EUR/USD moved back to 1.09. European stocks crashed.

After making several advances, the EUR/USD failed to break the resistance of 1.0984, the last Friday’s high. Currently, prices are moving back towards 1.09. As of 12:00 PM EST, the currency pair, trading today in the 1.0891-1.0976 range, closed the European session at 1.0907, decreasing only 0.03%.

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European stocks experienced sharp losses on Wednesday, with banking and insurance stocks among the worst performing ones. Major European indices have the following performance:

  • FTSE 100 dropped 3.46% closing at 5,673.58. The index having entered “bear market” territory when it fell more than 20 percent from its records highs in April.
  • CAC 40 declined to 4,124.95, which is 3.45% lower than the previous close.
  • Euro Stoxx 50 plunged 97.9 points, representing a 3.28% decrease.
  • IBEX 35 dropped 3.2%, closing at 8,281.4.

Oil prices crashed today, particularly as of 11:54 ET the WTI Crude oil is trading at 26.58 USD/bbl down 6.61%, and Brent Crude at 27.38 USD/bbl down 4.8%. According to The International Energy Agency, a global oil adviser, crude oil prices would continue to plunge this year if suppliers in countries such as Iran keep pumping, creating a glut that could force the oil market to “drown in oversupply.” Russia’s largest private oil producer on Wednesday said it expects the country’s output to drop for the first time in many years in 2016. “Today, the oil industry is near a survival line … Unfortunately we are cutting drilling,” Lukoil’s chief executive Vagit Alekperov said.

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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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