EUR/USD up 0.55%. UK industrial production rose 0.3% in March.

EUR/USD gradually increased throughout the day. As of 01:00 PM EDT the currency pair was trading at 1.1436, which is 0.55% higher than the previous close.

European shares were mostly down today. Below is presented the performance of major indices:

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  • FTSE 100 closed at 6,162.49, up just 0.09%.
  • CAC 40 lost 0.50% finishing at 4,316.67.
  • Euro Stoxx 50 was trading at 2,956.71 as of 5:50 PM GMT, which is 0.75% lower than the previous close.

According to the report from Office for National Statistics, the UK industrial production rose at a slower pace than expected. The industrial production grew 0.3% in March after dropping 0.2% in February.

“While adverse global conditions remain a major challenge for manufacturing, this is now being exacerbated by a slowdown in the domestic economy. A healthy manufacturing base remains critical to the wellbeing of the UK economy in key areas such as innovation, exports and productivity, making it vital that the sector is given more support to compete against global and domestic headwinds” said David Kern, the chief economist at the British Chambers of Commerce.

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“Surveys of manufacturing, services and construction point to GDP rising at an equivalent quarterly rate of 0.1% in April. Growth could be even weaker if the surveys disappoint in coming months, which seems probable given the intensifying uncertainty over the outcome of the EU referendum” said Chris Williamson from Markit.

Oil prices sharply rose at the end of the European hours. As of 12:35 PM EDT the WTI Crude was trading at 45.98 USD/bbl up 2.96% and Brent Crude at 47.16 USD/bbl, which represents a 3.60% gain 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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