EUR/USD down nearly 1%. US PPI and Retail Sales unexpectedly dropped.

EUR/USD plunged nearly 1% today. As of 5:00 PM EDT the currency pair was trading at 1.1274, which is 0.97% lower than the previous close.

US shares not surprisingly rose today following the global markets. Below is presented the performance of major indices:

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  • DJIA closed at 17,908.28, up 1.06%.
  • Nasdaq Composite increased 1.55% finishing at 4,947.42.
  • S&P 500 closed at 2,082.42, which represents a 1% gain from the previous close.

According to the US Labor Department data released today, the producer prices surprisingly dropped in March. The PPI fell 0.1%, after declining 0.2% in February. The figure was well below the analysts’ expectations of 0.2% increase.

U.S. retail sales unexpectedly fell in March as households cut back on purchases of automobiles. The US Commerce Department reported today that the retail sales in March dropped 0.3% compared to the analysts’ estimates of 0.1% increase.

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“Consumer spending has been the main engine of growth in the U.S. for the past few years. This was probably still the case in [the first quarter], but that engine appears to have run slower than it did” said Dana Saporta from Credit Suisse.

The Energy Information Administration announced that the US crude inventories rose by 6.6 million barrels last week reaching a level of 536.5 million barrels.

Oil prices fell today. As of 4:54 PM EDT the WTI Crude was trading at 41.55 USD/bbl down 1.47% and Brent Crude at 43.88 USD/bbl, which is 1.81% lower than 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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