EUR/USD down 0.73%. US initial claims higher than expected.

EUR/USD significantly declined today. As of 6:00 PM EDT the currency pair was trading at 1.1402, which is 0.73% lower than the previous close.

US shares finished nearly unchanged today. Below is presented the performance of major indices:

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  • DJIA closed at 17,660.71, up just 0.05%.
  • Nasdaq Composite declined 0.18% finishing at 4,717.09.
  • S&P 500 closed at 2,050.63, almost flat.

The number of Americans filing for unemployment benefits increased more than expected last week. According to the data from the US Labor Department, the Initial claims for state unemployment benefits grew by 17,000 reaching a seasonally adjusted figure of 274,000 for the week ended April 30. This figure is 14,000 more than the analysts’ estimate and represents the largest increase in more than a year.


“We are assuming the move in claims is largely technical. By all accounts, businesses cannot find the skilled labor they need” said Chris Rupkey from MUFG Union Bank in New York.

John Williams, the San Francisco Fed President, announced today that it is reasonable to expect two to three interest rate hikes during 2016.

Oil prices were trading higher throughout the day. WTI Crude closed at 44.32 USD/bbl, up 1.23%. Brent Crude was trading at 45.15 USD/bbl as of 5:30 PM EDT, which is 1.19% above the previous close.

The increase is mainly driven by the report of wildfire in Canada, where it has already destroyed 1,600 structures in a town of Fort McMurray, which is located in Alberta oil sands, the third largest oil reserve location in the world.

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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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