EUR/USD down 0.31%. Oil prices still rising.

EUR/USD declined today after the rally yesterday, which was driven by the ECB president Mario Draghi’s announcement, according to which ECB had no plans to cut interest rates further after cutting it to zero yesterday.

“In taking into the account the measures to grow and return to our price stability objective we do not anticipate that it will be necessary to reduce further rates. Of course new facts can change the outcome” said Draghi.

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As of 3:00 AM EST the pair was trading at 1.1143, which represents a 0.31% decline from the previous close.

The research team at UOB Group changed their outlook for EUR/USD from neutral to bullish. “The strong overnight rally is accompanied by impulsive momentum and the outlook for Euro in the next 1 to 2 weeks has shifted to bullish from neutral” written in the report.

Asian shares were slightly up today ahead of upcoming Chinese key data release. China will report its retail sales and industrial production data on Saturday.

Major Asian indices had the following performance today:

  • Shanghai Composite closed at 2,810.31, up 0.20%.
  • Nikkei 225 increased by 0.51% closing at 16,938.87.
  • Hang Seng finished at 20,199.60, gaining 1.08%.

During this week Shanghai Composite, Nikkei 225 declined by 2.3% and 0.46% respectively. Hang Seng finished the week slightly higher, up 0.11%.

Oil prices were trading higher during Asian session today. As of 3:02 AM EST the WTI Crude was trading at 38.69 USD/bbl up 2.25% and Brent Crude at 40.76, which is 1.77% above 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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