EUR/USD rose 0.16%. Asian stocks slumped.

EUR/USD slightly rose during the Asian session today after dropping for two days in a row. As of 3:00 AM EDT the pair was trading at 1.1267, which is 0.16% higher than the previous close.

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

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  • Shanghai Composite closed at 2,833.07, down 3.21%.
  • Nikkei 225 dropped 3.51% finishing at 16,019.18.
  • Hang Seng lost 2.52% closing at 20,512.99.
  • India’s Sensex was trading at 26,440.13 as of 1:45 PM IST, which represents 0.73% decline from the previous close.

According to the data released from the National Bureau of Statistics, China’s retail Sales rose 10% year-on-year in May, compared to 10.1% in the previous month.

Industrial production increased by 6% in May from a year earlier, unchanged from the previous month.

Unlike the above mentioned fundamentals, the Fixed-asset investment dropped to 9.6% in the first five months from the same period last year. This was below the analysts’ expectations of 10.5%.

“The May economic data aren’t looking too good but the market is speculating that the government isn’t likely to cut interest rates, given the recent pressure for yuan’s depreciation. Therefore the market doesn’t get any support in terms of either fundamentals or liquidity” said Ken Chen, an analyst at KGI Securities Co. in Shanghai.

Oil prices fell during Asian hours today. As of 3:53 AM EDT the WTI Crude was trading at 48.56 USD/bbl down 1.04% and Brent Crude at 50.10 USD/bbl, which is 0.87% lower 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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