EUR/USD up 0.58%. US Crude above $35.

EUR/USD sharply rose during European session today. As of 11:33 AM EST the pair was trading at 1.1011, which is 0.58% higher than the previous close.

European shares closed higher today. Major indices had the following performance:

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  • FTSE 100 closed at 6,191.96, up 1.00%.
  • CAC 40 gained 0.95% finishing the session at 4,458.57.
  • Euro Stoxx 50 was trading at 3,03.92 as of 5:20PM GMT, which represents a 0.83% increase from the previous close.

Investors’ eyes are on US monthly nonfarm payrolls data. The Labor Department is expected to report an increase of 190,000 jobs in February. The data will be released at 8:30 a.m. ET.

Oil prices are trading moderately higher ahead of payroll data release. ”If we get a decent number this should also improve the demand outlook for the United States, still the largest oil consumer in the world,” said Carsten Fritsch from Commerzbank.

Major oil producing countries are expected to meet in March to discuss possible coordinated moves on oil output levels.

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As of 11:00 AM EST the WTI Crude was trading at 35.07 USD/bbl up 1.45% and Brent Crude at 37.59 USD/bbl, which is 1.40% above the previous close.

US Crude rose above $35 for the first time since January. According to the US Energy Information Administration report crude inventories increased to 517.98 million barrels last week. On the other hand, the output level declined to 9.08 million barrels a day.

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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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