EUR/USD stayed flat. European shares sank.

EUR/USD had a volatile session today. The currency pair dropped to daily low of 1.0955 at the beginning of European session, but sharply rebounded to 1.1047 daily high at the end of the session. As of 12:00 PM EST the pair was trading at 1.1021, which is just 0.02% above the previous close.

Some of the major banks provided estimates for EUR/USD this week. The majority are neutral on US dollar not expecting any meaningful moves, however some of them expect the rate to slightly drop in near future. Particularly Goldman Sachs maintained its targets for EUR/USD of 1.04, 1.00 and 0.95 in 3, 6 and 12 months respectively.

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European shares experienced losses today. Below is provided the performance of major indices:

  • FTSE 100 closed at 5,867.18 declining 1.60%.
  • CAC 40 plunged 1.96% finishing the session at 4,155.34.
  • Euro Stoxx 50 was trading at 2,813.22 as of 5:30 PM GMT, which is 2.57% lower than the previous close.

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European markets moderately dropped this week driven by plunging oil prices and concerns about British exit from European Union. FTSE 100, CAC 40 and Euro Stoxx 50 declined by 1.22%, 1.4% and 2% from Friday’s close respectively.

Oil prices dropped further today. As of 11:25 AM EST the WTI Crude was trading at 30.87 USD/bbl down 3.14% and Brent Crude at 32.83 USD/bbl, which is 1.32% below 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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