Market Snapshot – Euro Jumps on Dollar Weakness and Good Data, Oil Continues to Rise

The day has all been about the euro so far. After briefly threatening to break through the 1.10 region during the course of the day yesterday, we have seen that the EURUSD pair has finally been able to break through the 1.10 region today as the dollar weakness pervaded the markets today. The euro was also boosted by the good economic sentiment data from the eurozone and from Germany and this helped the EURUSD pair to push towards the 1.1050 region where it was met by some strong selling. A small correction is due but the trend is clearly up.

Stock Markets Move Higher on Global Cues

The stock markets continue to proceed higher in a steady manner on the back of strong oil prices and other commodities as well. This was felt especially in the european stock markets which received a boost from some fundamental news as well as some geopolitical news as well which has helped the stock markets to continue to move higher towards their all time highs.

Oil Prices Surge on Production Cut Deal

Oil prices surged higher for a second day yesterday as it managed to rise by more than 2% during a specific part of the day before some correction set in late in the day which forced the prices to move towards $49. There is a strong psychological barrier in the $50 region which would be a difficult one to crack for the oil bulls but if the incoming data continues to show drop in production and inventory, then it would only be a matter of time before the oil prices burst through.