EUR/USD moves sideways. US stocks ended the rally.

EUR/USD is still trading around the yesterday close price. The pair fluctuated in a range of 1.1071-1.1155 throughout the day and closed at 1.1107, down just 0.16%.

US markets ended the rally started on Friday. Major indices experienced moderate losses today. Below are presented their performances:

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  • DJIA closed slightly lower today, falling 0.25%.
  • Nasdaq Composite lost 1.03% closing at 4,487.54.
  • S&P 500 finished the session at 1,917.83, down 0.47%.

The decline was partially driven by disappointing quarterly results announcement from Wal-Mart Stores Inc. It also cut the estimates for 2016, and as a result the stock price plunged more than 3%.

Oil prices were trading above the yesterday close until the North American session, when they sharply dropped and ended the session with losses. The major cause of falling oil prices was the comments from Saudi Arabia officials, according to which they are not prepared for production cuts. It is important to note that Saudi Arabia reached an agreement with Russia this week on freezing the output levels and further received support from Iran.

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“If other producers want to limit or agree to a freeze in terms of additional production that may have an impact on the market but Saudi Arabia is not prepared to cut production,” said Saudi Foreign Minister.

WTI Crude closed the session at $30.66 per barrel (unchanged), after hitting the daily high of $31.98. As of 5:23 PM EST the Brent Crude was trading at $34.05, 1.30% below 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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