EUR/USD up 0.35%. S&P 500 dropped to its 2-year low.

EUR/USD closed today at 1.1199, up 0.35% after a volatile session trading in a range of 1.1086-1.1216. According to analysts from technical strategy team at Barclays Capital, who are bearish on this currency pair, the resistance is at 1.1260/90 and the rate is moving towards 1.1060 levels. As per the estimates, if it breaks this level it will decline even further to 1.0780 areas.

US stocks were down today following the European markets, which plummeted mainly driven by banking stocks. The performance of major US indices is presented below:

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  • DJIA closed at 16,027.05 (-1.10%) after rebounding from the daily low of 15,803.55 at the end of the session.
  • Nasdaq Composite lost 1.82%, closing at 4,283.75.
  • S&P 500 plunged to 1,853.44, down 1.42%. This is the lowest close since April 2014.

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The decline in US markets was caused mainly by falling financial, technology and energy stock prices. Among worst performing financial stocks were Morgan Stanley, which lost 6.9% and Goldman Sachs, which fell 4.6%. Both stocks finished the session at their 3-year lowest prices.

Oil prices were trading slightly above the Friday’s closing price throughout the Asian session, however they experienced a significant drop thereafter. The WTI Crude closed at 30.12 USD/bbl, which is 2.49% lower than the previous close. As of 17:27 ET the Brent Crude was trading at 33.20 USD/bbl, down 2.52% from the Friday’s closing price.

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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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