EUR/USD rose 0.48%. China’s manufacturing industry contracted in April.

EUR/USD sharply rose at the end of the Asian session today. As of 03:00 AM EDT the pair was trading at 1.1568, which represents a 0.48% increase from the previous close.

Asian shares were mixed today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 2,992.64, up 1.85%.
  • Hang Seng lost 1.85% finishing at 20,676.94.
  • S&P/ ASX 200 climbed 2.11% closing at 5,353.80.
  • Indian Sensex was trading at 25,305.24 as of 1:55 PM IST, which is 0.52% lower than the previous close.

“Markets are telling us is that the European Central Bank and the Bank of Japan are failing in their mission to expand monetary stimulus and that these policies are not doing what they are expected to do,” said Cliff Tan from Tokyo-Mitsubishi UFJ Ltd.

China’s manufacturing industry slowed down in April as per the report from Caixin Media Company Ltd. and research firm Markit Economics.  According to this report, the Caixin purchasing managers index was standing at 49.4 in April declining from a reading of 49.7 in March. This represents the 14th consecutive month the index remains below 50, which is a sign of contraction in the sector.

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“The fluctuations indicate the economy lacks a solid foundation for recovery and is still in the process of bottoming out. The government needs to keep a close watch on the risk of a further economic downturn.” said He Fan from Caixin Insight Group.

Oil prices slightly recovered today after a sharp drop yesterday. As of 3:52 AM EDT the WTI Crude was trading at 45.13 USD/bbl up 0.78% and Brent Crude at 46.14 USD/bbl, which is 0.68% higher than 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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