

China’s Caixin services purchasing managers’ index (PMI) increased to 52.2 in March from 51.2 in February. A reading above 50 indicates expansion in the sector.

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“Overall, the services sector developed well, but the economy is riding choppy waves, indicating the lack of a solid foundation for a recovery. The government needs to push forward with ‘supply-side reform’ to encourage the development of emerging industries.” said He Fan from Caixin.

Oil prices significantly increased today after a massive decline which lasted several days. This gain is mainly driven by investors’ hopes for the possible deal on cooperative output freeze that is expected to be reached in the upcoming meeting in Doha.

As of 3:15 AM EDT the WTI Crude was trading at 36.76 USD/bbl up 2.42% and Brent Crude at 38.46 USD/bbl, which is 1.56% higher 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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