EUR/USD rose 0.25%. US GDP grew 0.5%.

EUR/USD is rising for the fourth day in a row. As of 05:00 PM EDT the currency pair was trading at 1.1353, which represents a 0.25% increase from the previous close.

US shares closed lower today. Below is presented the performance of major indices:

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  • DJIA closed at 17,830.76, down 1.17%.
  • Nasdaq Composite lost 1.19% finishing the session at 4,805.29.
  • S&P 500 closed at 2,075.81, which is 0.92% lower than the previous close.

US GDP grew at a 0.5% annual rate in the first quarter according to the report from the Labor Department. This figure is slightly lower than the analysts’ forecast of 0.7% increase.

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“The economy essentially stalled in the first quarter, but that doesn’t mean it is faltering. Some of the restraints to growth are dissipating. Growth is likely to accelerate going forward.” said Joel Naroff from Naroff Economic Advisors.

In a separate report the Labor Department announced that the initial jobless claims rose by 9,000 reaching 257,000 for the week ended April 23, compared to the analysts’ estimate of 260,000 increase.

Oil prices are rising for the third day in a row. As of 4:57 PM EDT the WTI Crude was trading at 45.89 USD/bbl up 1.24% and Brent Crude at 47.93 USD/bbl, which is 1.59% higher than the previous close.

“Clearly, the market is primarily focused on the forward supply-and-demand picture while continuing to push the bearish nearby fundamentals further into the background,” said Dominick Chirichella from Energy Management Institute in New York.

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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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