EUR/USD rose 0.83%. Oil prices climbed more than 6% this week.

EUR/USD closed higher today, which represents the fifth consecutive day of increases. As of 6:00 PM EDT the currency pair was trading at 1.1447, which is 0.83% higher than the previous close. The pair has gained nearly 2% from the start of the week.

US shares moderately declined today. Below is presented the performance of major indices:

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  • DJIA closed at 17,773.64, down 0.32%.
  • Nasdaq Composite fell 0.62% finishing at 4,775.36.
  • S&P 500 closed at 2,065.30, which represents a 0.51% decline from the previous close.

According to the report from the Commerce Department the US personal consumption expenditures (PCE) price index (excluding food and energy) rose 0.1% in March compared with 0.2% increase in February. On year-on-year basis the PCE increased 1.6%, which is below the 2% target rate.

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“The tone of these reports was quite weak, playing into the current narrative of weakening growth and the subdued inflationary momentum. We are expecting only one rate hike this year, with that move coming in September.” said Millan Mulraine from TD Securities in New York.

The Chicago Purchasing Managers Index stands at 50.4 in April according to the data released today, which is lower than the analysts’ estimates of 53.0.

Oil prices finished slightly lower today. The WTI Crude closed at 45.92 USD/bbl, down 0.24%. The Brent Crude was trading at 48.13 USD/bbl as of 2:55 PM EDT, which is just 0.02%lower than the previous close. Oil prices rose more than 6% this week.

“The issue is that we haven’t seen price rallies … correlate with fundamentals. The fundamentals – high stocks, high production – haven’t changed.” said Hamza Khan from ING.

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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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