EUR/USD dropped 0.48%. Oil prices jumped on US crude inventories report.

EUR/USD had a volatile session fluctuating in a range of 1.1290-1.1388 during the day. As of 6:00 PM EDT the currency pair was trading at 1.1301, representing a 0.48% decline from the previous close.

US shares closed slightly higher today. The performance of major indices is presented below:

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  • DJIA closed at 18,096.27, up 0.24%.
  • Nasdaq Composite increased 0.16% finishing at 4,948.13.
  • S&P 500 closed at 2,102.40, which represents a slight increase of 0.08%.

US existing home sales rose more than expected in March according to the report by The National Association of Realtors released today. Existing home sales rose 5.1% to an annual rate of 5.33 million units, which was higher than the analysts’ estimates of 3.5% increase.

“There cannot be too much wrong with the economy if consumers keep buying new homes. It shows confidence” said Chris Rupkey from MUFG Union Bank.

“It points to a very strong start to the crucial spring selling season, and initial anecdotal indications point to this positive momentum being sustained in coming months,” said Millan Mulraine from TD Securities.

Oil prices sharply rose today after the data showed that the US crude inventories rose lower than expected. According to the Energy Information Administration (EIA) report, the crude stocks increased by 2.1 million barrels last week, which is lower than the analysts’ forecast of a 2.4 million barrels.

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The WTI Crude closed at 42.63 USD/bbl, which is 3.77% higher than the previous close. Brent Crude was trading at 45.56 USD/bbl as of 5:34 PM EDT, which represents a 3.47% gain.

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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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