EUR/USD up 0.17%. German’s CPI rose 0.1% in May.

EUR/USD rose during European session today. As of 1:00 PM EDT the pair was trading at 1.1135, which is 0.17% higher than the previous close.

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

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  • CAC 40 rose 0.32% finishing at 4,529.40.
  • Euro Stoxx 50 was trading at 3,090.01 as of 5:50 PM GMT, which is 0.37% higher than the previous close.

“The return to U.S. rate hike expectations have reopened the possibility of short-term outperformance for European stocks,” said Didier Duret from ABN-AMRO Private Banking.

According to the data released by federal statistics office Destatis today, the Germany’s inflation climbed back to positive territory this month, however it is still below the ECB’s target rate. The German CPI increased 0.1% in May after dropping 0.1% in April. “Still, today’s report won’t have a big impact on the outcome of this week’s ECB meeting this week as the bank is still far away from its target” said Johannes Gareis from Natixis.

Another report from Eurozone released today showed that the Eurozone economic confidence climbed to a four-month high in May. According to the data from European Commission the index rose to 104.7 from 104.0 in April. This figure represents the highest result since January.

Oil prices had a volatile session today. As of 12:35 PM EDT the WTI Crude was trading at 49.60 USD/bbl up 0.55% and Brent Crude at 49.73 USD/bbl, which is 0.83% 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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