US dollar continues to weaken. US oil dropped to $26.05.

EUR/USD rally started from North American session yesterday persists today. The currency pair reached its 3-month high of 1.1377 during the day and closed at 1.1316, which is 0.32% above the previous close.

Even the better than expected US Labor Department results were not been able to strengthen the dollar. Initial claims for state unemployment benefits decreased by 16,000 to 269,000 for the week ended February 6, compared with the analysts’ estimates of 281,000.

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Global markets plummeted today. US stock indices dropped to new lows following the huge sell-off in European markets. Major indices had the following performance today:

  • DJIA plunged to 15,660.18, down 1.60%.
  • Nasdaq Composite lost 0.39%, closing at 4,266.84.
  • S&P 500 decreased by 1.23% finishing at 1,829.08, the lowest level since 2014.

The fall was driven mainly by the financial sector, with Bank of America and JPMorgan declining 6.93% and 4.49% respectively.

US oil prices dropped today to $26.05 per barrel, the lowest level since 2003. WTI Crude closed the session at 27.30 USD/bbl, down 0.55%. The prices are falling 5 days in a row as the investors’ hopes for cooperative production cut from OPEC and non-OPEC countries gradually fades.

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Brent Crude recovered from lows of $29.92 at the end of North American session and was trading at $31.09 per barrel as of 5:29 PM EST.

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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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