EUR/USD jumped 1%. Oil prices above $41.

EUR/USD sharply rose during European session today. As of 1:00 PM EDT the currency pair was trading at 1.1325, which is 1% above the previous close. The pair continues the rally started yesterday after Fed announced its decision to lower the number of rate hikes this year. EUR/USD has gained more than 1.5% from the start of the week.

European shares were mixed today. Below is mentioned the performance of major indices:

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  • FTSE 100 closed 6,201.12 (+0.42%) after a volatile session.
  • CAC 40 declined by 0.45% finishing at 4,442.89.
  • Euro Stoxx 50 was trading at 3,043.10 as of 5:50 PM CET, representing a 0.62% decline.

According to the data release today, the Eurozone final CPI index declined by 0.2% in February meeting the analysts’ expectations. This figure represents the highest decline since April 2015.

Oil prices experience gains for the second day in a row. As of 12:35 PM EDT the WTI Crude was trading at 40.05 USD/bbl up 4.13%. Brent Crude was trading at 41.53 USD/bbl, which is 2.98% higher than the previous close. The prices hit its daily high of $40.08 and $41.60 for WTI and Brent respectively, which represent the highest prices of 2016.


The major driver for rising oil prices is the hope of upcoming meeting in Doha, where major oil producing countries are expected to make a decision on output freeze.

“The remote possibility that a coordinated supply control effort comes from this meeting, assuming it even happens, has put market bears on the defensive” said Pete Donovan from Liquidity Energy.

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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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