EUR/USD stayed flat. Oil prices jumped 7%.

EUR/USD is fluctuating in a range of 1.11-1.12 for 2 days showing no major trend. As of 12:00 PM EST, the currency pair was trading at 1.1143, which is just 0.01% higher than the previous close.

Asian markets were mixed today opposed to European stocks, which gained in value. Below is mentioned the performance of major indices:

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Asian markets:

  • Shanghai Composite closed at 2,867.34, up 1.08%.
  • Nikkei 225 finished the session at 15,836.36, losing 1.36%.
  • Hang Seng dropped 1.03%, closing at 18,924.57.

European markets:

  • FTSE 100 gained 2.71% finishing at 6,020.99.
  • CAC 40 jumped 2.93% closing at 4,231.26.
  • Euro Stoxx 50 was trading at 2,896.51, up 2.67% as of 5:30 PM GMT.

European indices gain more than 8.5%, 8% and 7% for FTSE 100, CAC 40 and Euro Stoxx 50 respectively since February 11, when the huge stock rally started.

Oil prices jumped today. As of 11:36 AM EST, the WTI Crude was trading at 30.85 USD/bbl, up 6.23% and Brent Crude at 34.58 USD/bbl, which represents a 7.46% increase form the previous close.

Iran official announced today that they don’t have any plans to limit their oil output, following a deal between Russia and Saudi Arabia to freeze production.

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Eugen Weinberg from Commerzbank commented today on possible impact of recent events on oil prices. “If Iran is not part of the deal, it isn’t worth much. After fighting to end sanctions for years and finally being free of them, why Iran would choose to put sanctions on themselves by freezing their production?” said Weinberg.

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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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