EUR/USD up 0.21%. Oil prices jumped 3%.

EUR/USD rose during the European session today. As of 1:00 PM EDT the currency pair was trading at 1.1295, which represents 0.21% increase from the previous close.

The analysts at UOB Group provided their outlook on EUR/USD yesterday. “While the break below 1.1230 bodes well for our bearish EUR view, the downward momentum is not as impulsive as we would like and this coupled with the strong support at 1.1145 suggests that EUR may struggle to move below this level. As such, those who are short may like to take partial profit at this level. Stop-loss is adjusted lower to 1.1320 from 1.1395 previously” written in the report.

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

  • FTSE 100 closed at 6,284.52, up 0.38%.
  • CAC 40 lost 0.28% finishing at 4,533.18.
  • Euro Stoxx 50 was trading at 3,121.29 as of 5:50 PM GMT, which represents a 0.12% increase from the previous close.

Oil prices climbed today on the news that Fed will keep interest rates unchanged. As of 12:52 PM EDT the WTI Crude was trading at 43.98 USD/bbl up 3.14% and Brent Crude at 45.74 USD/bbl, which is 2.83% higher than the previous close.

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“I think the market has become more optimistic on oil products. If refining margins stay strong, crude runs will be quite high and that will make the odds of a crude stock draws increase significantly.” said Scott Shelton from ICAP in Durham, North California.

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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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