EUR/USD up 0.17%. Brent oil at $49.

EUR/USD was trading slightly above the yesterday close throughout the day. As of 1:00 PM EDT the pair was trading at 1.1328, which is 0.17% higher than the previous close.

UOB analysts provided their bearish outlook on EUR/USD yesterday. “The unexpected breach of 1.1350 and 1.1300 last Friday has shifted the risk to the downside. While the outlook for EUR is bearish from here, the downside potential appears to be limited to a test of April’s low of 1.1210/15. Downward momentum is only beginning to improve and a break back above 1.1400 is enough to indicate that a short-term low is in place” written in the report.

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

  • FTSE 100 closed at 6,151.40, up 0.21%.
  • CAC 40 lost 0.18% finishing at 4,312.28.
  • Euro Stoxx 50 closed at 2,951.39, which represents a 0.54%increase from the previous close.

Oil prices significantly rose today. As of 1:13 PM EDT the WTI Crude was trading at 47.61 USD/bbl up 3.03% and Brent Crude at 49.00 USD/bbl, which is 2.45% higher than the previous close.

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Goldman Sachs, which was among the most bearish forecasters of oil price, announced today its positive outlook on prices, however it cut its 2017 forecast from 57.5 USD/bbl to 52.50 USD/bbl.

“The oil market has gone from nearing storage saturation to being in deficit much earlier than we expected. The market likely shifted into deficit in May … driven by both sustained strong demand as well as sharply declining production” said Goldman.

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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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