EUR/USD rose 0.41%. Saudi Arabia plan to end the dependence on oil.

EUR/USD gradually increased throughout the day. As of 1:00 PM EDT, the currency pair was trading at 1.1267, which is 0.41% higher than the previous close.

Commerzbank provided their targets on EUR/USD today. “Last week EUR/USD failed at 1.1400 as expected and this week reached the previous April low at 1.1234 and nearly the 55 day ma at 1.1194. Below it lurks the 1.1144 24th March low with still further support coming in at the 1.1060/58 December high and the March 16 low. This guards the 2016 support line at 1.0960. Strong resistance above last week’s high at 1.1399 remains to be seen at the 1.1465/95 current April and October peaks which we do not expect to be overcome” written in the report.

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European shares followed the Asian markets and posted moderate declines today. Below is presented the performance of major indices:

  • FTSE 100 closed at 6,260.92, down 0.78%.
  • CAC 40 lost 0.52% finishing at 4,546.12.
  • Euro Stoxx 50 was trading at 3,117.62 as of 5:50 PM GMT, which represents a 0.75% decline from the previous close.

Deputy Crown Prince Mohammed bin Salman announced today that Saudi Arabia will implement means to end the country’s dependence on oil. He outlines plans to sell around 5% stake of national oil giant Saudi Aramco to public. Additionally, he states that they would restructure the housing ministry in order to boost the supply of housing, and would develop “green card” system, which aims to provide expatriates long-term residence.

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“We will not allow our country ever to be at the mercy of commodity price volatility or external markets. We have developed a case of oil addiction in Saudi Arabia” said Prince Mohammed.

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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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