EUR/USD down 0.31%. China’s trade balance well below expectations.

EUR/USD gradually declined throughout the Asian session today. As of 3:00 AM EDT the pair was trading at 1.1350, which is 0.31% lower than the previous close.

Commerzbank analysts provided their outlook on EUR/USD today. “EUR/USD charted a minor new high of 1.1465 which was not confirmed by the daily RSI. This suggests a loss of upside momentum at the September and October highs at 1.1460/95 and ahead of the 1.1577 pivot line – we look for signs of further failure. We would allow for slippage towards the 1.1144 24th March low. Key nearby support lies the 1.1060/58 December high and the March 16 low. This guards the bottom of the range at 1.0908” written in the report.

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Asian shares significantly rose today. Below is presented the performance of major indices:

  • Shanghai Composite closed at 3,066.64, up 1.42%.
  • Nikkei 225 jumped 2.84% finishing at 16,381.22.
  • Hang Seng was trading at 21,087.67 as of 3:35 PM HKT, which represents a 2.84% gain from the previous close.

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The increase in shares was mainly driven by Chinese trade data report today. According to the data from General Administration of Customs, China’s dollar-denominated exports increased 11.5% year on year in March, while imports dropped 7.6%. China’s dollar-denominated trade balance stood at $29.86bn in March, which is below analysts’ expectations of $34.95bn.

Oil prices declined today, after significantly rising for three days in a row. As of 3:29 AM EDT the WTI Crude was trading at 41.38 USD/bbl down 1.87% and Brent Crude at 43.97 USD/bbl, which is 1.61% lower 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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