EUR/USD plummeted 1.04%. World stocks up.

EUR/USD sharply dropped during European session today hitting the daily low of 1.0811. As of 12:00 PM EST the currency pair was trading at 1.0826, which is 1.04% lower than the previous close. The pair broke the support level of 1.0849 (January 27 low) and is moving down towards 1.0777, the January 21 low.

Some bank analysts predicted the US dollar to strengthen in medium-term. Particularly Commerzbank forecasted on Jan 28 that EUR/USD pair will drop below 1.0711.

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World stocks jumped today caused by sudden interest rate cut from Bank of Japan. European indices followed the rally of Asian stock and closed significantly higher today.

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The performance of major indices is presented below:

  • FTSE 100 jumped 2.56% closing the session at 6,083.79, which is also the weekly high.
  • CAC 40 finished the day at 4,417.02, which is 2.19% higher than the previous close. The index closed this week positively either.
  • Euro Stoxx 50 was trading at 3,031.73 up 1.76%.

Oil prices were trading above yesterday close price most of the time today. The prices even reached a high levels of 34.4$ and 35$ for WTI and Brent respectively. However, at the end of European session the prices sharply declined. As of 11:43 ET, the WTI Crude was trading at 32.73 USD/bbl 1.48% below the previous close and Brent Crude was trading at 34.06 USD/bbl, up 0.5%.

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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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