EUR/USD unchanged at 1.1154. China’s services PMI dropped to 51.2.

EUR/USD was relatively stable during the Asian session. As of 3:00 AM EDT the pair was trading at 1.1154, unchanged from the previous close.

Asian shares finished mostly higher today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 2,938.68, up 0.46%.
  • Nikkei 225 rose 0.48% finishing at 16,642.23.
  • Hang Seng was trading at 20,919.19 as of 3:09 PM HKT, which is 0.29% higher than the previous close.
  • S&P/ASX 200 closed at 5,318.90, up 0.76%.
  • India’s Sensex was trading at 26,905.12 as of 12:41 PM IST, which represents 0.23% increase from the previous close.

According to the data released from Caixin, its services Purchasing Manager’s Index (PMI) for China dropped to 51.2 in May down from 51.8 in the previous month.

“The government needs to continue to push forward stabilizing measures to help the economy recover. It should also relax the control and regulation of the services sector to enable it to realize its growth potential and to facilitate the transformation and healthy development of the economy” said Zhengsheng Zhong, director of macroeconomic analysis at CEBM Group.

Oil prices slightly rose during the Asian hours today. As of 12:52 AM EDT the WTI Crude was trading at 49.27 USD/bbl up 0.20% and Brent Crude at 50.20 USD/bbl, which is 0.32% higher than the previous close. Yesterday the Energy Information Administration announced that the US Crude stockpiles declined 1.4 million barrels last week, which is lower than the analysts’ estimate of 2.5 million decrease.

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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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