EUR/USD in 1.0845-1.0885 range. Chinese shares dropped.

EUR/USD continue the up and down movement similar to the performance yesterday, ranging from 1.0845 to 1.0885 during the Asian session. As of 3:00 AM EST, the currency pair was trading at 1.0873, which was just 0.07% higher than the previous close.

Asian markets were mostly up today, except Chinese stocks, which lost more than 4% in the middle of the day.

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Below are presented the performance of major Asian indices:

  • Shanghai composite dropped to 2,638.30, its 52-week low. However the index recovered in the second half of the session finishing with a loss of only 0.52%, despite being down 4.05% during the day.
  • Nikkei 225 closed at 17,163.92 gaining 2.72%.
  • Hang Seng increased by 1.02% closing at 19,052.45.

Shanghai Composite has lost more than 22% since the start of the year. Investors are still worried about Chinese economy. But today’s drop in Chinese stocks was mainly caused by the fact that Apple, whose most important market is China, forecasted a revenue of $50-53bn in the next quarter compared with $58bn during the same period last year. This will be the first revenue drop in 13 years.

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Among major events concerning China we can mention the People’s Bank of China’s market intervention in an amount of 360 billion yuan on Tuesday, which was implemented in order to stimulate liquidity ahead of the Lunar New Year holiday.

Tokyo’s Nikkei 225 has seen a significant recovery from the Jan 21 low of 16,017.26. Moreover, Japanese automotive manufacturer Toyota Motors Corp made a positive announcement today, according to which it had sold 10.15 million vehicles in 2015 keeping its post as the World’s largest automaker.

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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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