Weekly summary. EUR/USD closed at 1.1158.

The EUR/USD pair traded in the range of 1.0812-1.0246 during this week. US dollar started to weaken sharply from Wednesday, with EUR/USD reaching its highest level since October 2015. However the pair declined during the European session today, closing at 1.1158, which is 0.37% lower than the previous close.

sdvss

EURO-DOLLAR.Com Top Forex Brokers
Trade EUR/USD with AVA Trade
Trade EUR/USD with eTORO
Trade EUR/USD with XM.Com

The weakening dollar during the week was driven by the dovish comments from New York Federal Reserve chief William Dudley, which raised concerns about Fed changing its plans to increase the interest rate even further. Other reason can be the disappointing ISM Non-Manufacturing PMI release, according to which the US service activity growth in January declined to 53.5, the weakest figure in 27 months.

Today’s rate drop was caused by the announcement from Labor Department, according to which the US unemployment dropped to 4.9%, however the economy added only 151K new jobs in January compared with expected figure of 190K.

The major US indices have the following performance today:

  • DJIA closed at 16,204.97, down 1.29%.
  • Nasdaq Composite plunged 3.25%, finishing the session at 4,363.14, the lowest price since October 2014.
  • S&P 500 declined 1.85%, closing at 1,880.05.

Oil price fell today driven by strong US dollar. The WTI Crude closed at 30.89 USD/bbl, down 2.62%. The WTI closed the week with a loss of 8.12%. The Brent Crude closed today at 34.06 USD/bbl (-1.16%), noting that it dropped almost 2% during the week.

AVA Trade
Trade With Confidence
Award-winning innovative broker. Segregated accounts with leading international banks.+200 financial instruments for trading.
XM
$30 No Deposit Bonus
Open an XM Zero account and trade with spreads as low as 0! Average EUR/USD spread 0.1
eToro Social Trading
Copy Successful Traders
Automatically copy leading traders in eToro community. Expert trader? get copied yourself to earn a second income!

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.

Tags: , ,

Leave a Reply

You must be logged in to post a comment.