EUR/USD up 0.28%. Oil prices jumped 6%.

EUR/USD sharply rose at the end of the European session today. As of 01:00 PM EDT the pair was trading at 1.1407, which is 0.28% higher than the previous close.

The analysts at Lloyds Bank think that EUR/USD will continue to trade in this current range, as there are no clear bullish or bearish signs.

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“A decline through 1.1320/1.1280 is needed to add some validity that the range highs have again held, with 1.1180 the key level to re-open 1.08 range lows. Medium term we remain trapped in 1.0450 – 1.1465 range – we expect this range to remain intact for now. But given the proximity to the range highs, there is a risk that we break above 1.1465, which could trigger not only a re-test of last August’s spike high to 1.17, but potentially a move towards 1.20-1.23” written in the report.

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

  • FTSE 100 closed at 6,204.41, up 1.10%.
  • CAC 40 rose 1.35% finishing at 4,303.12.
  • Euro Stoxx 50 was trading at 2,911.98 as of 5:50 PM GMT, which represents a 1.41% gain from the previous close.

Oil prices jumped more than 6% today on investors’ hopes that the global oversupply is reaching its end.  The Energy Information Administration revealed this week that the US crude oil stockpiles unexpectedly declined by 4.9 million barrels in the week ended April 1.

 

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As of 1:46 PM EDT the WTI Crude was trading at 39.33 USD/bbl up 5.56% and Brent Crude at 41.65 USD/bbl, which represents a 5.63% increase from 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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