EUR/USD unchanged. Oil prices slightly up.

EUR/USD was relatively stable during Asian session today. As of 03:00 AM EDT the currency pair was trading at 1.1499, unchanged from the previous close.

Asian markets were down today. Below is presented the performance of major indices:

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  • Shanghai Composite closed at 2,991.27, down just 0.05%.
  • Hang Seng lost 0.73% finishing at 20,525.83.
  • S&P/ASX 200 closed at 5,271.10, which is 1.54% lower than the previous close.
  • Indian Sensex was trading at 25,210.98 as of 1:33 PM IST, which represents a 0.07% decline from the previous close.

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“Markets are telling us is that the European Central Bank and the Bank of Japan are failing in their mission to expand monetary stimulus and that these policies are not doing what they are expected to do,” said Cliff Tan from Tokyo-Mitsubishi UFJ Ltd. Asian shares significantly lost value from the start of the year, particularly Shanghai Composite, Nikkei 225, and Hang Seng lost 15.5%, 15.16% and 6.17% respectively.

Oil prices slightly increased today. As of 3:35 AM EDT the WTI Crude was trading at 43.88 USD/bbl up 0.53% and Brent Crude at 45.09 USD/bbl, which is 0.27% higher than the previous close.

Analysts at BMI Research increased their targets on oil price today.

“We remain bullish on oil prices over the next three to six months as prices remain locked in a resilient uptrend and market oversupply will continue to rebalance” written in the report.

The analysts estimate that the Brent Crude will average 46.50 USD/bbl this year and the WTI Crude to average 46 USD/bbl.

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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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