EUR/USD down 0.34%. Eurozone CPI dropped more than expected.

EUR/USD closed the European session at 1.0847, which is 0.34% lower than the previous close. Euro weakened due to today’s data report, according to which the eurozone fell back to deflation in February triggering expectations for more ECB stimulus.

As per the Eurostat report the CPI dropped by 0.2% this month compared to a 0.3% increase in January. The figure was below the expectations of a gain of 0.1%.

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The 19-nation eurozone unemployment rate dropped to 10.3% in January, which represents its lowest level since 2011. The unemployment rate for 28-nation European Union was 8.9% down from 9% in December. The number of unemployed people dropped by 105,000 to 16.64 million, which was driven mainly by strong job growth in Germany.

ECB

Markit’s manufacturing PMI for the eurozone fell to 51.2 last month from 52.3 in January. “Concerns are growing that the region is facing yet another year of sluggish growth in 2016, or even another downturn. Lacklustre domestic demand is being compounded by a worsening global picture.” Said Chris Williamson from Markit.

European markets rose today continuing the rally started yesterday. Below is mentioned the performance of major indices:

  • FTSE 100 rose by 0.92% closing at 6,152.88.
  • CAC 40 finished at 4,406.84, up 1.22%.
  • Euro Stoxx 50 was trading at 2,996.39 as of 5:50 PM GMT, which is 1.72% higher than the previous close.

Oil prices moderately rose today. As of 11:49 AM EST the WTI Crude was trading at 34.30 USD/bbl up 1.63% and Brent Crude at 36.86 USD/bbl, which is 0.79% 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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