EUR/USD down 0.52%. Markets rose on Yellen’s comments.

EUR/USD traded in a range of 1.1163-1.1311 today. The pair closed the European session at 1.1232, which was 0.52% lower than the previous close.

Global stocks rebounded after the Chair of the Board of Governors of the Federal Reserve System Janet Yellen’s announcement, which made investors believe that Fed will postpone the next rate hike. To a question of whether she expects the Fed to cut the rates after hiking in December, she responded that it wouldn’t happen anytime soon, as she believes the risk of recession is very low.

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“Financial conditions in the United States have recently become less supportive of growth, with declines in broad measures of equity prices, higher borrowing rates for riskier borrowers, and a further appreciation of the dollar. These developments, if they prove persistent, could weigh on the outlook for economic activity and the labor market, although declines in longer-term interest rates and oil prices provide some offset” said Yellen.

Below is mentioned the performance of major European indices today:

  • FTSE 100 rose 0.71%, closing at 5,672.30.
  • CAC 40 finished the session at 4,061.20 gaining 1.59%.
  • Euro Stoxx 50 was trading at 2,789.05 as of 5:50 PM GMT, up 1.92%.

Oil prices experienced a volatile session today. As of 11:58 AM EST the WTI Crude was trading at 27.91 USD/bbl (-0.11%) and Brent Crude at 31.08 USD/bbl, up 2.51%.

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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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