EUR/USD up 0.15%. UK GDP grew 0.4% in Q1 2016.

EUR/USD was trading above the yesterday close throughout the day. As of 1:00 PM EDT the pair was trading at 1.1175, which is 0.15% higher than the previous close.

European shares finished slightly higher today. Below is presented the performance of major indices:

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  • FTSE 100 closed at 6,265.65, up 0.04%.
  • CAC 40 rose 0.69% finishing at 4,512.64.
  • Euro Stoxx 50 was trading at 3,071.21 as of 5:50 PM GMT, which is 0.31% higher than the previous close.

The UK GDP grew by 0.4% in the first quarter of this year according to the data released by the Office for National Statistics. “The disappointing start to the year suggests the economy will struggle to attain 2 per cent growth this year without a substantial rebound in the second half of the year, which in turn will of course largely depend on the EU referendum” said Chris Williamson from Markit.

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“The worst start to a year in financial markets since 2008 and heightened uncertainty over the U.K.’s fate in the EU damped growth momentum at the start of the year. Domestic demand provided all of the growth. Further slowdown in Q2 ahead of the EU referendum is likely before growth accelerates” said Kallum Pickering from Berenberg Bank in London.

Oil prices were trading higher most of the time during the day, but they declined towards the yesterday close at the end of the European session. As of 1:06 PM EDT the WTI Crude was trading at 49.57 USD/bbl up just 0.02% and Brent Crude at 49.80 USD/bbl, which is 0.12% higher than the previous close.

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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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