EUR/USD fell 0.59%. Brent price at $50.40.

EUR/USD significantly fell today. As of 5:00 PM EDT the pair was trading at 1.1251, which is 0.59% lower than the previous close.

UOB analysts provided their outlook on EUR/USD today. “The sharp drop from the high of 1.1415 yesterday was clearly unexpected and the 1.1300 stop-loss was just breached at the time of writing. The bullish phase that started earlier this week has ended and the outlook for EUR from here is deemed as neutral. That said, the current pullback appears to have scope to extend lower to 1.1240 but at this stage, a sustained move below this level is not expected (next support at 1.1200). The 1.1415 peak is acting as a major resistance now” written in the report.

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US shares finished lower today. Below is presented the performance of major indices:
  • DJIA closed at 17.865.34, down 0.67%.
  • Nasdaq Composite lost 1.29% finishing at 4,894.55.
  • S&P 500 closed at 2,096.07, which represents 0.92% decline from the previous close.

The University of Michigan announced today that its index of US consumer sentiment fell to 94.3 in June from 94.7 in the previous month. ”Consumers rated their current financial situation at the best levels since (last decade’s economic expansion), largely due to wage gains” said Richard Curtin, the survey’s chief economist. However he added also that “on the negative side of the ledger, consumers do not think the economy is as strong as it was last year nor do they anticipate the economy will enjoy the same financial health in the year ahead as they anticipated a year ago.”

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Oil prices fell for a second day in a row. The WTI Crude closed at 48.88 USD/bbl down 3.32% and Brent Crude at 50.40 USD/bbl, which is 2.98% lower than 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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