EUR/USD dropped 0.97%. Eurozone PMI disappoints.

EUR/USD plunged to 1.1003 during European session today, which represents the lowest level since February 3. As of 12:00 PM EST the currency pair was trading at 1.1025, which is 0.97% below the previous close.

A data provided by Markit today showed that Eurozone Purchasing Managers’ Index dropped to its 13-month low. The PMI for February was 51 for manufacturing sector, which is below analysts’ expectations of 52. The index for services sector dropped to 53 from 53.6 in January. The estimates were 53.4. The composite PMI stands at 52.7 in February.

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“Disappointing PMI survey data for February greatly increase the odds of more aggressive stimulus from the ECB in March. The need to compete on price has become increasingly widespread amid weak demand, leading to an escalation of deflationary pressures that will worry policymakers” said Chris Williamson from Markit.

European stocks were mostly up today. The performance of major indices is presented below:

  • FTSE 100 closed at 6,037.73, which is 1.47% above the previous close.
  • CAC 40 increased by 1.79% finishing the session at 4,298.70.
  • Euro Stoxx 50 was trading at 2,932.24 as of 2:30 PM GMT, which represents a 2.13% gain from previous close.

Oil prices jumped today. As of 11:22 AM EST the WTI Crude was trading at 31.58 USD/bbl up 6.55% and Brent Crude at 34.62 USD/bbl, which is 4.88% above 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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