EUR/USD up 0.31%. Germany’s industrial production dropped in February.

EUR/USD sharply rose at the end of European session today, after dropping to a daily low of 1.1327. As of 01:00 PM EDT the pair was trading at 1.1417, which is 0.31% higher than the previous close.

Scotiabank FX strategists provided their outlook on EUR/USD, mentioning that they remain bearish in the short-term.

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“We continue to feel that EURUSD set a short-term peak/reversal at 1.1435; soft price action tends to support that view but, so far, the market has been reluctant to push the EUR decisively below the 1.1350 area. We see support at 1.1330/40 intraday and think that short-term momentum has shifted enough to put support under a little more obvious pressure today. A break lower would point the market in the direction of a drop to the 1.1150/1.12 area near-term, we think” written in the report.

European shares moderately rose today. The performance of major indices is presented below:

  • FTSE 100 closed at 6,161.63, up 1.16%.
  • CAC 40 increased 0.81% finishing at 4,284.64.
  • Euro Stoxx 50 was trading at 2,909.36 as of 5:50 PM GMT, which is 0.66% higher than the previous close.

The Germany’s Economy Ministry announced today that the industrial production declined by 0.5% in February compared with a month earlier, better than the analysts’ estimate of 1.8% decline.

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“Overall, the industrial sector got off to a relatively good start in 2016 although seasonal factors led to shifts in production and the construction sector benefited from the mild winter” written in the note from Economy Ministry.

Oil prices jumped almost 5% today. As of 1:20 PM EDT the WTI Crude was trading at 37.65 USD/bbl up 4.90% and Brent Crude at 39.70 USD/bbl, which represents a 4.83% gain.

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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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