EUR/USD stayed flat. Oil prices rose nearly 2%.

EUR/USD had a volatile session today, but eventually finished the day almost unchanged. As of 5:00 PM EDT the pair was trading at 1.1406, which is just 0.04% above the previous close.

Analysts at Scotiabank provided their outlook on EUR/USD in short-term.

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“EURUSD has spent the last seven days trading narrowing around the 1.14 area. The collection of narrow real bodies and long upper/lower shadows on the daily candle chart suggest a heightened level of indecision as investors are reluctant to pare EUR longs but are struggling for incentives to push the EUR higher to new highs. This suggests a degree of fatigue in the rally though a move to new highs would perk the market up a little more obviously. We rather think the EUR looks toppish and intraday signals continue to flash EUR-negative amid heavy, but so far short-lived, sell-offs from above 1.14” written in the report.

US shares closed slightly lower today. Below is presented the performance of major indices:

  • DJIA closed at 17,556.41, down 0.12%.
  • Nasdaq Composite lost 0.36% finishing at 4,833.40.
  • S&P 500 closed at 2,041.99, which represents a 0.27% decline from the previous close.

Oil prices rose today following the Friday’s rally. As of 4:51 PM EDT the WTI Crude was trading at 40.31 USD/bbl up 1.49% and Brent Crude at 42.76 USD/bbl, which is 1.96% higher than the previous close.

“We expect oil markets to rebalance by the end of 2016. This will allow oil prices to recover towards the marginal cost of $60/bbl,” written in the report from Bernstein.

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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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