EUR/USD up 0.57%. Brent price below $46.

EUR/USD rose today, representing the sixth day of consecutive increases. As of 6:00 PM EDT the pair was trading at 1.1528, which is 0.57% higher than the previous close.

US shares moderately increased today. Below is presented the performance of major indices:

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  • DJIA closed at 17,891.16, up 0.66%.
  • Nasdaq Composite rose 0.88%, finishing at 4,817.59.
  • S&P 500 finished at 2,081.43, which is 0.78% higher than the previous close.

According to the data from the Institute for Supply Management (ISM), its index of national factory activity dropped to 50.8 in April from a reading of 51.8 in March. A figure above 50 is an indicator of an expansion in the manufacturing sector. “Manufacturing is moving forward but we have the tortoise, not the hare in this race,” said Joel Naroff from Naroff Economic Advisors.

Oil prices fell today. The WTI Crude closed at 44.78 USD/bbl, down 2.48%. The Brent Crude was trading at 45.89 USD/bbl as of 5:45 PM EDT, which is 3.12% lower than the previous close.

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OPEC’s crude production climbed to a record high level of 32.64 million barrels per day in April according to the survey form Reuters.

“While such huge speculative length in the crude benchmarks isn’t capable of independently reversing the strong up trend of recent months, it will certainly act to accentuate price declines. Our high side parameters for both WTI and Brent have been achieved and we would strongly suggest against purchases anywhere across the energy spectrum, especially off the weekly EIA data” said Jim Ritterbusch from Ritterbusch & Associates.

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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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