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ECB drove Euro down

Daily Analysis - 08/03/2019

EUR lost 1% due to ECB dovish tone

euro-down


On Friday, the euro went close to an almost a year low versus the greenback due to the dovish signs from the European Central Bank. The currency market supported additional volatility before U.S. jobs figures later in the day. On Thursday the euro's significant decline appeared while the ECB cut its economic projections and started a new series of low-cost bank loans. The EUR dint changed much and was at $1.1193 following a drop of 1% on Thursday to touch $1.1174.That was its weakest level in a year. It has weakened about1.5% this week.

Asia stocks fell


On Friday Asian markets ended weak while traders start concerning about the situation of the global economy. An addition to their concerns is the Chinese trade data for February coming in under expectations. Hong Kong's Hang Seng index sank more than 1.7% in its last hour of trading. The Shenzhen composite dropped more than 3.7% to finish at 1,605.27.

The Shanghai Composite fell more than 4% to finish at 2,969.84 and the Shenzhen component dropped more than 3.2% to finish at 9,363.71.

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Oil fell due to economic slowdown


On Friday oil dropped due to investors increasing worries regarding the global economy. This came following the ECB warnings about the extended weakness in the economy and while fresh numbers revealed that the Chinese exports and imports collapsed last month. The U.S. West Texas Intermediate (WTI) crude oil futures fell at $56.30 per barrel, more than 0.5%, from their last close while the international benchmark Brent crude oil futures were at $65.82 per barrel.

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Dow fell around 200 points


  On Thursday the U.S Stocks declined following the European Central Bank cut its economic growth outlook for the year. ECB also published a new series of stimulus to support the banks in the area, increasing concerns over the global economy. The Nasdaq Composite fell more than 1%to 7,421.45. The Dow Jones Industrial Average lost about 200 points and went at 25,473.20 while the S&P 500 dropped 0.8% to 2,748.92, driven by drops in the financials and consumer areas.

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