EUR/USD rose for a second day in a row. US stockpiles dropped much more than expected.

EUR/USD rose today, following a slight increase yesterday. As of 5:00 PM EDT the pair was trading at 1.1124, which is 0.44% higher than the previous close.

Global shares rose today for a second day in a row. Below is presented the performance of major European and US indices:

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  • FTSE 100 climbed 3.58% finishing at 6,360.06.
  • CAC 40 closed at 4,195.32, up 2.60%.
  • Euro Stoxx 50 rose 2.66% finishing at 2,832.18.
  • DJIA closed at 17,694.68, which is 1.64% higher than the previous close.
  • Nasdaq Composite rose 1.86% finishing at 4,779.25.
  • S&P 500 closed at 2,070.77, which represents 1.70% increase from the previous close.

According to the data from the US Commerce Department, the personal income rose 0.2% in May, lower than the 0.3% expected by the analysts, and personal spending increased 0.4%, meeting the expectations.

Oil prices climbed today after a larger-than-expected decline in US crude stockpiles. The US Energy Information Administration reported that the crude inventories dropped by 4.1 million barrels for the week to June 24, nearly double the estimates. “The report is bullish with the large crude oil inventory decrease of over 4 million barrels. The stepped-up demand by refiners and a plunge in imports helped create the decline.” said John Kilduff, partner at New York energy hedge fund Again Capital.

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As of 4:48 PM EDT the WTI Crude was trading at 49.52 USD/bbl up 3.49% and Brent Crude at 50.11 USD/bbl, which is 3.15% higher than the previous close.

“Attention is now being focused more on the fundamental data again, which point to a tighter oil supply,” said Commerzbank in a note.

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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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