EUR/USD down 0.52%. Oil’s biggest one-day gain since 2009.

EUR/USD closed today at 1.1256, down 0.52% from previous close. However, the rate has increased approximately by 0.9% this week. It reached its weekly peak of 1.1377 on Thursday, the highest level since October 2015. Today’s Eurozone Q4 GDP growth results of 0.3% met the analyst expectations. Considering these results, the analysts at Wells Fargo believe that the European Central Bank will ease policy further at the next meeting. They are also prone to think that Fed will further increase the interest rate, which make them expect that euro will weaken in the medium term.

The US stocks rebounded from yesterday lows. The major indices performed the following way:

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  • DJIA closed at 15,973.84, up 2.00%.
  • Nasdaq Composite rose by 1.66%, finishing at 4,337.51.
  • S&P 500 closed the session at 1,864.78 (+1.95%).

However the indices are still trading well below their year-end levels, with DJIA, Nasdaq Composite and S&P 500 down 8.35%, 13.4%, and 8.78% respectively.

Oil prices jumped more than 13% today on comments from UAE energy minister, who announced the OPEC’s readiness to cooperate on production cuts. It represents a biggest one-day gain since February 2009.

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WTI Crude rocketed to $29.66 during the North American session today and closed at $29.44, up 12.32% from previous close. However the WTI is still down 4.7% for the week, noting that it even hit $26.05 on Thursday, which represents its 13-year low. Brent Crude was trading at $32.68 as of 5:44 PM EST, which is 8.72% above the previous close. The benchmark has lost 4% for the week.

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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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