EUR/USD lost 0.49%. Oil prices dropped 3%.

EUR/USD gradually declined throughout the day. As of 12:30 PM EDT the pair was trading at 1.1163, which is 0.49% below the previous close.

Analysts at UOB changed their EUR/USD outlook to neutral. “The break below 1.1200 yesterday was not surprising and indicates that the bullish EUR phase that started on the 11 Mar has ended. While further EUR strength is still expected further out, this is likely only after a period of consolidation. In other words, the outlook for the next couple weeks is viewed as neutral and we expect this pair to trade within a broad 1.1120/1.1375 range” written in the report.

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European shares were trading mostly lower today. Below is presented the performance of major indices:

  • FTSE 100 closed at 6,199.11, up just 0.10%.
  • CAC 40 declined 0.21% finishing at 4,422.78.
  • Euro Stoxx 50 was trading at 3,043.73 as of 5:30 PM GMT, which represents a 0.25% decline from the previous close.

 

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Oil prices dropped further during European hours mainly driven by the US EIA report, according to which the US crude inventories had climbed for the six weeks in a row.

The Energy Information Administration announced today that the US crude oil supplies rose 9.4 million barrels reaching 532.5 million for the week ended March 18. This figure was higher than the 8.8 million increase reported by API.

As of 12:00 AM EDT the WTI Crude was trading at 40.17 USD/bbl down 3.09% and Brent Crude at 40.74 USD/bbl, which represents a 2.51% decline from 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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