EUR/USD down 0.29%. IEA said oil prices may have hit the bottom.

EUR/USD closed at 1.1147 today, experiencing a 0.29% decline from the previous close. The pair gained more than 1.3% during this week driven mainly by the ECB president Mario Draghi’s announcement yesterday, according to which it was unlikely that the bank would further cut interest rates.

Analysts at Barclays Capital provided technical setups for major currency pairs today. It now estimates the EUR/USD rate to increase towards 1.1260 and then to 1.1380 levels.

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US markets closed higher today. Below is mentioned the performance of major indices:

  • DJIA closed at 17,213.31, up 1.28%.
  • Nasdaq Composite gained 1.85% finishing at 4,748.47.
  • S&P 500 closed at 2,022.19, which represents a 1.64% increase from the previous close.

According to the Labor Department data released today the US import prices declined 0.3% in February following a decrease of 1% in January. The prices are falling for eight months in a row.

Oil prices moderately rose today. The WTI Crude closed at $38.50, which is 1.74% higher than the previous close. The Brent Crude was trading at $40.36 as of 5:23 AM EST, up 0.77%. WTI Crude rose more than 6.5% and Brent Crude more than 4% during this week.

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The International Energy Agency announced that it expects the non-OPEC production would decline by 750,000 barrels per day in 2016, which is significantly higher than the previous estimate of 600,000 barrels. IEA also mentioned that the oil prices might have hit the bottom.

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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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