EUR/USD unchanged. Bearish forecast on oil from Goldman Sachs.

EUR/USD had a volatile session today. The pair closed the European session unchanged at 1.1179.

“Going forward the key sources of potential downside in the cross are set to derive from a continued improvement in risk sentiment and/or markets pricing in Fed hikes more aggressively. While this could lend support to USD near term, we maintain that the EUR/USD will be range-bound on a 1-3M horizon around the 1.10 level and headed higher thereafter still targeting 1.16 in 12M” wrote Kristoffer Lomholt from Danske Bank.

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European shares climbed today. Below is mentioned the performance of major indices:

  • FTSE 100 closed at 6,139.79, up 1.71%.
  • CAC 40 jumped 3.27% finishing at 4,492.79.
  • Euro Stoxx 50 was trading at 3,073.80 as of 5:50 PM GMT, which represents 3.47% increase from the previous close.

During the week the European indices posted mixed results. CAC 40 and Euro Stoxx 50 grew by 1.17% and 1.2% during this week respectively. On the other hand, FTSE 100 lost 0.96%.

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Oil prices continue to rise today. As of 12:14 AM EST the WTI Crude was trading at 38.66 USD/bbl up 2.17% and Brent Crude at 40.39 USD/bbl, which is 0.85% above the previous close.

Goldman Sachs reported the prices could drop sharply in coming weeks with record U.S. inventory builds offsetting production declines in the country. The bank now expects the Brent Crude prices to stand at $39 for 2016, which is lower than the previous forecast of $45.

 

 

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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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