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.

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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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