EUR/USD fell 0.27%. Eurozone PMI increased in March.

EUR/USD sharply dropped during European trading hours. As of 13:00 PM EDT the pair was trading at 1.1211, which is 0.27% lower than the previous close.

Analysts from Danske Bank provided an expected range of 1.10-1.14 for EUR/USD after Fed announcement to cut the number of interest rate hikes from 4 to 2 this year. According to the analysts the strengthening US dollar is unlikely with the Fed set to deliver merely a September hike in 2016. “In the absence of USD support from relative interest rates, we are likely in for range-trading in the 1.10-1.14 interval for the pair near term before a more sustained move higher further out” written in the report.

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European shares were trading lower today after Brussels attacks, but managed to recover at the end of the day. Below is mentioned the performance of major indices:

  • FTSE 100 closed at 6,192.74, up 0.13%.
  • CAC 40 increased by 0.09% finishing at 4,431.97.
  • Euro Stoxx 50 was trading at 3,051.23 (+0.08%) as of 5:50 PM GMT.

Markit provided data according to which the Eurozone composite purchasing managers index increased to 53.7 in March from 53.0 in February. The figure is higher than the analysts’ expectations of 52.9.

Oil prices fell today driven by the announcement from Libyan officials according to which they refuse to attend the meeting in Doha next month. As of 12:43 PM EDT the WTI Crude was trading at 41.36 USD/bbl down 0.39% and Brent Crude at 41.64 USD/bbl (+0.24%) rebounding from lows of $40.97.

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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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