EUR/USD up 0.22%. Chinese trade data weaker-than-expected.

EUR/USD moderately rose during Asian session today. The pair was trading at 1.1039 as of 3:00 AM EST, which represents a 0.22% increase from the previous close.

“The daily closing of 1.1012 was just a few pips above the critical 1.1005/10 mentioned in recent updates. We are not convinced that the current movement is the start of a sustained up-move in EUR and would prefer to wait for clearer indication before turning bullish. In the meanwhile, this pair is expected to remain underpinned with solid support at 1.0900” written in the note from UOB analysts.

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Asian shares were mostly down today. The performance of major indices is presented below:

  • Shanghai Composite closed slightly higher at 2,901.39 after dropping to daily low of 2,802.56.
  • Nikkei 225 lost 0.76% finishing at 16,783.15.
  • Hang Seng closed at 20,011.58, which is 0.73% lower than the previous close.

The decline in shares was driven by the disappointing trade data announcement from China. Chinese exports dropped 25.4% in February from the same month a year ago, while the imports dropped by 13.8%. Both exports and imports results were lower than the analysts’ expectations. The decline in exports is the biggest in 7 years.

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Chinese economic growth dropped to 6.9% last year. The government presented a target of 6.5 – 7.0% for 2016, however the IMF estimate is 6.3%.

Oil prices were trading slightly lower during Asian session. As of 3:00 AM EST the WTI Crude was trading at 37.49 USD/bbl down 1.08% and Brent Crude at 40.41 USD/bbl, which is 1.05% lower 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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