EUR/USD fell 0.34%. Oil prices decline for a second day in a row.

EUR/USD continues to drop today. As of 1:00 PM EDT the pair was trading at 1.1279, which is 0.34% lower than the previous close.

Barclays analysts provided their outlook on EUR/USD today. “We are neutral given stretched daily studies and would prefer to fade upticks while resistance near 1.1620 caps. Initial downside targets would be towards 1.1250, the 21-dma” written in the report.

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

  • FTSE 100 closed at 6,115.76, down 1.86%.
  • CAC 40 lost 2.24% finishing at 4,306.72.
  • Euro Stoxx 50 was trading at 2,911.11 as of 5:50 PM GMT, which represents 2.61% decline from the previous close.

European markets finished this week negatively. FTSE 100, CAC 40 and Euro Stoxx 50 dropped 1.45%, 2.57%, and 2.88% respectively.

Oil prices gradually declined throughout the day. This represents the second day of consecutive declines. The major reason for the falling prices is the strengthening US dollar. As of 1:06 PM EDT the WTI Crude was trading at 49.32 USD/bbl down 2.45% and Brent Crude at 50.78 USD/bbl, which is 2.25% lower than the previous close.

“The market faces a supply crunch in the next 24 months. Some hedge funds are betting that oil prices will need to rise sharply to bring demand down again – that’s why they are buying deep out-of-the-money call options.” said Francisco Blanch, head of commodities research at Bank of America Merrill Lynch 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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