EUR/USD lost 0.83%. European stocks jumped 3%.

EUR/USD steadily declined during the day. As of 1:00 PM EDT the currency pair was trading at 1.1290, which is 0.83% lower than the previous close.

The world shares climbed today. The performance of major European indices is presented below:

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  • FTSE 100 closed at 6,362.89, up 1.93%.
  • CAC 40 climbed 3.32% finishing at 4,490.31.
  • Euro Stoxx 50 was trading at 3,039.19 as of 5:50 PM GMT, which represents a 3.30% increase from the previous close.

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Eurostat published a report today, according to which the Eurozone Industrial Production fell more than was expected. The data showed that the Industrial Production in February declined to a seasonally adjusted figure of -0.8%, which is significantly lower than the 1.9% recorded in the previous month.

Oil prices fell today finishing the massive rally which lasted for three days. As of 12:43 PM EDT the WTI Crude was trading at 41.85 USD/bbl down 0.76% and Brent Crude at 44.33 USD/bbl, which is 0.81% lower than the previous close.

OPEC cut its estimate for global oil demand growth in 2016 today.

“Economic developments in Latin America and China are of concern. Current negative factors seem to outweigh positive ones and possibly imply downward revisions in oil demand growth, should existing signs persist going forward” said OPEC.

Both OPEC and non-OPEC producers are scheduled to meet Sunday in Doha, to discuss an agreement concerning freezing their production at January or February levels. However, analysts remain skeptical that a deal will be reached during this meeting.

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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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