EUR/USD jumped 0.76%. European shares slightly lower.

EUR/USD sharply increased during European session today. As of 12:00 PM EST the pair was trading at 1.0949, which is 0.76% higher than the previous close.

According to the Markit’s final report released today, the purchasing managers index dropped to 53 in February, which represents the slowest growth in 13 months. This was lower than the January figure of 53.6.

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“The survey data raise the prospect of economic growth deteriorating further from the already meagre pace seen late last year, when GDP rose only 0.3 per cent. The slowdown in growth of business activity, accompanied by a similar easing in the pace of job creation and the steepest fall in prices charged for a year, suggest that the region’s recovery is losing momentum. The broad-based disappointment ups the odds of the ECB acting aggressively to avoid another downturn” said Chris Williamson, the chief economist at Markit.

European shares closed slightly lower today. Below is presented the performance of major indices:

  • FTSE 100 declined 0.27% closing at 6,130.46.
  • CAC 40 finished at 4,416.08 losing 0.20%.
  • Euro Stoxx 50 was trading at 3,012.87 as of 5:50 PM GMT, which represents a 0.31% decline from the previous close.

Oil price had a volatile session today. As of 11:49 AM EST the WTI Crude was trading at 34.74 USD/bbl up 0.23% and Brent Crude at 36.92 USD/bbl, down just 0.03%. “Prices must fall once again to reach bottom in a way that really shuts down production. I don’t think a freeze is the solution,” said Abhishek Deshpande from Natixis.

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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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