EUR/USD down 0.27%. Oil prices fell 1%.

EUR/USD was trading slightly above the yesterday close until it sharply dropped at the end of the Asian session. As of 3:00 AM EDT the pair was trading at 1.1343, which is 0.27% lower than the previous close.

Barclays analysts provided their outlook on EUR/USD yesterday. “We prefer to fade upticks towards resistance in the 1.1490 area. A move below our initial targets near 1.1360 would confirm downside traction towards 1.1300 and then the 1.1215 range lows” written in the report.

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Asian shares closed lower today. Below is presented the performance of major indices:

  • Shanghai Composite closed at 2,827.11, down 0.31%.
  • Nikkei 225 lost 1.41% finishing at 16,412.21.
  • Hang Seng closed at 19,719.29, which is 0.99% lower than the previous close.
  • S&P/ASX 200 fell 0.57% finishing at 5,329.00.
  • India’s Sensex was trading at 25,426.93, which represents a 1.41% decline from the previous close.

Oil prices fell during the Asian hours after a three-day of consecutive gains. As of 3:35 AM EDT the WTI Crude was trading at 46.14 USD/bbl down 1.20% and Brent Crude at 47.69 USD/bbl, which is 0.81% lower than the previous close. The major reason for this decline are the strong dollar and announcement from Russia concerning the global glut.

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According to the Russian Energy Minister Alexander Novak, the global oil surplus stood at 1.5 million bpd and it is possible that the market could not balance out until the first half of 2017. “Oversupply persists and the decline in production volumes is slower than analysts expected” said Novak.

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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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