EUR/USD gained 0.72%. European stocks plunged.

EUR/USD sharply rose during European trading hours today. The pair traded in the range of 1.1273-1.1377 and closed the European session at 1.1361, which is 0.72% above the previous close. The immediate resistance for this pair is seen at 1.1419 (23.6% of Mar low-Aug high) and the immediate support at 1.13.

European markets were down today. Below is presented the performance of major indices:

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  • FTSE 100 dropped to a new low of 5,499.51, which is the lowest level since 2012. The index closed today at 5,536.97, down 2.39%.
  • CAC 40 plunged 4.05%, finishing at 3,896.71. It dropped to 3,892.46 in the afternoon trading, the lowest level since 2013.
  • Euro Stoxx 50 was trading at 2,680.35 as of 5:50 PM GMT, 3.90% below the previous close.

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The biggest losers among European stocks were financials, particularly Barclays, which dropped more than 7%. The performance of worst performing banks this year is presented below (falls in stock prices in 2016):

  • Barclays plunged 31%
  • RBS down 25%
  • Credit Suisse lost 42%
  • Deutsche Bank down 38%

Emile Cardon from Rabobank wrote today, that the worst could still lie ahead. “The bad news in now coming from everywhere – China, Portugal, the US, the commodity sector, the banking sector. It’s like several smaller crises could combine into one big crisis” said Cardon.

Oil prices dropped to new lows during European session. As of 11:58 AM EST the WTI Crude was trading at 27 USD/bbl, down 1.64% and Brent Crude at 30.46 USD/bbl, 1.23% below 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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