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EUR/USD Needs a New Impetus

Yesterday world financial markets posted mixed results – there was a rise in Europe and the USA whereas Russia’s equity market experienced another fall making after oil prices.

On Tuesday, European stock indices went up due to the announcement by EU Commission spokeswoman Mina Andreeva that the European Commission was working on a plan to help Greece stay within the eurozone. Towards this end, Greece would most likely be offered a 6-month extension to pay its debts. Besides, the Eurogroup is to hold an emergency meeting today where it’s expected to hear out Greece’s bridge deal proposal to get more financing for the country.

These events led to the British FTSE 100 falling 0.12 percent down 6,829.12 points, the French CAC 40 growing 0.96 percent up to 4,695.65 points and the German DAX advancing 0.85 percent up to 10,753.83 points.

Against this very background, the US equity market was up – the Dow Jones grew 0.79 percent to 17,868.76 points, the S&P 500 gained 1.07 percent getting to 2,068.59 points, and the NASDAQ advanced 1.3 percent up to 4,787.64 points.

Russia’s stock market posted a drop following falling oil prices. As such, the MICEX index finished the trading session with a 0.35% decline to 1,742.35 points, and the RTS index lost 1.74 percent reaching 825.89 points.

On the MYMEX, the price of WTI oil futures for March went down by $2.84 and made $50.02 a barrel. On London’s ICE, the Brent oil future for March delivery dropped by $1.91 and closed at $56.43 a barrel.

On the global Forex market, EUR/USD hasn’t displayed much movement at all for two days in a row. Players are waiting for the news that could shed some more light on the macroeconomic situation in the euro region.

Anna Gorenkova
NordFX Analyst

Wednesday, 11 Feb, 2015 / 1:20

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