EUR/USD stayed flat. Oil prices dropped more than 3%.

EUR/USD closed today almost unchanged after a volatile trading session. As of 6:00 PM EDT the currency pair was trading at 1.1391 (-0.02%).

US shares slightly fell today. The performance of major indices is presented below:

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  • DJIA closed at 17,737.00, down 0.31%.
  • Nasdaq Composite lost 0.46% finishing at 4,891.79.
  • S&P 500 closed at 2,066.13, which represents a 0.32% decline from the previous close.

The Commerce Department announced today that the new orders for manufactured goods declined 1.7%, compared to January’s 1.2% increase. “This morning’s report suggests a more sluggish manufacturing sector in the early part of the quarter” said Jesse Hurwitz from Barclays.

Oil prices dropped more than 3% today driven mainly by investors’ skepticism concerning the cooperative oil output freeze. Major oil producing countries are expected to meet in Doha on April 17 to discuss the deal on production freeze, however after Saudi Prince’s comments not to freeze the production without Iran’s participation, it is highly unlikely that any deal will be reached. “If all countries agree to freeze production, we’re ready. If there is anyone that decides to raise their production, then we will not reject any opportunity that knocks on our door” said Mohammed bin Salman.

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“It appears that the speculative longs that were enticed toward the buyside of the energy complex through most of the first quarter by the upcoming production freeze meeting are now heading for the exits,” said Jim Ritterbusch from Ritterbusch & Associates.

The WTI Crude closed at 35.46 USD/bbl, which is 3.62% lower than the previous close. As of 5:38 PM EDT the Brent Crude was trading at 37.61 USD/bbl, down 2.74%.

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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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