EUR/USD rocketed to 1.1083. Oil prices up 9%.

EUR/USD continued its rally started during European session today. It hit the high of 1.1146, which is also the highest point of 2016, and closed the day at 1.1083, which represents a 1.42% increase from the previous close. Even the better-than-expected US employment data announcement has not been able to strengthen the US dollar today.

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The currency pair has to break the September 3 low of 1.1087 in order to terminate the bearish sentiment and move towards the levels higher than 1.14. Today the EUR/USD reached 1.1087 level, however it failed to break it.

Oil prices soared more than 9% today driven by weakening US dollar and also on the fact that investors ignored the record-high US crude inventories report today. The WTI closed at 32.28 USD/bbl, gaining 8.03%. As of 18:00 ET the Brent was trading at 35.04 USD/bbl, up 7.09%.

Bloomberg has combined 17 estimates for oil prices and published a median expected prices. As per this report, the WTI Crude and Brent Crude will reach $46 and $48 respectively by the end of 2016.

US stock markets opened lower today, but managed to recover at the end of the session. Major indices have the following performance:

  • DJIA closed at 16,336.66, up 1.13%.
  • Nasdaq Composite lost 0.28%, closing at 4,504.24.
  • S&P 500 increased by 0.50%, finishing the trading at 1,912.53.

 

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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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