EUR/USD down 0.22%. Asian shares continue to decline.

EUR/USD declined during Asian session today. The pair was trading at 1.0983 as of 3:00 AM EST, which is 0.22% below the previous close.

Weakening Euro may be driven by this week’s anticipated ECB policy announcement, where the ECB is expected to cut the deposit rate to -0.4%.

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Barclays’ analysts provided technical setups for major currency pairs today. They have set targets at 1.0825 and even lower at 1.0710 for EUR/USD.

Asian shares continue to fall following a release of weaker-than-expected Chinese trade data announcement yesterday.

Asian markets opened lower today, however they managed to recover slightly at the end of the session. Below is presented the performance of major indices:

  • Shanghai Composite lost 1.34% closing at 2,862.56.
  • Nikkei 225 finished the session at 16,642.20, down 0.84%.
  • Hang Seng closed at 19,996.26, which is just 0.08% below the previous close.

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Huang Shouhong, the deputy director of the State Council Research Office of China made an announcement today, according to which China’s fiscal deficit budgeted for 2016 will be mainly used to finance tax cuts. A deficit to GDP ratio was budgeted to be 3% according to announcement by the Ministry of Finance on March 5. Chinese fiscal deficit/GDP ratio was 2.3% in 2015.

Oil prices made a slight recovery during Asian session after yesterday sell-off. As of 2:55 AM EST the WTI Crude was trading at 36.69 USD/bbl up 0.52% and Brent Crude at 39.91 USD/bbl, which is 0.66% above the previous close.

“Although oil prices have risen sharply from the trough, many investors are not yet convinced if things have improved that much and I suspect they judged now is a good time to sell. But I do believe that this year the global economy will prove better than last year” said Tatsushi Maeno from PineBridge Investments.

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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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