Another Slump on Markets

March 20, 2014

Yesterday world financial markets closed predominantly with a slump. Investors are waiting for further developments around Crimea and sanctions against Russia.

Trading in Europe posted the following results – Britain’s FTSE 100 fell 0.49 percent down to 6,573.13 points, Germany’s DAX 30 grew 0.37 percent up to 9,277.05 points whereas France’s CAC 40 shed 0.12 percent down to 4,308.06 points.

In Russia, the MICEX index dropped 1.21 percent from the closing level the day before and made 1,319.72 points while the RTS index fell 0.46 percent down to 1,155.94 points.  

In the USA, the Dow Jones shed 0.7 percent down to 16,222.17 points, the NASDAQ fell 0.59 percent down to 4,307.60 points, and the S&P 500 BMI dropped 0.61 percent down to 1,860.77 points.

The price of May futures for the North Sea petroleum mix of mark Brent Crude Oil rose by $0.55, up to $106.79 a barrel. The price of April futures for light WTI oil went up by $1.62, reaching $99.70 a barrel. 

Yesterday the results of the Federal Reserve meeting were published – the quantitative easing program was cut by $10 billion. It’s already the third reduction in a row. The base interest rate was kept at 0-0.25% per annum. The Federal Reserve also downgraded its outlook for US economy growth to 2.8-3% instead of 2.8-3.2%.

On the Forex market, EUR/USD sharply went down to 1.3820. Most probably, the pair will have a slight upward correction as it crosses the support levels at this rate. However, macroeconomic news may influence the pair’s dynamic.

Anna Gorenkova, NordFX Analyst

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