EUR/USD up 0.34%. US crude inventories dropped more than expected.

EUR/USD rose today. As of 6:00 PM EDT the currency pair was trading at 1.1400, which is 0.34% higher than the previous close.

US shares finished higher today. Below is presented the performance of major indices:

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  • DJIA closed at 18,005.05, up 0.37%.
  • Nasdaq Composite rose 0.26% finishing at 4,974.64.
  • S&P 500 closed at 2,119.12, which represents 0.33% increase from the previous close.

According to the Job Openings and Labor Turnover Summary (JOLTS) report released today, the US job openings reached 5.8 million in April, slightly higher from a figure of 5.76 million in the previous month. Analysts had expected the job openings to stand at 5.7 million.

Oil prices climbed today on higher than expected decline in US Crude inventories. The WTI Crude closed at 51.23 USD/bbl, up 1.73%. The Brent Crude was trading at 52.72 USD/bbl as of 5:36 PM EDT, which represents 2.49% gain from the previous close.

The Energy Information Administration announced today, that the US crude inventories dropped by 3.2 million barrels last week, compared with the analysts’ estimate of 2.7 million-barrel decrease. “Continued supply disruptions in Nigeria as well as a draw in U.S. crude oil inventories and increased Chinese oil imports (were supporting prices today)” said Michael Poulsen, oil analyst at Global Risk Management.

“The trend is your friend and picking tops can be painful as all of the money out there chasing trends from the systematic side of the market can overwhelm,” said Scott Shelton, broker at ICAP in Durham, North Carolina.

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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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