EUR/USD lost 0.60%. Markit’s PMI for eurozone dropped in April

EUR/USD gradually declined during European session today. As of 01:00 PM EDT the pair was trading at 1.1222, which is 0.60% lower than the previous close.

Analysts from Commerzbank provided their outlook on EUR/USD, stating a target of 1.1234.

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“EUR/USD failed at 1.1400 as expected and now targets its current April low at 1.1234. Below it lurks the 1.1144 24th March low with still further support coming in at the 1.1060/58 December high and the March 16 low. This guards the 2016 support line at 1.0956. Strong resistance remains to be seen at the 1.1465/95 current April and October peaks which we do not expect to be overcome” written in the report.

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

  • FTSE 100 closed at 6,310.44, down 1.11%.
  • CAC 40 slightly declined 0.29% finishing at 4,569.66.
  • Euro Stoxx 50 was trading at 3,141.12 as of 5:50 PM EDT, which represents a 0.34% decline from the previous close.

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Markit’s Composite Flash Purchasing Managers’ Index (PMI) for the euro zone declined to 53.0 in April from March’s 53.1. The analysts had predicted an increase to 53.2.

“April’s small fall in the euro zone Composite PMI adds to the evidence that the region’s recovery is slowing. Overall, the survey suggests that the euro zone’s economic recovery is still too slow to generate much upward pressure on inflation. We think that the ECB will eventually need to do more to boost growth and inflation” said Jack Allen from Capital Economics.

Oil prices moderately rose today. As of 1:09 PM EDT the WTI Crude was trading at 43.72 USD/bbl up 1.25% and Brent Crude at 45.13 USD/bbl, which represents a 1.35% increase 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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