EUR/USD dropped 0.70%. Eurozone GDP lower than expected.

EUR/USD declined throughout the day. As of 1:00 PM EDT the pair was trading at 1.1294, which is 0.70% lower than the previous close.

Barclays analysts provided their outlook on EUR/USD today. “The move below our initial downside targets in the 1.1360 area encourages our bearish view. We are now looking for further downside towards the 1.1215 range lows” written in the report.

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European shares slightly rose today. Below is presented the performance of major indices:

  • DJIA closed at 6,138.50, up 0.56%.
  • Nasdaq Composite increased 0.62% finishing at 4,319.99.
  • S&P 500 was trading at 2,956.63 as of 5:50 PM GMT, which is 0.72% higher than the previous close.

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Eurozone GDP growth was slightly lower than the expectations. According to the Eurostat report, the first quarter GDP growth was 0.5%, compared with the analysts’ estimates of 0.6% increase. On a year-on-year basis the growth stood at 1.5%, which is lower than the 1.6% forecast. In the biggest economies, such as Germany and Spain, the growth was 0.7% and 0.8% respectively.

Oil prices were down today. As of 1:09 PM EDT the WTI Crude was trading at 46.18 USD/bbl down 1.11% and Brent Crude at 47.78 USD/bbl, which represents a 0.62% decline from the previous close.

“The market sentiment remains biased to the upside supported by a growing view that the global oil complex is already in a rebalancing pattern” said Dominick Chirichella, senior partner at the Energy Management Institute in New York.

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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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