EUR/USD moves sideways. Nikkei 225 down 3.15%.

EUR/USD traded in the range of 1.0905-1.0938 during Asian session today. As of 3:00 AM EST, the currency pair was trading at 1.0907, 0.18% below the previous close.

Asian shares plunged today driven by a huge oil price drop yesterday. Major Asian indices had the following performance:

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  • Shanghai Composite was trading below 2,720 most of the time today, even hitting a daily low of 2,696.88, but it was able to recover at the end of the session, closing at 2,739.25, down only 0.38%.
  • Nikkei 225 lost 559.43 points closing at 17,191.25, representing a 3.15% decline.
  • Hang Seng Index closed at 18,987.03, declining 2.36%.
  • Australia’s ASX/S&P 200 dropped 2.33% finishing at 4,876.80.
  • India’s Sensex was trading at 24,403.84 (-0.55%) as of 1:31 PM IST.

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Asian shares plummeted today, despite the fact that China’s Caixin purchasing managers’ index (PMI) for the services sector rose to 52.4 (fastest growth in six months) in January from 50.2 in December.

As per Shuji Shirota, head of macro economic strategy at HSBC in Tokyo, there are no signs of improvement in the oil market. Demand is slowing in many emerging markets and in the U.S, which is the world’s biggest consumer.

Moreover, according to Morgan Stanley announcement today, the rebalancing between oil demand and supply will not come until mid-2017. Implied crude stocks are expected to increase by 1.1 million barrels per day this year, compared with an implied stock build of 1.3 million bpd last year.

As of 02:32 ET the WTI Crude was trading at 29.89 USD/bbl, up 0.03%, and Brent Crude at 32.65 USD/bbl, which is 0.21% lower than 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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