EUR/USD up 0.58%. Eurozone ZEW index at three-month high.

EUR/USD sharply rose during European session today. As of 1:00 PM EDT the currency pair was trading at 1.1378, which is 0.58% higher than the previous close.

Commerzbank analyst provided their outlook on EUR/SD today.

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“EUR/USD recently charted a minor new high of 1.1465 which was not confirmed by the daily RSI. This loss of momentum at tough resistance has provoked a sharp selloff and we would allow for slippage towards the 1.1144 24th March low, once last week’s low at 1.1234 has been slipped through” written in the report.

European shares closed higher today. The performance of major indices is presented below:

  • FTSE 100 closed at 6,405.35, up 0.82%.
  • CAC 40 rose 1.32% finishing at 4,566.48.
  • Euro Stoxx 50 was trading at 3,112.99 as of 5:50 PM GMT, which represents a 1.60% gain from the previous close.

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The Eurozone ZEW index of business expectations increased to 21.5 in April from 10.6 in previous month. This figure represents a three-month high and was higher than the analysts’ expectations of 14.0.

Oil prices continue to rise today. The increase in prices is driven by a strike in Kuwait, which cut the country’s oil production by more than a half.

“The Kuwait strike in particular is a major factor. It was a bolt out of the blue in terms of how much oil came off the market so quickly. Usually these things have a ramp down period but this seems to be able to flick a switch…It’s supportive for the market for now” said John Kilduff from Again Capital.

As of 12:46PM EDT the WTI Crude was trading at 40.92 USD/bbl up 2.87% and Brent Crude at 43.86 USD/bbl, which is 2.21% higher than 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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