EUR/USD up 0.33%. Asian shares down for a third day in a row.

EUR/USD continues to climb towards 1.14 area. As of 03:00 A EDT the currency pair was trading at 1.1389, which represents a 0.33% increase from the previous close.

Asian shares were down today, representing the third day of consecutive declines. The major cause was the surprise announcement from BOJ, according to which it will keep interest rates unchanged.

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“The sneaking doubt here is that perhaps we’re witnessing the end of the great monetary easing experiment and that’s obviously a very dangerous path for the BOJ. The pressure will only grow for the BOJ to do more. Without any further action, it is fairly likely that the yen would continue its upward trajectory and equities will continue to be under pressure.” says Frederic Neumann from HSBC.

The performance of major Asian indices is presented below:

  • Shanghai Composite closed at 2,938.32, down 0.25%.
  • Indian Sensex was trading at 25,471.52 as of 1:35 PM IST, which represents a 0.51% decline from the previous close.
  • Hang Seng lost 1.50% finishing at 21,067.05.

Oil prices opened lower today, however managed to recover at the end of the Asian session. As of 3:21 AM EDT the WTI Crude was trading at 46.28 USD/bbl up 0.54% and Brent Crude at 48.29 USD/bbl, which is 0.31% higher than the previous close.

“The market is coming into better balance and we maintain the view that the current oversupply will flip into undersupply in 2H. Global spare capacity is now 2 million barrels per day(bpd), or about 2 percent of global demand. This is a precariously low level.” reported Jefferies.

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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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