EUR/USD down 0.55%. Brent price at $50.93.

EUR/USD sharply dropped during European hours and finished lower. As of 6:00 PM EDT the pair was trading at 1.1249, which represents 0.55% decline from the previous close.

US shares were slightly up today. Below is presented the performance of major indices:

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  • DJIA closed at 17,829.73, up 0.14%.
  • Nasdaq Composite rose 0.14% finishing at 4,843.76.
  • S&P 500 closed at 2,088.90, which is 0.27% higher than the previous close.

Federal Reserve Chair Janet Yellen in her speech before the Senate Banking Committee said that Fed is closely monitoring the situation concerning the upcoming UK referendum. “Without a doubt, in the last several months a number of different metrics suggest … a loss of momentum in terms of the pace of improvement. We believe that will turn around, we expect it to turn around, but we are taking a cautious approach and watching very carefully to make sure that that expectation is borne out before we proceed to raise interest rates further.” said Yellen.

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Federal Reserve Governor Jerome Powell cautioned the markets stating that they need to consider the possibility of Libor being stopped to be published. Thus it is important to take into account the risk of relying on this reference rate too much. “Market participants are not used to thinking about this possibility, but benchmarks sometimes come to a halt” said Powell.

Oil prices recovered at the end of the North American session and finished the day positively. The WTI Crude closed at 50.16 USD/bbl, up 1.56%. The Brent Crude was trading at 50.93 USD/bbl as of 5:55 PM EDT, which represents 0.55% increase from 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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