EUR/USD dropped 0.84%. Oil prices slightly up.

EUR/USD continued its gradual decline after Mario Draghi’s comments today. The pair closed the session at 1.1162, which is 0.84% below the previous close.

Today US markets are closed on holiday. Taking into account the jump in global stocks, the US exchanges are expected to follow the European and Japanese markets after today’s holiday. The major US indices started a recovery process on Friday after they hit fresh lows on Feb 11. However they are still trading well below the year-end values:

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  • DJIA down 8.35%.
  • Nasdaq Composite down 13.38%.
  • S&P 500 is down 8.77%.

Oil prices were moderately above the previous close today. The prices jumped more than 13% on Friday on possible production cut hopes. It represents a biggest one-day gain since February 2009.

Today WTI Crude closed at 29.76 USD/bbl, up 1.09%. The Brent Crude was trading at 34.03 USD/bbl as of 5:40 PM EST, which is 2.01% higher than the previous close.

oil-rig

Investors’ hope that the upcoming meeting of ministers from Saudi Arabia, Russia, Qatar and Venezuela, which will be held in Doha this week will provide positive news about cooperative production cut. However many analysts are still skeptical on a possible deal between OPEC and non-OPEC oil producing countries. All major banks, including Barclays, Morgan Stanley and HSBC lowered their forecast for oil on global oversupply fears. Analysts from ANZ bank recently reported, that the remarks from UAE’s oil minister could be viewed as further jawboning, with the possibility of a coordinated response on output cuts very low.

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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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